Are we training our audiences to wait for discounts?
One of the biggest tests of any event marketing strategy comes in those first few weeks after launch. If registrations don't build as quickly as expected, the pressure mounts fast. Forecasts are questioned, stakeholders become nervous and before long, someone suggests extending the early bird or introducing another discount.
Of course, every campaign is different, but too often we're too quick to reach for price promotions. Your pricing strategy should be a key part of your launch plan and one you need to have the confidence to stick to. Every time we extend an offer or introduce another discount, we're not only teaching our audience that waiting might pay off, but we’re also chipping away at our event's perceived value. Every pricing decision teaches your audience how to buy from you.
We've all held off buying something right before Black Friday because we knew the discounts were imminent. Now compare that with luxury brands like Rolex, for example, where customers often join waiting lists and live in hope of 'the call'. Events and luxury watches are obviously worlds apart but the contrast is really interesting. One conditions people to wait for a better price and the other reinforces the value of paying full price.
Early bird pricing absolutely has its place. It's a brilliant way to reward early commitment when it's part of a well-thought-out pricing strategy. But if we repeatedly extend deadlines or offer the same, or even bigger, discounts later in the campaign, are we driving more registrations...? Or simply encouraging our audience to delay buying while weakening the value of our event in the process?
At Nicklin Marketing Group, we work with businesses to strengthen marketing performance through strategy, structure, and specialist execution, helping teams scale smarter, not just spend bigger.