(This article was originally published on the iATS Payments blog. Read the complete post here: A Guide to Raising More Money With Discounted Event Tickets.)
For many nonprofits, fundraising events play a key role in revenue generation. Whether it’s a single major event, a series of smaller ones, or a whole portfolio, nonprofits often rely on these campaigns to support their most impactful goals and projects.
There are several ways to generate revenue from a fundraising event. But the simplest and most common method is through the ticket sales themselves.
It’s no surprise, then, that nonprofits like yours are willing to try different strategies to make sure that their ticket sale campaigns succeed. Not only is ticket revenue the most reliable for organizations, but selling to the right audience can lead directly to success in raising more on event day itself. Offering discounts on event tickets can be a major tool that helps a nonprofit’s event hit its revenue goals.
Here, we’ll look at five possible discount ticket promotions for your nonprofit to consider, and how each of them can help your fundraising event reach its objectives.
Early Bird Discounts
One of the most common discount ticket strategies used is an Early Bird promotion. Typically, organizations will offer their tickets at a lower rate when they first go on sale. This offer will be available for a few weeks before prices rise to their regular level.
There are a few key reasons why an Early Bird discount makes sense:
- For one, it can be very effective for a nonprofit to generate early sales. This can help pay for some of the up-front costs of putting on an event, like down payments for venues and vendors.
- An Early Bird discount is also effective because of the audience it likely reaches.
- Those willing to commit months before the event date are generally supporters and fans of your organization. Their enthusiasm for your cause will help create a great atmosphere at your event.
- Plus, their passion makes them more likely to be willing to spend on merchandise or other on-site fundraising initiatives.