Untapped revenue streams exist all around us, in the current business model. Unfortunately, what is available is not always seen by the organization’s employees, leaving unused assets.
The world of sports has seen a pretty substantial cash infusion from a number of new stadiums and some pretty lucrative TV deals over the last few years, but this money doesn’t always get spread out equally. Many teams are still struggling to maximize their revenues because the challenge of TV deals is that, in many instances, the in-home viewing experience has surpassed the in-stadium experience.
Finding and taking advantage of sources of untapped revenue can be a big win for teams and organizations, especially if you don’t have the luxury of a big TV contract or brand new facility.
There are three core places where untapped revenues exist within a current organization:
Untapped Current Customers
One challenge we all face is not paying enough attention to our current customers. This may be one of your best places to go to find untapped revenue opportunities.
In looking at your current customers, ask yourself, are you adding enough value to the relationship? Is there something you are doing or that you want to do that might be beneficial to some of your current customers?
Maybe you have some suites that your clients can use for a meeting. Could you hold an office party or reception? Perhaps you can create a unique, locally-themed networking or tasting event.
Be creative, but look to your current customers to begin with.
Be Flattered By Imitators
A big deal is often made out of industry-specific knowledge, which to means that everyone talks about and shares the same tired old ideas again and again because they are afraid of changing anything.
But one of the fastest ways to find untapped revenue sources is by looking at companies and industries that are doing things that may make sense to you and your organization.
All the time when I work with IT companies, I am focusing them on some of the best B2B marketing tactics that I have found used in sports, non-profits, and other industries. The same goes for when I work with sports clubs. I use the tools and tactics I have found working in B2B organizations and across industries.
Maybe you can steal something from another industry or use an idea that you saw at another stadium or arena. Just think about how this creates higher levels of value for your clients and guests.
When In Doubt, Bundle
This is an idea that I have lovingly stolen from the world of educational products and services on the Internet.
You can create a bundle package that overwhelms your buyer, but also gets them to invest at a higher level than they may normally spend.
How do you do this? Well, think about your stadium or team. How can you create a package or bundle things together with your sponsors?
Some of you may already be doing that, but how can you step it up even higher? Can you bundle a few things with your partners to create a date night package? Can you partner with your business sponsors to create an expo or business event? Can you offer a package that includes tickets and some sort of service? The ideas are limitless, but you have to embrace the concept of bundling more than just the tickets.
What are some of the ways that your team or building are using to generate more revenue?