The industry of sports is estimated to range between $500 billion and $1.3 trillion in revenue. There are 8000 native sports and sports games taking up to 8% of the world’s financial income in sports.
The world of sports has gained popularity, especially in the football category. This formed an opportunity for marketing companies to use different types of sporting activities to move their products.
What is sports marketing? It can take multiple forms because sports are watched on numerous platforms. It can be done on Television, online ads as well as billboards.
Here is a beginner’s guide to help you understand what sports marketing is and why it is important.
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What Is Sports Marketing?
It’s a form of marketing where various sport- linked companies use sports to aid sell their goods and services. It involves the intensive use of the content of sports to boost marketing strength.
Sports marketing has many advantages for marketers and brand ambassadors. However, one disadvantage associated with this style of marketing is that one can find it hard to be outstanding in the vast majority because the sports marketing industry is extensive.
Let’s now take a look at the different types of sports marketing. There are three basic types of Sports marketing outlined as follows;
1. Marketing of Sports
It entails the promotion of a sport. This action is extended to sporting events, sporting associations as well as particular teams.
It’s purposely done to advertise events, teams, and sporting associations. Some of these sporting events include the Olympics and the Super Bowl, organized by NFL
2. Marketing Through Sports
This style of marketing depends on the popularity of the sport or athlete. It involves the advertising of different goods and services using household names in sports.
It involves sponsorships and endorsements. Besides, it makes use of different platforms to move these products and services.
3. Grassroots Sport Marketing
This style of marketing aims at increasing the participation of the vast majority in sports. It’s usually undertaken by sports associations.
Sports Marketing Examples
Allstate, an insurance company, serves as the sponsors of Kasey Kahne, a NASCAR driver. Kasey is featured in popular Allstate ads in both Television and print media.
Budweiser is a beer company that is said to heavily invest in Television marketing during the Super Bowl. The humorous ads entertain the viewers as much as they are entertained by the game.
These companies apply different Sport Marketing strategies to help market and sell their product brands.
Why Is Sports Marketing Significant?
Sports marketing has many benefits. Let’s explore some advantages of sports marketing.
1. Promotion of New Products
Having a prominent athlete to endorse your new product is more likely to attract the market quickly.
2. Increasing Viewership and Revenue Collection
The different types of media platforms have facilitated a widespread interest in such events as well as participating teams. More people who are not players invest in the sports industry to boost the collection of revenue.
3. Creation of Employment Opportunities
Sport marketing companies employ large numbers of workers who earn a living for them and their families through sports marketing.
4. Product Recognition
Numerous adverts in both print and digital media help companies to market their products. It ensures that viewers will be steadily exposed to their goods and services.
Sports Marketing Overview
It’s undeniably true that sports form one of the largest profitable industries in the world. Marketing in sports is done using different forms targeting different markets, and at times it involves strategic partnerships of multiple industries like, the nutrition products, apparel brands, and so on.
Once only big brands used to involve sports in their marketing plan, but now even small scale businesses and startups are considering this option. Whether your business focuses on local products or international items that require involvement of custom brokers, you can always adjust sports in your marketing plan to take your brand to the next level.