RIGHT PRICE = BETTER PARTIES
You might want to organize a party to please the entire earth. Something like, I hope people will have a good time as I do like.
You might indeed create some couples. Maybe you will help some dude get laid out. Or maybe you will help some friendships to be created.
But as with everything in life, this has a cost, and you shouldn’t be the one absorbing these costs.
It’s not capitalistic to say that, it’s realistic. That is why we want to teach you how to price your party.
Once you understand that, I can explain that RIGHT PRICE = BETTER PARTIES.
You’re not robbing people, chill out
If you’re like me, you might feel bad about asking for money from people. Not everyone is but my Christian influenced education makes me ashamed of asking for money in exchange for something.
Mostly when I wish that something should be free.
In the best of the world, parties are free, and alcohol is cheap. There is good music everywhere and people do that through passion. In the best of the world only.
In the real world, those who don’t have solid finances behave like Titanic. They sink faster than expected.
So don’t be ashamed to ask people for compensation. We will see in this article that it is for the best of everyone. What you need to understand is that you always pay for shitty parties.
So why not pay for yours? And yours won’t be bad with all the advice we are giving you!
So don’t be afraid to put the right price. People will save to come to your party instead of complaining. Believe me.
Pricing is a signal
Take a look at the last iPhone. We all know it’s too expensive, like any other through the years to be honest. Every time it’s the same.
But what does it says when one has the last iPhone? “Look I can afford it, I have money.”
At the same time, would you buy a 59$ phone out of nowhere? No, because you would think it’s crap.
Well, that’s the same process with your parties.
A low price and people would think it’s crap, a high price and people would expect either a crazy experience or some really famous DJs.
So now you have to position yourself and explore what you really believe in. What value can you really bring to people?
If you think you’re playing crap music and it’s just a normal party, target low.
If you think you’re bringing a real experience to people, target normal or high.
It will tell them you are organizing a good event. It will also convince you and you’ll be able to finally make one.
Pricing will help you achieve your goals
Let’s say you’re organizing a concept of parties… Rap freestyle.
You set up 4 or 5 mics in a room on a round table. One DJ mixes instrumentals and rappers from all over the neighborhood are coming to freestyle.
You do it for 2 hours and the next two hours are only for dancing.
Let me tell you two scenarios you might follow to let you understand that RIGHT PRICE = BETTER PARTIES.
The first scenario – You are not charging or not charging enough
Even if your concept is dope, you are not charging.
- Anyone comes and bored people come to the party. They are not contributing to the general atmosphere and it feels like a retirement home.
- The owner gets mad because there are a lot of people but they don’t come to the party necessarily, they just stay there and don’t make numbers. More glasses are broken. It doesn’t feel like a win situation for him even if it’s slightly more crowded.
- The DJ who helped you didn’t get enough. Even if he played for 4 hours, he took the risk of bringing his own equipment and got nothing worth it in return. It was crowded and someone almost spill a glass on his laptop. Next time he will try to avoid coming and find excuses. He/she is talented and without her/him, there is no party.
- You have spent a quite amount of time for nothing. You even lost money organizing that. The DJ starts hating you and you can’t invest in anything to organize another one. You start wondering why you did all of that
As you can see, not pricing your work is not worth the effort. It brings mostly bad consequences. People don’t want to work with you and it starts to not be worth organizing something.
The second scenario – You are charging enough
- Only motivated people come to your party. They are not as much as if it was free, but the atmosphere is lit. Only passionate people who wish to listen to good rap and dance to good songs. Everyone is respectful and the word about this event will spread out easily.
- The owner is happy. Yes, it’s a small event but people have money to consume and because the atmosphere is great, they don’t hesitate to pay for more. Even if it’s not as crowded as other parties, he/she understands it’s the beginning and there is potential for more events.
- You can pay the DJ properly at the end. Enough for him/her to fill his hope of buying new turntables. She thinks – “If I work with him/her enough, I will get my new stuff in half a year. She will be motivated and stay serious.
- You have some money left to enjoy. You can reinvest in better sound, better lights, some Lesk, or decorations. You’ll be able to organize a new party and be able to invest for the next time.
As you can see, in this example, you see that money can actually help you to move further and solidify your concept. So don’t be scared of taking a fee for your work, it will only be a virtuous circle that can bring you only good things.
Pricing can help you achieve bigger objectives
One thing you need to have in mind is this.
Pricing can help you achieve bigger goals you can’t even imagine. It can be affording your dream turntables, becoming famous or any other thing you dream of.
Ok, I am exaggerating a bit but come on. You should price something fair for you and for your customers. It’s better to have the money in your pocket than in someone else’s. Because if you’re well-intentioned and you provide a good time to people, they’ll be happy.
How many times did you pay for something shitty? Was it the end of the world? No.
You remember the quality of something, not how much it cost (except if it was really really expensive but I hope you have some common sense).
What I mean is, by pricing the fair price, you’re opening the door to a bigger project. On something sustainable. Something that can grow.
You are opening the doors to the capacity to start a movement. Maybe, one day you’ll have the capacity to have the best performers in your town. The reason is you made enough parties to create a culture. You made enough parties because there was a financial motivation. There was a financial motivation because you priced well.
What to price then?
So you might wonder why RIGHT PRICE = BETTER PARTIES?
As we spoke about, the price is a psychological trigger.
Too high and it seems exclusive, too low and people assume it’s bad.
You need to start from the source and ask yourself if you offer an exclusive experience?
What do I call an exclusive experience?
Let’s say you’re renting special lights for a night. Something that can’t be accessed from kilometers/miles away. Or, you’re paying a big artist. This is an exclusive experience.
This should cost more than a regular event. Hence, in this case, you’re offering an exclusive experience.
But if you read those lines I believe it’s not your case.
Is it a normal event?
In that case, you can price like your competitors. Technically, people won’t come to your or not because of the price, they will come for other reasons.
Maybe they’re in town and it’s a nice place to come. Maybe it’s because their friends are there too.
If your party is like any other in town, you should play on other details than price. You can stay the same as your competitors and play on other details.
Is your event a bit better?
If your event is a bit better than your competitors, then the law of offer and demand can play. You can price your party a bit higher than the competition. If it’s worth it’s worth you shouldn’t be shy.
However, you need to make effort into marketing and let your target understand why your event is better. But this is another subject for another article.
Are you starting?
If yes, you can price a bit lower to attract people, to let them discover your concept.
However, the smartest way to do it is to add promotions. Coupled with a low price and you’ll be able to convince more people to discover something new.
Conclusion
1.Do not be afraid to price your event the same as your competitors.
It is not a reason for people to not come. Reasons for people to not come resides in others details such as your marketing, the fact you are new, or a word that did not spread.
2.Do not do free events if you start
Free brings problems if you are not backed up by special funding. So price a fair price according to the value you will provide and see what is happening.
I hope this will help you to run better events.
Cheers!