Half the money in the sports industry comes from exploiting this amazing propensity for a tiny percentage of fans to spend outrageous amounts of money. Whenever there are rabid, obsessive customers, there is a great business.
And sport knows how to tip you upside down and empty your pockets, this podcast tells you how they do it.
Transcript:
“How much money will a raving football fanatic, who has money, spend on football?
Virtually an unlimited amount!
This need not be restricted to football. Basketball, racing, sailing you name it, passion abounds.
“Sports fanatics’ insatiable itch”
Season tickets, VIP boxes, private memberships – they all sell to somebody!
Despite a single ticket to the football costing $60, season tickets can go for up to $2,000. But, the most luxurious VIP boxes require multi-year commitments of hundreds of thousands of dollars.
How do sports get 50% of their revenue from 1 percent of customers? They scratch the “sports fanatics insatiable itch”!
Sport’s marketers harness a very special kind of desire.
Fanatics will spend upward of a million dollars a year when bundled together with sponsorship and an all-inclusive experience.
Become completely immersed in football, literally and figuratively. At the FIFA world cup for the right amount of money, you can invite your friends and clients and know that everyone will be treated like foreign dignitaries.
Even a usually frugal, conservative gentleman who drives a six-year-old Lexus, despite the fact he can afford the latest top of the line Mercedes, if he really, really loves football, he will buy a VIP box.
Somehow, he will find a way to justify it.
Half the money in the sports industry comes from exploiting this amazing propensity for a tiny percentage of fans to spend outrageous amounts of money. Whenever there are rabid, obsessive customers, there is a great business.
And sport knows how to tip you upside down and empty your pockets.
You just need to find your clients insatiable itch, for your offering!!!
