The sports industry has undergone profound changes in recent years. Digital brands that emerge overnight leverage social media’s power to challenge leaders in the sports industry; consumers who buy online, in-store, or through both, and who above all, seek a unique multi-channel experience. This new modern-day experience could see a shift in how people perceive and consume sport on a long-term basis. The industry has seen a hefty increase in success and popularity over the years.
Sport is a hyper-competitive industry in which brands must adapt their products, pricing, distribution, and marketing strategy to the changing consumer habits of their customers. People consume and view sports differently from how they previously did, and they should seek to change their ways to keep up.
Technology the driving force
Live sports are becoming more advanced, and plenty of websites are offering this to spectators. It is now possible to watch live basketball or cricket from anywhere on almost any device. To keep up with the changes, more and more brands and industries must offer people the chance to watch sports on the go, from their tablet or mobile. Digital and virtual channels are becoming a place of connectivity between sportspeople and the fans and offering a universal message. Digital opportunities are many, and they are everywhere, and if brands have a local or regional connection, they can build an even larger and stronger fan base. This process will proceed differently on different sponsor platforms, of course. Those who can strengthen connections with their fans will also become even more valuable to partners and sponsors in the future. It should create a unity beyond what we have previously seen, driving the industry forwards quicker.
To successfully emerge into the new digital era, planning and persistence are key. New marketing tactics and a dedication to their industry will allow sport to catch up in the world of ever-changing technology. The consumption of sport will remain in both traditional and modern methods, but are brands ready?
Can Brands Keep Up?
Do consumers in large cities have greater purchasing power? Do franchises stimulate growth thanks to their premium positioning? These are questions that people in the industry should continue to consider for new and successful marketing strategies. Brands need to understand why, how, and where consumers shop – this is how their marketing strategy is developed, and their distribution and range are optimized. They need to track customers and their multi-channel buying behaviors and understand what is going on in certain cities. Where did the trends originate, and how can they spread to an entire nation?
Brands need to consider whether launching a product is a better strategy than launching a limited edition of a classic. Of course, they must be able to identify the trends of tomorrow very early on. The trends are constantly evolving, and there is certainly a bigger interest in sports today; because it merges with many other industries, such as fashion, entertainment and even health.