The followings of sports stars, clubs, teams and leagues show that the sports industry is one of the most profitable industries. Millions of fans spend their hard earned money to book tickets for some upcoming major sports event such as world cup, or Olympics. They book flights and hotels. Fans are spending a lot of money for watching a game. In addition to attracting fans, sports attract brands as well. Fans also buy some products just because these products are promoted by celebrities.
These are the products endorsed by their favourite athletes. Every single sports event televised live or exclusive brings opportunity for brands to endorse their products or services. This is a tried and tested marketing technique.
A sports event is the best time to advertise products, especially those products which are linked to athletics and sports. All the major brand’s sign deals with athletes, team or clubs. There are sports marketing agencies organizers hire to attract more crowd to sell more tickets. Sponsors also count on these sports advertising agencies. Government agencies also work with athletes for raising awareness. However, it is important to keep the industry sustainable. This is possible only when new athletes come into the field. Sports stars also have a shelf-life.
Understanding The Concept Of Sports Marketing
Promoting goods and services through sports event and signing athletes and sports teams for brand endorsement is called sports marketing. Sports marketing also involves the promotion of teams and athletes. Sports marketing is also used for promoting sports in general.
Sports marketing agencies utilize a variety of platforms such as boards inside stadiums, billboards, social media advertising, print media advertising and TV advertising. Athletes have agents. The job of an agent is to ensure that the athlete can endorse some brands and at the same time, the athlete can focus on his professional career as well. Popularity is the most important factor considered for selecting an athlete to endorse brands. Sports marketing is a part of the career of an athlete.
The most popular athletes are hired even after retirement from a professional career. All major brands take advantage of demographic popularity of athletes. So, this is profitable for both athletes and the brand.
Brands create strategies for selecting athletes for promotion. In addition to the popularity of the athlete, there are four factors considered while creating a sports marketing strategy. These four factors include product, price, promotion and place. Planning, packaging, positioning and perception, these four are also included in sports marketing strategy.
