Hey!
A few links today:
- Sports
- Theatre
- Strategy
You can let me know what you think about these stories by email, DM, or in the Slack Channel.
I’m always curious about what is working or not working.
My neighbors go nuts at Halloween!
Colby Fackler writes about sports being the business of rituals:
I like this way of thinking.
Colby ties it back to every business.
You can think of this as a brand code for you business, an identifier.
The key is that you create something that when people see it or think it, they think of you.
A few of my favorites:
- The Lambeau Leap
- The Haka at an All Blacks match
- The idea of the “ghost light” on theatre
- Signing at British football matches
Tell me some of your favorite traditions and how you build them into your experience for your guests!
Atlanta Braves grow 11% in Q3:
The Braves being a publicly traded company gives you a unique insight into their business.
You see that they are profitable.
You see that the mixed use component of the complex adds a nice revenue stream of about $65M a year if the quarterly number holds steady.
The big thing:
- The importance of TV revenues. This makes watching what is happening with the low World Series numbers, RSN changes, and attendance more important.
David C. Baker writes about relevance:
He’s writing this for people like me, but this applies to everyone.
Let me go through a few things in David’s list right now:
- Is your sports/venue/theatre/etc. still relevant?
- I ask myself this question regularly.
- It is also why I am pretty open with you when I recognize that my thinking and POV are shifting. Because it might be something that turns you off or shifts away from where your interests lie.
- Number 6 hits.
- I’ve noticed a few times that I’ve had to fight the urge to go for the easy answer, the obvious.
- Which makes number 7 even more important. I’m always curious about what is working now and/or what isn’t working now.
- Number 10 seems the most important. You want to be a renewable resource, not a relic.
For you, ask yourself these questions to apply this thinking in your organization:
- Is your sport/team/theatre/etc. relevant to a diverse audience? Why? Why not?
- How are you updating your presence in the market to continue to attract new people?
- Are the changes you are employing strategic or reactionary?
- How well do you know the people you are working to serve?
Let me know some of the answers you come up with. Like I mentioned, I’m constantly curious.
36.8% of people know that non-profit arts organizations are actually non-profit arts organizations:
This brings up a few thoughts for me:
- It highlights the challenge of awareness. People often know you less well or less than you think. So raising awareness is critical.
- Your business model is your problem. You shouldn’t expect that your customers should or are going to care.
- They might later on, but that can’t be the foundation of the relationship.
- The need to do research is overwhelming.
- Why does research matter?
- You can test awareness.
- You can test the value that people get from your events.
- You can test willingness to buy/give/participate.
- You can find out the alternatives that are competing with you.
- You can find out the needs that people might not express in an ongoing way.
- Why does research matter?
What questions do you have about market research? Send them my way. I’m going to do a podcast all about market research.
Strategy is at the core of my virtual workshop in December.
You have some cool pictures from events, shows, or things you are up to…share them with me. I like to put photos in the newsletter!