40 Ways To Generate Revenue In Sports

I’m going to try something a little different today…I’m going to give you a blog version of a hot take by putting down 40 ideas that you can adapt to your situation to generate more revenue in your organization.

Selling:

  1. Be persistent, but don’t be a pest: Persistence should be cherished and nurtured, pests can destroy brands.
  2. Don’t ever fall into the this is the way we’ve always done things trap.
  3. Create a simple and thoughtful prospecting cadence: If you don’t have one, send me a note, I can help.
  4. Focus on value, not just features: Forget what you love and think about what your buyers might.
  5. Question your assumptions: Are the measures of success you’ve been using still valid?
  6. Use questions to guide your conversations: lead don’t tell.
  7. Focus on conversations, not scripts: people want to do business with other people, don’t let your script get in the way.
  8. Winning solves a lot of problems, but don’t let it define your attendance: look at what MiLB is doing.
  9. Work harder at the relationships. Relationships are key to renewals, repeats, and referrals.
  10. Be authentic: Make it more than a buzzword. Put a little of your personality into your work.
  11. Know your Unique Selling Proposition: Don’t just assume that you are competing on a yes or no basis.
  12. Steal from the world of project managers: use the concept of sprints to target verticals.
  13. Don’t take a one size fits all approach to sales training and development: People sell differently. Some of the best sales folk aren’t the loudest, most gregarious.
  14. Cut down on the contests and increase the investments: If you are always having contests, they lose their impact. Invest in relationships, training, and experience.

Marketing:

  1. Every touchpoint is marketing: don’t waste an opportunity to wow!
  2. If you don’t use your list actively and consistently with compelling content, you are missing an opportunity to drive revenue.
  3. Engagement is great, but what does it mean for revenue and sales?
  4. Marketing isn’t about data, its about connection.
  5. Remember, we have some of the highest brand connection of any industries and companies, don’t lose sight of this and act accordingly.
  6. Discounts destroy your brand: that means subscription models that give away seats, comps, Groupon, and the like.
  7. If you must give a discount, can you hide it by keeping the price point the same and adding additional value?
  8. Your marketing should be a year-round thing.
  9. Every touchpoint is about adding value.
  10. Your partner activations should be meaningful, relevant, and non-spammy.
  11. Give your marketing and team a personality: too much marketing today is just barely differentiated. That’s a missed opportunity.
  12. Have a narrative for your communications: this can equal a lot of money, I worked with a nonprofit on this concept and they were able to double their online revenue in one quarter.
  13. Use social media to stay in touch, to understand your audience, and to expand your reach.

Merchandise, Food & Beverage, Customer Experience:

  1. Keep it fresh: In Barcelona, FC Barcelona introduces new jerseys throughout the year and they generate over $100M a year in merchandise sales.
  2. Steal a page from Pearl Jam: Pearl Jam creates fresh merchandise every night of their tour. T-shirts, posters, hats, stickers.
  3. Do you have a fan club?
  4. Are you using your city’s chef’s, breweries, and assets to your advantage?
  5. Can you do a pre or post-game happy hour?
  6. Can you get creative with your upselling? When I was opening nightclubs around the country, we focused on raising our check average with upselling and just the simple act of asking what kind of vodka someone wanted helped generate more than $500,000 in new revenue with very little incremental costs.
  7. Every person that comes in contact with your customers needs to be helpful and pleasant.
  8. What small things can you do to wow your customers? I love the example of the Four Seasons in Miami. For a while, I was in Miami quite regularly with my family on business, we always stayed at the Four Seasons to the point that any time either my wife or I went to the hotel without our son, they would send him a gift. It doesn’t have to be big, but what can you do to wow your customers.
  9. Have you done everything you can to speed up the checkout process?

Premium:

  1. B2B buyers are much different than B2C buyers treat them that way: Premium buyers are largely corporate buyers, they don’t care about the big screen TV, the leather chairs, or the free buffet. They do care about their ability to do business, focus on that.
  2. Is the premium experience world-class or just best in class?
  3. Have you thought about making introductions within your premium network?
  4. Are you making the ingress and egress easier, better, or faster for your premium buyers?

This is just a short list, but I wanted to prove the point that if you spend a few minutes brainstorming, you can come up with tons of new ideas that are able to generate revenue for your organization.

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