I’m a late convert when it comes to early bird pricing. Back when I was organizing events for a non-profit, we were always on the look-out for ways to get people to register, and pay, early. Our experience, quite frankly, with early bird pricing for both conferences and fund-raising events was that this kind of tiered pricing didn’t work.
In contrast, MeetMax recently provided online event registration for an alternative energy conference, and 56% of their registrations came in before the early bird deadline. So how do you know whether early bird pricing is going to work for your conference or event? What should your expectations be for the number of people who will register for an event early? Can you predict what your overall registrations will be based on the number of early registrants?
The relevancy and timeliness of the event content to the target market is probably the single biggest determinant as to whether early bird pricing works. An alternative energy conference, featuring leading experts in the field, marketed specifically to people who work in that field, has highly relevant and timely content. A fundraising event, held annually, while important does not have the same characteristics.
Another factor in the effectiveness of early bird pricing, is the distance people have to travel to attend the conference. A national event would see better results than a local one.
The extent of the discount can be a factor; our client offered a 30% discount to incent early registrations.
Frequent communications to your target market reminding them of the upcoming deadline is a must.
To boost early registrations, and generate cash flow to help fund the event, you might consider offering an additional benefit as well as or in place of a reduced rate — a book, for example, or an introduction to the keynote speaker. Or, think about providing an incentive that is a discount on colleague/friend registrations. This would have the advantage of increasing your numbers as well as bringing in early registrations.
Of course, historical data is the very best way to predict whether early event registrations will be a significant percentage of your overall numbers. Make sure your registration database includes a timestamp on registrations and that you have access to your event registration data from past events.