Personalised registrations fees, can you imagine?
We kicked off the year with an overview of two megatrends in our Empowering Knowledge newsletter. We reviewed the need for speed from consumers and the generation-related changes brought by Gen-Z (10-25 y/o) and Millennials (26-41 y/o). With this article, I want to continue with a deep dive into pricing, especially neuro pricing, and its possible effects on events.
In the meetings industry, price points are often based on history and field benchmarks. Association leaders calculate costs, desired revenues, etc., and leave little choice to attendees. In this way, the registration often becomes a barrier to obtaining valuable knowledge for people from some locations and income levels, as we have well observed over the years. Associations usually combat this issue with the annual rotation of their events or creating smaller meetings in the different regions where their members are based.
New era, new tools
However, we are moving into a new era of events, with in-person, and virtual participation options, which offer different price points. We have observed in the past two years how the various delegate opinions continue to create tension, even in the form of free virtual events – a topic that we have tackled in the past.
The new era also offers new tools, which can serve us in figuring out the right price model for the different audience types. NeuroPricing™ estimates the optimal price for maximising profit for both new and existing products or services, using EEG (electroencephalogram).
As Neurensics, the company behind the tech says, “the optimal price can only be estimated directly from the consumer’s brain because it’s an automatic and often unconscious process.” The EEG measures where the brain gets naturally activated when the right product-price option is presented to the person. It removes thinking from the equation and offers the product or service for the right price that the specific individual values it at.
How would it work?
We all pay different prices for services like hotels or flights, for example. So why not offer event registrations at the best price-point for every individual? This will potentially result in more loyalty and satisfaction from the delegate, and the following year they can even value the registration at a higher price-point, as they have already reaped the benefits of being attendees.
A starting point, not involving the use of EEG on conference delegates, would be offering varying price points (e.g. 3 different ones) for each type of participation, where we ask delegates to choose from. To incentivise those with a higher income level to choose a higher price-point, the event planner can establish that an estimated amount their registration fee would go towards covering for delegates that are otherwise unable to fully afford it.
Having transparent and open communication on the registration options with participants would indeed fuel their trust and openness in the process.
Another possible step would be automating the process with an AI (artificial intelligence) that would analyse the perfect price point based on the delegate’s past searches or purchases made from their computer, as well as historical data, and to show the best price fitting this person.
With time, the AI will learn to better match the price point and how the participant values the event, its program, and the overall experience that they expect to get. Consequently, the event planner can use the data to optimise their event in the areas that would bring unique value to their audience.
We may require technology to catch up to our needs as event planners and help us evaluate these price points without the complex EEG scans, but one thing is certain – the step forward is to personalise this aspect of our meetings, increasing the value of the conference and its potential to leave a legacy in everyone they reach.
By Ori Lahav, VP Clients & Operations