In a down economy, some of the brightest minds are discovered by thinking outside of the box in order to not only survive, but to grow in the given circumstances. This is particularly true in the business world where the mighty dollar speaks the loudest in production. In the same light, the sports industry is all about the all mighty dollar, which is also affected drastically by a poor economy. But unlike daily expenses that are expendable for consumers in a down economy, the sports industry carries a different ball of attraction that can lure fans into spending their time and money on their favorite teams.
During this current time of a slow economy, many sports teams are doing whatever they can in order to stay afloat in production, as well as keep their fans entertained. By using more promotions, raffles, and even ticket financing, teams are taking advantage of every opportunity to make each game count on the income sheets.
Consistently bringing in regular and new fans is on every sports team’s priority list during this time. And when the economy picks back up, fans will not have to make as many money saving decisions but the way they are treated now by their favorite teams will most likely flow into their financial decisions later. So in turn, teams are now more cautious to their fans situations. There has been great efforts and results in bringing fans to games during this time, but there are some other ideas that can not only keep the loyal fans who attend regularly, but also, attract fans who are not consistent or have never even attended a sporting event.
I would consider that each team maximizes their profit by utilizing their biggest assets, their players. I believe that this has to be the biggest attraction tool for any sporting team in order to draw the interest of fans. Using the players in after game picture and autograph signings for fans who attended the game would only entice a fan to see the game as an investment and a great opportunity for a great experience. Sure, this probably wouldn’t be a great idea for the players who would rather go home immediately, but by putting a time window on the sessions, assigning 10-15 players per week to hold the signings, and allowing only one picture and/or autograph per fan per ticket would become very manageable for the players and team staff. Using former players as well would also serve to the benefit of this idea. This would generate sales in paraphernalia as well as work as a weekly public relations gold mine.
Another tool to utilize to attract fans would be the use of community sponsorships. For example, allowing local high school teams, community centers, and small businesses to participate in the pregame and halftime entertainment. By doing this, it will attract the family members, friends, and employees to the games in order to support their loved ones and/or co-workers. And given the fact that halftime and pregame entertainment is not aired on television, it only allows the friends, family, and employees to see and support by actually having to go to the game.
Tailgating is a huge part of every sporting event, and in some instances, it can cost teams money because fans are not spending as much money at concession stands. This is something that should not be taken away from fans due to its culture and experience of the game. I think it can be enhanced however to give fans a greater experience when attending games. By having teams throw tailgating parties for minimum 2 game ticket holders would persuade fans to purchase tickets in bundles, rather than single game purchases. Sponsoring the tailgating in a designated area where fans get to interact with team staff, former players, and cheerleaders all the while eating and drinking before the game would out do any personal tailgating experience. This would enhance the transactions from tailgating expenses to ticket purchases for fans that may see the idea of saving money by not purchasing their tailgating food and drink, but rather purchasing an extra ticket to another game in order to get a free tailgating experience.
The experience of every game, culture, and environment cannot be substituted with a couch, bar, or even a tailgating party. That said it has to be promoted accordingly so that fans can be guaranteed a unique experience each time they purchase a ticket. In a down economy, the dollar needs to have more value than just a purchasing tool; it has to also be a valued experience. Fans across America can relate to a passion that they are more willing to pay for, if and only if they are attracted with the right experiences from their purchases. All of the ideas above are geared towards increasing the experiences, all the while bringing more fans out to increase profit.
Here are two articles that will further explain how the economy has had an important affect on the sports industry:
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