Sport marketing is a very competitive industry and in order to succeed, it helps for marketers to keep track of the many different aspects that come into play. They would need to understand how their budget will affect what they are able to do, how the market is going, and what their target audience wants. Let's take a closer look at the advantages and disadvantages of sport marketing.
The Advantages of Sporting Marketing
Sports marketing is a great idea for athletes, teams, and associations as well as companies that sponsor and promote sports.
When sports personalities are the face of a brand, it brings them much greater exposure. That's because non-sports followers may feel a connection to that person and start to follow their sport. Additionally, this can result in ticket sales, TV rights and more being generated, benefiting teams, athletes and associations alike. The more people who are interested in a sport means more funds for those involved in that sport.
Businesses benefit from sponsoring sporting teams and events because of the additional revenue they receive, as well as them being able to use the event or team to advertise their products. Fans of sports or a particular team will see the endorsement and take an interest in the sponsor's product, start buying it, and ultimately increase profits for the business. By entering into deals with sports associations, sponsors can promote major events and associate themselves with these events. Ultimately this will help them in their long-term plans.
The goals of sports marketing are to increase awareness, connect with fans, drive participation, and meet consumer needs through purchase incentives. It's a mutually beneficial process that allows viewers the chance to become athletes themselves if the marketing strategies are employed correctly. Sports marketing meets the needs of consumers by way of exchange processes.
What are the advantages of hosting a sporting event in your city or country? Unlike many economies, the economy of a host country benefits greatly as result of sports marketing. The event will often be advertised with an emphasis on where it is being held, like during the Olympics. Jobs are created through taxes and revenue from tourism. Additionally, large events can lead to surges in tourism when people flock to see the event live. If you promote your sporting event heavily, this will bring more money into your city or country's economy.
The Disadvantages of Sporting Marketing
All forms of marketing have pros and cons.
Among the biggest challenges of e-commerce are excessive power in the hands of businesses, oversaturation of brands, and so on.
The vast number of brands in the sports industry can be a challenge. Viewers are exposed to a very large quantity of different advertisements while following their favorite sport. For this reason, it is important for a brand to stand out in order to gain attention. Viewers might also be too involved in the match they are watching on TV and may not pay attention to the advertisement at all.
The behaviour of athletes has a direct impact on the financial effectiveness of brand sponsors. For example, if an athlete commits a crime or is found to be using steroids, they risk losing their celebrity status. This will result in brands that have endorsed them suffering financially as well.
Corporate interests often overtake the original purpose of sports and lead to advertisers being obsessed with promoting products rather than showcasing talent. This can change the game so much that fans stop following it. It's not as entertaining to watch anymore. And money always wins out in the end. The big corporations always win.
Examples of sporting marketing
Here are some examples of sporting marketing.
In 1992, Reebok created a fictional rivalry between Dave Johnson and Dan O’Brien, both decathletes. They were two of the strongest athletes at the time and both participated in the 1992 Olympics. It was a successful advertising campaign that would help sell shoes.
This Coca-Cola advertisement has a very catchy slogan: "Have a Coke and a smile." In the ad, footballer Joe Green is signing an autograph for a little boy.
In 2012, Citibank bought the naming rights to the home field of the New York Mets. The ballpark is now known as Citi Field and this has ensured that Citigroup gets plenty of promotion.
Turkish Airlines has a campaign that features famous people like Kobe Bryant, Caroline Wozniacki, and Manchester United.
Nike became the official apparel provider of the NFL in 2011. The importance of these types of contracts is evident: by linking a company to a team, it can be mutually beneficial for both parties.
As you can see, there are both advantages and disadvantages to sport marketing. However, the advantages seem to outweigh the disadvantages, especially if you are able to find a good balance between the two. Sport marketing can be an excellent way to increase brand awareness and build customer loyalty. It can also help you reach new markets and tap into new revenue streams. Just be sure to do your research and plan carefully so that you don't overspend or get in over your head.