At face value, sports are one of the most influential pieces of our society today, but their prevalence goes far beyond simple athletic performance and ability.
In truth, sports leagues are a business, and a profitable one at that.
Between sporting events, sponsorships, merchandise, and fan meet-and-greets, every professional athlete is a part of a larger business enterprise.
An article by Front Office Sports details the importance of merchandise sales and how demand can increase dramatically over just a few hours.
The women’s European Championship that ended on July 31 set attendance and viewership records for women’s soccer — but those aren’t the only historic figures the game produced.
Fanatics, which sold official merchandise for the tournament and operates the official online England Store, reported that weekly sales of women’s soccer gear tripled since the start of the women’s Euros, and online sales of women’s merchandise spiked 640% in the four hours after England’s victory in last week’s final.
“More women’s merchandise was sold in just four hours following the final whistle than in the seven days leading up to the final,” Jack Boyle, Fanatics’ global co-head of direct-to-consumer sales, told Reuters.
Global sales of Fanatics’ women’s sports merchandise was up 28% last year. In 2018, the women’s sports apparel market was valued at $26.8 billion, per Euromonitor International, and the total sports apparel market was $80.1 billion.
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Professional sports have the unique ability to represent their athletes on a global scale, and the sporting world has capitalized on this ability in order to turn an incredible profit.
Your business should follow this same mentality.
Think of your customers as your athletes. They represent you in the very same manner that athletes represent their teams or countries, and it is up to you to make your business worthwhile.
With that being said, are your products and services doing enough to satisfy your clients?
You might think that the answer to this question is a resounding yes. Your customers give great feedback and enjoy the services of your business.
Let’s go back to the sports analogy to illustrate the importance of “doing more.” Athletes need a team to play their sport within, but they also need to expand their brand into the merchandise realm to make the experience worthwhile.
Your clients need your product or service, but it benefits both them and your business to take this a step further and expand into merchandising.
Building a merch store for your business has a plethora of benefits. Your clients get to show their love for your business, while also generating leads for you in the process.
By expanding your business into the merchandising realm, you are increasing your brand awareness and lead generation efforts every single day.
Automate your lead flow with Cloud Kennect and get ready for our own Kennected merch store, coming soon!