The sports industry in North America is on a steady rise. Revenues are forecast to hit $80.3 billion in 2022, up from $71.19 billion in 2018.
At a time when most industry and markets are recording faltering growth, why is the sports industry on the climb? One reason is the fact that more than 50 percent of all North Americans are a fan of at least one sport. The second reason is sports marketing!
Yes, there’s marketing in sports too!
If you run a marketer and what to venture into this industry, here are important things you need to know.
Influencer Marketing Is Big in the Sports Industry
Influencer marketing is a recent strategy that’s particularly useful when you’re targeting millennials and the younger generations.
In the sports industry, this marketing strategy is widely used and it’s highly effective. You’ve probably seen an athlete endorsing a product, such as a running shoe. In fact, companies like Nike and Adidas spend hundreds of millions of dollars every year on recruiting top athletes to endorse products or serve as brand ambassadors.
So if you’re looking to dive into this industry, better be prepared to use influencer marketing.
There Are Well Established Marketing Agencies in the Industry
In any business, competition is always a factor.
Before you establish a sports marketing department in your existing agency or even a new agency dedicated to sports marketing, you’ve to embrace the fact that you’re going to face fierce competition. This agency has a detailed list of some of top sports marketing companies you should know about.
And if you’re interested in pursuing a career as a sports marketer as opposed to running your own agency, consider looking for employment in those companies.
You Can Focus on One Sport
There are tens of sporting disciplines in North America, but only baseball, basketball, golf, football and soccer handful have millions of fans.
As a sports marketer, you have the option of going after the entire industry or narrowing your focus to one or two sports. If you choose the latter and focus on, say, baseball, your aim will be to bring on board baseball teams as your clients. You’ll then be responsible for marketing the teams and their sporting events.
Marketing Through Sports
Sports marketing largely involves promoting sports teams, sporting events, sports merchandise, and athletes. But there’s also another lesser-known strategy that involves marketing through sports.
Because sporting teams and events have the power to attract millions of eyeballs, brands, and marketers are always looking to capitalize on the audience. If you’re interested in strategy, you can create ads that will air during televised sports events. Super Bowl ads are a prime example of marketing through sports.
Marketing in Sports Delivers Results
The sports industry has come a long way, but it’s now one of the most profitable. Marketing in sports has no doubt played a big part in this growth, and it’s never too late to jump in and grab a share of the profits. With this guide, you’re in a better position to start off on a solid footing.
Stay tuned to our blog for more insights.