If the mantra for sport events is that fans want to be entertained and transformed through extraordinary experiences, it is no wonder that event managers are pursuing to create new frameworks for sport events. Setting new standards and coming up with differentiated solutions make sense from a business perspective based on the intensive competition for people’s time and money in a hyper modern experience economy where supply often exceeds demand. At the same time, this is a natural step in an economy, which has been distinguished by commercialized growth over the years. Search for a combination of strong tv-ratings (and thus television deals) and sold-out venues seems to be the FINANCIAL parameter for success and is regularly the tipping point for the livelihood of major sport events. Along with this combination, the probability for maximizing sponsorship income, gate receipts, and brand impact while also creating a perfect sport event atmosphere turns to be higher. IT’S ALL ABOUT THE TOTAL EXPERIENCE.
Recently, there have been multiple examples of sport events trying to come up with innovative solutions or to re-invent themselves. Here are some examples:
Michigan and Michigan State played an outdoor hockey game in 2010 at Michigan’s football field for a record crowd of approximately 113,000. The two teams played their first outdoor game in 2001, with approximately 75,000 fans attending.
The NFL International Series was initiated in 2005 with a game in Mexico City between Sam Francisco 49’ers and Arizona Cardinals. Two years later, the league expanded to London where Wembley Stadium hosted a game between New York Giants and Miami Dolphins. Since then, there have been more games in London and 1 game in Toronto, Canada. The NFL International Series is a method to globalize NFL’s brand.
On top of that, it has become natural for the best football (soccer) teams in the World to travel overseas to play pre-season games as part of their global brand expansion strategies.
Red Bull is a company, which applies aspects of the strategy listed in this blog post. With Felix Baumgartner’s freefall this year, the company definitely set new standards for televised sport events and sponsorship.
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