Three Ways Sports Marketers Can Maximize ROI In 2018
Today, the sports industry is worth between $500 and $600 billion worldwide. Popular trends in sports to watch for include the rise in women sports participants and fans, increasing use of smart stadiums and fan engagement. These trends have one thing in common, focusing on the fans. Mihail Romanovsky gives sports marketing three tips on how to approach these trends and how to improve the return on investment (ROI) for there marketing efforts this year.
First tip, Monetize your video on demand content. This has shown to have major success around the sports world. Fans get a closer look on their favorite teams/players during on field training, locker room and in the moment when the game is won or lose. Most importantly, the cost to produce this video content falls close to zero. Mihail also suggests that to maximize the ROI of video on demand, businesses should launch their own OTT platforms. This won’t limit social media content to just one platform. It gives sports marketing the power of monetization models, depending on the audience, event and environment. The importance of video on demand is it gives the fans to have access to real-time footage in the moment, giving you an advantage against competitors.
Next, use your data for e-commerce targeting. The sports industry is different then any other brand because customers consider themselves as fans, members, part of the team. This creates loyalty with the sports team for possibly their whole life. Because of this, marketing managers don’t need to spend to much time and money on promoting merchandise, rather focus on increasing conversions by targeting customers who have offered data in exchange for targeted content. With the quantity of data we have today, it would be foolish not to take advantage and maximize your brand.
Lastly, use audience surveys to sharpen personalization. Getting customer feedback without offering incentives seems to be non-existent. Many businesses struggle with this issue; however, sports fans aren’t like most customers. They often have strong opinions from player acquisitions to the quality of food at the park. People love to know that their voices are heard, by giving fans the opportunity to do that with incentivized surveys, useful data will be delivered. This data can be used to increase season ticket subscription, e-commerce and at-site purchases and more.
Mihail believes that personalization, handling data and offering fans new, valuable ways to experience their favorite players and moments will be crucial ways for sports marketers to improve ROI in 2018.