Friday, April 10, 2020

25A - What's Next?

Existing Market: I think what's next for my venture is expanding the idea to other professional sports teams. The first person I interviewed said I should try to market this idea to arenas and different venues that aren't just for sports. The second person I interviewed said he would like this in every sports stadium. The third person I interviewed said establish a loyalty program for season ticket holders.
 Based on feedback received from others and my own expectations, I believe the path forward is to first succeed with the Tampa Bay Buccaneers. From there, carry the success from this idea throughout all major professional sports teams. If that is successful, the next step will be to transition this idea to other arenas and different venues that aren't just sports related.
 As the goal of expanding the market is in motion, the next step is to modify the improvement of the fan experience by molding it to the different needs of the markets over time. I can add new ways that fans can get a better experience without breaking the bank, for example, adding loyalty programs for season-ticket holders and repeat customers.

New Market: I think a new market I can try to target are those in the Tampa Bay Area who are not Buccaneers' fans. This market will be difficult to access because it'll be hard to get those who are not football fans or are not Bucs fans to attend the games. My goal would be to still allow them to have a good enough time even if they don't like football that they would buy a ticket. the first person I interviewed said he would go with a group of friends if alcohol at the stadium was cheaper. The second person I interviewed said she would go to the games if it was not as hot outside. I think I can engage this market with more adaptations of the improvement of the fan experience. For example, I can misters and fans throughout the stadium to cool down fans in the hot Florida sun or make alcohol a little cheaper because the markup is already so high.

  What I learned about this new market is there is an opportunity that potentially can be exploited, but it would be costly. In order to get a non-fan to attend the game, it would be necessary to include more non-football related perks to incentive their attendance. This would cost the organization more money, but it could still pay off in the long run. This would be a market I would try to engage once I have successful conquered my existing market which is much more attractive due to the higher potential of increased net revenue and lower expenses.
 I was surprised to hear a willingness to go the games among both of those who weren't fans. this differed from my expectations of a very non-committal, unenthusiastic response. This leads me to believe this idea has real potential in both markets and potentially across many different teams and industries. 

4 comments:

  1. Hey Andrew,

    I agree the first step would be to succeed with the Tampa Bay Buccaneers and then to move on to different sports teams/arenas. I thought it was interesting you considered expanding to different forms of entertainment than just sports. That would be a great next step and a potentially very profitable venture; I would not have thought of that. Great post!

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  2. Hey Andrew,
    Great job with this post! I definitely think advertising at all types of venues would only benefit you, not hurt you. I also think expanding to all part of Florida rather than just the Tampa Bay area would be great. People move around a lot and maybe there are thousands of people on the east coast of Florida who are bucs fans because they grew up in Tampa.

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  3. Andrew
    I really enjoyed this post. I definitely think advertising is one of the most important things and wide spread advertising has a ton of up side. I think that your idea of succeeding first with the bucs then expanding is smart.It will help you see what you need to imporve one for the future. I really loved this post and I can't wait to read more.

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  4. Andrew, very thoughtful post and great ideas for your venture. I like your plan for the existing market and how you will achieve your goals. The new market idea: you could also offer free tickets to in-person games and still take some revenue from concessions and hopefully instill a great fan experience. I do not think misters are a good idea in Florida however. Great post

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