In my previous post, entitled 'Dan Migala: Getting Creative To Sell Sponsorships & Ticket Inventory', I summarised his five-point framework for innovate sponsorship and ticketing revenue generation. In this post, I will outline the three key messages I took away from Dan's presentation at the 2013 Sport Is Fantastic Conference.
1. LEARN FROM YOUR FAILURES
Dan discussed how worthwhile it is to look at your biggest failures and learn from the experience. He encountered a problem when he tried to propose that the foul pole in baseball could be converted into a giant Stanley tape measure. However, before he could begin his presentation, he learned that tape measures were amongst Stanley's smallest revenue earners. This example illustrates that Dan had the right idea to look at the foul pole as a piece of sponsorship inventory, but it was the wrong audience to market the concept to. Yet, by understanding that his idea failed due to the lack of an innovative new product to showcase, Dan could approach a different brand such as Taylor Made; a leading golf equipment manufacturer. Therefore, Dan's lesson on learning from your failures is a valuable one. It forces you to revaluate and think differently about your initial concept.
2. FOCUS ON YOUR OBJECTIVE
In a world where sport is financially lucrative and showing no signs of slowing down, having a revenue-driven mindset can pervade the thinking of many sport marketers. One of the main takeaways from Dan's presentation is that your core objective should be your focus. Revenue will be bound to follow once you stay true to your idea. I believe that there is a valuable lesson here than spans beyond the Avis example Dan discussed in his speech and the revenue psyche. It also can relate to fan engagement vs followers in a social media context. Sporting teams should focus on engaging fans and interacting with them on social media platforms, rather than aim to have a certain number of followers. A simple favourite, retweet or reply truly engages fans. Followers will then be a by-product of such interaction.
3. BE GENUINE
Personally, there is nothing worse than feeling as though you are being sold something. The more obvious the hard sell is, the less likely potential consumers will respond to what is being communicated to them. Dan made it clear that having an authentic ideas resonates more strongly with consumers. This is something that sport marketers can take away from his presentation in order to communicate their product or service more effectively.
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