The Main Challenges Faced by the Sports Business Industry

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Table of Contents

Introduction
Problem Identification
Solution Development
Mission and Vision Statement
Target Market (TM) Definition
Next Steps Outline
Conclusion
References

Introduction

Due to the restrictions imposed by the COVID-19 pandemic, people are still reluctant to go to public places, even now that the risk of infection is low and most restrictions are no longer in effect. Sports venues suffer financially to a large extent due to the low level of attendance at sporting events. In addition, such a trend may lead to job losses for workers in the technical and sanitary sector, organizers, and all those involved in ensuring the appropriate conduct and broadcasting of events. The advantages of watching online broadcasts of matches and competitions are clear. However, recalling the unique emotions and mass enthusiasm of visiting stadiums during critical sporting events is essential. Thus, the main task is the development of ways of involvement in order to increase the level of attendance and ensure safe and comfortable sanitary and epidemiological conditions of stay in stadiums and sports complexes.

Problem Identification

Naturally, sports fans reacted wisely to the spread of the virus by practically ceasing to visit crowded places. Now that the danger has gradually passed, attendance is still low. The problem arising from this fact is primarily financial. The field of the organization began to experience losses even before the official introduction of restrictions. During the current restrictions, the industry tried to adapt to new realities and thus almost disappeared. Now that sports events are back in full swing, and a significant proportion of fans are still not attending them, this creates significant obstacles to the normal functioning of the economy of the sports sector. It is essential to understand that the consequences of unprofitability can be devastating. If the sector does not optimize and adapt to new conditions, watching sports in the good classical sense of this phenomenon may disappear altogether.

Solution Development

First of all, to start a campaign to attract fans, it is necessary to ensure that the conditions of stay at sports venues are in accordance. For this, conducting a sanitary inspection and issuing appropriate permits will be enough. In addition, estimating the maximum attendance figures is necessary, considering the location with a safe distance. Based on this, it is necessary to adapt the price policy of tickets and services on the territory of the venue. One of the most challenging tasks of the strategy is the establishment of more dynamic and creative price conditions (Reade & Singleton, 2020). After establishing the appropriate procedure and setting up the functioning mechanism, it is necessary to ensure the spread of a positive image of the venue. At this stage, advertising strategies for individual events and venues are worth considering.

Mission and Vision Statement

The main purpose of the activity of a sports enterprise venue is to ensure a comfortable and emotional stay of fans on the territory during sports events. The venues image should highlight the theme of caring for fans and a loyal price policy and be associated with pleasant emotions, encouraging further visits. Thus, the activitys goals are to improve and optimize the conditions for the current challenges of reality and the corresponding needs of visitors, establish a price policy necessary for normal functioning but staying within the comfort limit for fans, launching an advertising campaign. The principal value of a sports venue is, first of all, the people and the time they spend here. Accordingly, organizational and financial issues arise and are resolved to consider the sports fans needs.

Target Market (TM) Definition

When building the target audience image of the sports venues network, it is worth noting that its portrait corresponds as much as possible but is not limited to the established image. Thus, a typical client of a sports venue is a man aged 18-50, a citizen of a European or American country, and the middle economic class. Analyzing the target audience of rivals, which is identical, it is worth distinguishing ways of highlighting their background. A strong argument in favor of our venue can be ensuring inclusiveness and expanding the portrait of the target audience. These include child-friendly and safe environments, holding events that interest men and women, and ensuring comfortable conditions for people with disabilities.

Next Steps Outline

For progressive movement in a given direction, it is worth highlighting a plan of further steps. It is necessary to start by collecting the necessary information for a start. Updated data on sanitary and epidemiological requirements, results of research or surveys on the willingness and ability to pay fans to attend sports events, and trends in advertising materials play a significant role. Accordingly, the next stage is this informations reasonable use and implementation. It is necessary to introduce appropriate conditions and decently advertise the services. In addition, it is crucial to calculate expenses and draw up a budget carefully.

Conclusion

By summarizing the overview of the problem, the analysis of the environment, and the target audience, it is possible to determine further ways of development. First, ensuring the base in the form of an ideal venue state and compliance with all regulations is necessary. In addition, given the course of expansion and promotion of the target audience, it is worth adding inclusiveness and universality to the process of network activity. Secondly, the optimization and flexibility of the price policy is a crucial stage of adaptation to new operating conditions. Such changes must be introduced considering the necessary revenue and staying within the comfort limit of visitors. Finally, the final recommended stage is launching a comprehensive advertising campaign designed to attract visitors and build a positive image of the venue.

References

Reade, J. J., & Singleton, C. (2021). Demand for public events in the COVID-19 pandemic: a case study of European football. European Sport Management Quarterly, 21(3), 391-405. Web.

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