Guacamole Recipe 11: How to Use the Larry Chiang Rebate Model to Sellout Your Eventbrite Event at SXSW and Beyond
Larry Chiang keynotes at Stanford, MIT and Harvard University. In the post event coverage, Havard Business School’s Harbus wrote: “What They Don’t Teach You at Stanford Business School“. Now, he writes at Harbus and activates entrepreneurship knowledge by helping you execute a SOLD OUT EVENT on Eventbrite.
By Larry Chiang
I teach CS Majors party promotion techniques that would make a Vegas party promoter salivate.
My cs majors get home-field advantage on the road and can sell out an regular party or a
Minimum Viable Party *anywhere*. Real world event production to promote your lines of computer code is so important that I dedicate a detailed Gua Gua Guacamole recipe to showing you the nitty, gritty, granular details. Guacamole Recipe #11.
Gua Gua Guacamole is my sequel to a franchise I did not start: Lu Lu Lemon. They make yoga pants to make my ass look hot. I made up Gua Gua Guacamole to make your startup look super sexy and very fundable.
I leverage a time-honored marketing concepts of “waitlist” and “rebate” clean it up and apply it to selling out real world events. This is a recipe I concocted and it is good enough to put under the umbrella of Gua Gua Guacamole Recipe. Copy paste away my engineering young entrepreneur. Here is “How to Use the Larry Chiang Reverse Rebate Model to Sellout Your Event(brite) Event”. (There is more at #LCRRM. Larry Chiang Reverse Rebate Model )
-1- Get Price Momentum
$25.00 early bird (rebated)
$35 last minute
39 at door if available
98.00 micro sponsor
The devil is in the details. Here the main detail is CONVERSION RATES OF YOUR EARLY, middle and LATE Eventbrite website visitors.
Early visitors have a 27 dollar price jump if they don’t buy now.
The 25.00 early bird ticket is rebated at the door. The 27.00 ticket isn’t.
-2- Rebate Fulfillment.
If people blog about my event, I release the rebate right away. It’s awesome to get someone to pre-blog your event!
-3- Get List Momentum
People want to go where the best people go.
When you get about 20 people, expose the attendees on Eventbrite.
-4- Get Your VIPs to Show Up
Parties are judged solely on stars that show.
You can serve tap water and pizza because all people remember are the people.
At SXSW, I stocked the party with wall-to-wall sushi and all anyone ever remembers is how I got Dan Martell, Marcus Nelson and Don Dodge to show*. I get my VIPs to show up my offering them a rebate.
The VIP rebate works like this…I have a micro sponsor ticket for 98.00. I create a discount code at 65% off. If they show up, they get their 30 some bucks back.
-5- Yeah, the First Batch is SOLD OUT
The faster you can get the words “sold-out” somewhere on your site, the better your event will be.
-6- Offer Paid Attendees the “Inside Deal”
Let’s say you’re selling the 27.00 ticket. Offer a discount code of 50% off for up to two guests. Some people complain that ticket prices have been dropped but no where on the website is your price structure compromised.
The people that paid the 25.00 rebate ticket grow more and more loyal because they discovered you first.
-7- Leverage Scarcity
Scarcity when properly conveyed increases your 1st time visitor conversion.
Make sure the number of tickets available is somewhere between 4-19. Eventbrite lets you play with capacity so fluctuate it up as ticket sales rise.
-8- “We Have a Bigger Venue!”
Events have momentum. I love over-updating people via the Eventbrite message platform.
In the same way that a newly public stock has a CEO that is refreshing browser to check stock… People want updates about their investment.
Sometimes, I engineer it where I launch an event in venue beta when I know full well that the event will be held in venue alpha.
An advanced strategy is taking two down the aisle where you actually are booking two venues with venue beta getting used as the afterparty location. Google Larry Chiang afterparty
-9- Get to a Virtual Line
I recommend selling a waitlist ticket.
If the waitlist does not clear, they get their money back. If it does clear (because you booked a bigger venue 😉 then go back and offer an inside deal on the $35 ticket if your waitlist ticket was 39.00.
-10- Get Price Momentum
It is worth the cost of this 90.oo blog post to repeat, “Get Price Momentum.
Get an eventbrite account and then text me the link
CEO of Duck9
Stanford University EIR (Entrepreneur in Residence)
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Editor of the BusinessWeek Channel “What They Don’t Teach at Business School” http://whattheydontteachyouatstanfordbusinessschool.com/blog CNN Video Channel: http://ireport.cnn.com/people/larrychiang
Read my last 10 tweets at http://www.Twitter.com/LarryChiang
Author, NY Times Bestseller
“What They Will NEVER Teach You at Stanford Business School” comes out 11-11-19
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