Latest Sports Market Trends
Sports bind the world together at one time and for businesses, sports is one way of accessing a large database of customer at a specific time. With new technological advancements, sports like any other industry is evolving into a huge business. Constant evolvement and ever changing technological trends attract the diverse audience in creating a compelling and personalized experience. Here are some top trends in the sports market:
A good online presence on social media platforms helps build a good brand equity. Digital platforms and the Internet together enhance team visibility in sports, as does engaging with fans. The emergence of mobile apps in combination with social media and the internet have empowered fans to find varied ways of connecting with their favourite athletes, sharing game analysis through videos and infographics further fan engagement as well. As sports marketers leverage the influence of social media to attain an increased benefit for their sponsors, sports brands like Chicago Bulls and Real Madrid get higher visibility.
An emerging lucrative industry, Virtual Reality’s current market value’s estimated at 40 billion and the sports industry is one such business that’s proved the future of VR in the sporting arena. From becoming immensely popular in American Football with college programs and NFL teams incorporating the technology in practice, VR allows players to practice their game without actually stepping on the actual field. The NASCAR racers have witnessed VR advancements up close and personal, by strapping the headset on and stepping into the world of Bill Elliot and Jeff Gordon. Even the soccer teams across the globe are turning to VR to strengthen their training methods.
Fantasy Leagues are quite popular these days and offer an effective platform to engage with youngsters. On the other hand, gaming companies have witnessed a sharp rise in people looking to escape day-to-day monotony by indulging in games like bingo, poker or rummy and even wagering on graphic games like candy crush or ludo! Online gaming is considered another way of socializing and offers an exciting way to compete monetarily. Gaming platforms like Betnow have made it easier for people to enjoy online casino games and also avail handsome bonuses in the process. Their interfaces in line with trending technological advancements facilitate easy deposits/withdrawals through new-age payment options like e-wallets and crypto-currencies.
For a sports fan, watching a live match is an exhilarating experience and marketers are decoding experiential ways of creating such an experience for them. From basic refreshments supplies to clean seating arena, washrooms, establishing fan zones with a wide range of games and interesting activities, in addition to merchandize sales, selfie kiosks and more, many stadiums are also incorporating e-ticket scanners, auto security check-ins, and sharing Wi-Fi facilities. For a more enjoyable and lifetime experience, they encourage a meet & greet with the players post match, and providing autographed merch as a unique takeaway from the event.
Sports is no longer just about entertainment or even money, and neither does it just comprise of men in its audience. Today a major part of sports audience includes kids and women as well. Further, many matches and leagues are conducted for noble causes which is all about giving back to the society. This is a big step in the new age world of marketing and helps promote a bond with the fans. The future prospects of Sports Industry is quite bright if the right marketing steps are taken and an interactive robust system of communicating with fans is followed.