How Merchandising Impacts Sports Teams and Betting Odds
Sports teams rely heavily on merchandise sales as an important source of revenue and to promote team identification and brand loyalty with fans.
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Product Placement
Merchandise sales are an integral source of revenue and branding for sports teams. Fans who purchase team merchandise develop emotional ties to its colors, logo, and brand design – which increases team identification, fan loyalty, and increases the chances of consumers purchasing related products from sponsoring companies like jerseys.
Sometimes athletes and teams promote the brands that sponsor them by wearing or using their gear or using products in a game or commercial – for instance Gatorade being consumed during a football game, or Nike shoes being worn by NBA players.
Product placement is an increasingly prevalent strategy that’s becoming more prominent across media platforms, from movies and television shows to video games. You might have even come across examples like seeing New York Yankees or Dallas Cowboys logos appear hundreds of miles from where their home stadium exists – this phenomenon known as “bandwagon effect” can significantly boost team merchandise sales.
Digital Media Rights
In order to protect their assets, sports teams often utilize contractual provisions in media rights agreements which prohibit third-party monetisation of unofficial and/or unauthorised content by monetising it themselves. Furthermore, such clauses could prevent interactive services (e.g. match statistics) being utilized outside official partners (i.e. match stats).
These digital media assets can be utilized to improve linear broadcast options with extra non-live content, further expanding fan communities and creating revenue opportunities. They may also be provided to on-air broadcasters for inclusion into live shows to engage viewers more directly and drive tune-in rates.
Initialy, professional sport leagues and teams sold tickets directly to fans before selling their attention back to media and sponsors in return for broadcasting rights fees and sponsorship revenue. While this traditional model proved profitable for a while, new media is now disrupting it by shifting multi-sided markets away from mass media towards a new-media-centric business model.
Sponsorship Deals
Sports teams depend on sponsorship deals to generate revenue and build their brand image, using the funds for training, competitions, travel costs and funding new stadiums and facilities.
Merchandise sales are an integral component of sponsorship revenue streams. Fans love purchasing team apparel featuring their team’s logo for fans attending games or broadcasts; you may notice many wearing identical apparel during a broadcast event.
Sponsorship must be mutually beneficial for teams and their fan bases, with sponsors creating value that both parties benefit from. Poorly fitting sponsors could cause irreparable damage to both parties involved. As part of research into various forms of sponsorship and how they impact fan attitudes and purchasing intentions, mediation analysis was performed in order to assess any indirect effects among research constructs; an online survey in Montenegrin was administered with fans from different sports clubs participating.
Fan Engagement
The sports industry is currently experiencing dramatic transformation. From digitalization of business processes, to fans seeking out more from their clubs than just purchasing merchandise and attending games, sports clubs must ensure they create engaging fan engagement programs in order to remain profitable and stay relevant in today’s marketplace.
Fan engagement refers to creating two-way dialogue with consumers that provides mutual value for both sides. This can be accomplished in various ways, such as listening and supporting fans while permitting them to provide feedback.
Greenfly +Engage can help create a video campaign around a player retiring that will keep people talking long after their departure from the team has taken place. Fans also feel included and belonging, which fosters loyalty – this is important given how often sports fans expect to interact with their teams 24/7 through smart devices.