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4 questions every sports marketer needs to answer about new markets

4 questions every sports marketer needs to answer about new markets

by Andy Vale | Content Manager, Audiense |
It is expected that in 2017, the global sports market is set to drive over $90 billion of revenue. With the recent Olympics and the new Premier League season, the importance of a strong global social analysis remains paramount for sports marketers who want to capture this revenue.

Ambitious sports brands should want to capitalise on these global possibilities, but new markets shouldn’t be jumped into carelessly. Check out these four key questions that need to be answered to truly succeed in a new market:
 

1. How does the current market look?


Your strategy in a new market will affect on the quality of your research. The first step you must take is to identify what the market (both for your sport, and overall) currently looks like. Due to its open nature and sizeable bank of public data, Twitter can be a foundation of your analysis into any market.

Furthermore, it should be used to inform your wider marketing strategy, not just social media. It’s an accurate representation of what people are actually engaging with, who they care about, and how you can reach them.
 

2. What’s your true audience in each region?


The amount of likes, followers, or engagers you have in an area is one set of metrics that you can use to gauge where your brand currently sits, but it only tells you part of the story.

A thoughtful application of social data shows a much clearer (and larger) picture of who your brand is currently able to reach if utilised to its full potential. This can be leveraged when looking to make deals with sponsors, broadcast partners, and influencers in that market.
 

3. What can you learn from previous attempts to reach that market?


Unless you’re planning on engaging with uncontacted tribes deep in some faraway jungle, there will be sports brands who have already ventured into the market you’re aiming at. There will be lessons here to pick up, as well as differentiations that it will be vital to consider. Things to look at include:
 
  • How did they perform?
  • When was this, and how has the market changed since then?
  • Is it similar to your sport or brand?
  • What analysis is possible on past activity in the market?

A clearer answer to these questions can be gleaned from an intelligent analysis of social data.

4. How will you turn short-term activity into long-term gain?

A solid strategy is how real growth will occur in that market. Making a splash in a new area is exciting, but what do you do when an event, tour, or visit has finished? Moreover, you need to know if you actually connected with new people or an existing audience.

Answering these questions will put you in the strongest possible position to capitalise on your efforts in new areas. 

Want to learn more about the power of social media and how it and help your wider marketing strategy? Check out our Professional Certificate in Social Media or our two-day training course Social Media: Strategy, Tools and Tactics
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