Sports marketing can be defined as a field that is purely dedicated to selling and advertising events and products that are related to sports (Mullin, Hardy & Sutton, 2014).
The following are descriptions of product extension strategy that can be used to generate revenue and also enhance the brand for a sports department.
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Players
Players or athletes play a significant role in generating revenue for their clubs or teams. Sports players are famous individuals who enjoy smooth popularity in their countries and even around the world. A more appropriate extension strategy that could be used on a player to generate more money involves the exploration of new markets (Pritchard & Stinson, 2014). Transfer window of all premier leagues around the world allows football clubs to sell and buy new players. Selling a brilliant player to another club generates a lot of money to the seller club.
Fan Behavior
Sports have countless loyal fans around the world. There are many football clubs around the world, and each club has loyal fans. The behavior of fans depends on the management of the club they support. At times, fans tend to fill the stadium when the tickets are sold at a lower price. Filling the stadium brings about extended revenues. Fans tend to show loyalty when the management shows care. Reducing the cost of the ticket triggers them to attend the match in plenty and profit is realized at a fast rate (McDonald & Milne, 1999).
Equipment & Apparel
Advertising the club’s jersey to fans is a brilliant product extension strategy. Fans have a habit of associating themselves with their favorite football clubs. Some clubs have fans all over the world. Advertising the sportswear of the club on their website or social media is a brilliant marketing strategy because fans are able to buy the apparel and equipment and revenue is generated.
Venue
All football clubs around the world have home ground stadia. Fans greatly associate themselves with the stadium of the team that they support. The management of clubs should ensure they add value to the stadia by updating their current status and also renovating those that have stayed for a longer time (Eschenfelder & Ming, 2007). Fans always wish to watch football from a brilliant stadium. This becomes a great source of income for the club.
Personnel & Process
Altering the management of the club is a successful product extension. There are football club managers or coaches who do not perform in the club. Hiring a new coach who has a good history of performance helps to keep the club at the top, and this enhances the brand of the club.
Game Form
Football club managers are trained to manage teams to achieve success. Football had various game forms. Managers are supposed to train players on the different forms that they can apply when the match is tough in order for them to win. This product extension strategy is known as the application of new formulas.
Conclusion
The kind of product extension strategy used depends on the approach and situation. Not all strategies are applicable everywhere. Serious brain calculations need to be done in order to achieve success.
References
Eschenfelder, M. & Ming. (2007). Economics of Sport . Morgantown, WV: Fitness Information Technology. McDonald, M. & Milne, G. (1999). Cases in Sports Marketing . Sudbury, Mass: Jones and Bartlett.
Mullin, B., Hardy, S., & Sutton, W. (2014). Sports Marketing (4th ed.) . Champaign, IL: Human Kinetics.
Pritchard, M. & Stinson, J. (2014). Leveraging brands in Sports Business . New York: Routledge.
