Chapter 12 Flashcards
What are the reasons for measuring performance?
- Align marketing activities with the brand (Measurement serves as a check to ensure marketing activities are consistent with brand identity)
- Evaluate marketing decisions (Determine if objectives were met and if revision to the strategy or tactic is needed to improve performance in the future)
- Translate insights into actions (Used as an input at the front end of strategic planning)
What are customer segments of a team (or event)?
- The parent
- The kid
- The fanatic
- The professionals: players businesses & sponsors
- The retiree
What is the value of possessing knowledge about customer segments of a team (or event)?
The true value of possessing this knowledge for different customer types is that the team can tailor its marketing mix to reach each segment, translating insights into actions.
What areas of performance should be measured?
- Fan engagement
- Customer satisfaction
- Return On Investment
- Ticket Sales
- Sponsorships
- Retail Services
How does measuring of fan engagement looks like?
It consists of 2 main evaluations:
* Evaluating topics of conversations
* Evaluating un/favorability of brand mentions
In measuring of fan engagement what kind of metrics are used and on what do the traditional media measures focus on?
- Traditional media measures focus on exposure
- Social media metrics include: unique visitors, number of page views, number of fans
Facebook Instagram Twitter – the most popular social medias
Measure reach of social media – many tools available, both free and for a price
How measuring of customer satisfaction is done?
The used two methods are focus groups and/or surveys
What is measured to check the level of customer satisfaction?
Customer retention rates
* Season ticket renewal rate
* Sponsorship renewal rate
What can you learn from measuring customer satisfaction?
You can learn why individuals do not renew, and also evaluate retention effectiveness
What is measured during the measuring of return on investment?
- Profitability of marketing efforts
- Incremental effects
What information should be included in data gathered during the measuring of return on investment?
Data should include: incremental revenues, costs, and marketing expenses
What does measuring of return on investment sets threshold for?
It sets threshold for ROI
What are the metrics for ticket sales?
- Season tickets (Measure total tickets sold and full-season equivalents, or FSEs)
- Premium seating (Rental and sales of suites, boxes, and clubs; dollar sales and retention rates can be measured)
- Individual event tickets (Determine mix of advance sales and walk-up sales)
- Group tickets (Measure revenue generated by group sales; Identify conversions of group ticket buyers to season ticket and individual event buyers)
- Secondary ticket market (Monitor average prices of property’s tickets sold by third parties like StubHub or VividSeats)
Characterize seasonal tickets
- They are sold for full season or partial season – the key is customer segment
- They protect loyalty
- Pricing approaches used in this type of tickets are:position season ticket holders with discount pricing; season ticket used as base, others pay premium
- Prices for multiyear purchases are locked
- Creativity in selling partial season packages
- Increased emphasis on partial-season ticket plans
- Full-season equivalents (FSE)
What are the main characteristics of premium seating?
- Special seating areas
- Largely used by businesses
- Represents two commitments by buyers - rental or purchase of premium seat space; purchase of tickets for games/events
