OH no....let see....... add more red!!! It takes a LOT of red especially if you are using Wilton's brand. Also I have read on CC that you can start off with a dark pink then add the red so you do not have to use as much red. I always have a lot of red on hand because I hear this happens to a lot of people. I wish I had a better answer for you.
bj 
I would search for forums for Red Buttercreme. There have been quite a few topics on this recently and a lot of different ideas.
From starting with pink icing, to adding kool-aid to your buttercream, to using powdered colors, certain brands of gel, etc...
One thing I always try to do is mix one batch of buttercream in the mixer and whatever i don't use freeze for later use. But also allow enough time to let it sit overnight and get to it's true color. Colors darken after they sit for awhile.
If you need red tonight I would search the forums. There is a search button under Forums at the top of this page. Just make sure you click the option search for All words.
HTH
Leily
add a packet or 2 of cherry kool-aid. it totally works and tastes great! i posted a thread on it after using in this clown cake
) Have a look at this link.....I had the same problems and this link helped.
http://www.cakecentral.com/cake-decorating-ftopic-27708-0.html
Thanks everyone! I will be delievering my cake on Sunday so I figured I should get a headstart on the buttercream since it took me 3 days to get the fondant red! I used the koolaid. I guess I will add the koolaid to the buttercream. Now the question is how much to add? I used 2 packets on the fondant and it is the perfect red for elmo. Thanks again everyone for all your help!
Quote by @%username% on %date%
%body%