The sports industry is one of the most lucrative and dynamic sectors in the world, generating billions of dollars in revenue every year. However, to sustain and grow their businesses, sports organizations need to attract and retain sponsors and partners who can provide financial support, products, services, and exposure.
Sponsors and partners are not only interested in the popularity and reach of the sports events, but also in the values, goals, and audiences of the sports organizations. Therefore, market research is essential for sports organizations to understand their own strengths, weaknesses, opportunities, and threats, as well as the needs, preferences, and expectations of their potential and existing sponsors and partners.
In this article, we will explore how market research can help sports organizations attract sponsors and partners from three emerging and innovative sectors: fintech, mobility, and esports. We will also discuss some of the best practices and challenges of conducting market research in these domains.
Sponsors and partners are not only interested in the popularity and reach of the sports events, but also in the values, goals, and audiences of the sports organizations. Therefore, market research is essential for sports organizations to understand their own strengths, weaknesses, opportunities, and threats, as well as the needs, preferences, and expectations of their potential and existing sponsors and partners.
In this article, we will explore how market research can help sports organizations attract sponsors and partners from three emerging and innovative sectors: fintech, mobility, and esports. We will also discuss some of the best practices and challenges of conducting market research in these domains.
Fintech
Fintech, or financial technology, is the use of digital platforms, software, and services to provide or enhance financial products and services. Fintech companies offer solutions such as online banking, mobile payments, peer-to-peer lending, crowdfunding, robo-advisors, cryptocurrency, and blockchain.
Fintech is a fast-growing and competitive sector, with global fintech investments reaching $105.3 billion in 20201. Fintech companies are looking for ways to increase their brand awareness, customer base, and market share, and sponsoring sports events and organizations can be an effective strategy to achieve these goals.
Some of the benefits of sponsoring sports for fintech companies are:
Some of the challenges of sponsoring sports for fintech companies are:
Some of the best practices of conducting market research for fintech companies who want to sponsor sports are:
Fintech is a fast-growing and competitive sector, with global fintech investments reaching $105.3 billion in 20201. Fintech companies are looking for ways to increase their brand awareness, customer base, and market share, and sponsoring sports events and organizations can be an effective strategy to achieve these goals.
Some of the benefits of sponsoring sports for fintech companies are:
- Access to a large and diverse audience of sports fans, who are potential customers for fintech products and services.
- Exposure to a global market, as sports events are broadcasted and streamed across different regions and platforms.
- Association with positive attributes of sports, such as innovation, performance, trust, and social responsibility.
- Opportunity to showcase their products and services in action, such as enabling cashless payments, digital ticketing, and fan engagement at sports venues and events.
- Creation of long-term relationships with sports organizations and fans, based on mutual value and loyalty.
Some of the challenges of sponsoring sports for fintech companies are:
- High costs and risks of sponsorship deals, as sports events and organizations demand high fees and guarantees, and may face uncertainties and disruptions due to external factors, such as COVID-19 pandemic, political instability, and natural disasters.
- Regulatory and compliance issues, as fintech companies need to adhere to the laws and regulations of different countries and regions, where they operate and sponsor sports events and organizations.
- Competition and differentiation, as fintech companies need to stand out from the crowd of other sponsors and partners, who may offer similar or better products and services to the sports organizations and fans.
Some of the best practices of conducting market research for fintech companies who want to sponsor sports are:
- Identify and segment the target audience, based on their demographics, psychographics, behaviors, and preferences, and understand their needs, pain points, and expectations from fintech products and services.
- Analyze the competitive landscape, and identify the strengths, weaknesses, opportunities, and threats of the existing and potential sponsors and partners in the fintech sector, and how they position and differentiate themselves in the sports market.
- Evaluate the fit and alignment between the fintech company and the sports organization, and assess the compatibility of their values, goals, and audiences, and the potential value proposition and benefits of the sponsorship deal for both parties.
- Monitor and measure the performance and impact of the sponsorship deal, and collect feedback from the sports organization, fans, and other stakeholders, and use data and analytics to track and optimize the return on investment and objectives of the sponsorship deal.
Mobility
Mobility, or transportation, is the movement of people and goods from one place to another. Mobility companies offer solutions such as ride-hailing, car-sharing, bike-sharing, e-scooters, autonomous vehicles, and smart transportation systems.
Mobility is a rapidly evolving and disruptive sector, with global mobility investments reaching $46.7 billion in 20202. Mobility companies are looking for ways to improve their brand recognition, customer loyalty, and social impact, and sponsoring sports events and organizations can be an effective strategy to achieve these goals.
Some of the benefits of sponsoring sports for mobility companies are:
Some of the challenges of sponsoring sports for mobility companies are:
Some of the best practices of conducting market research for mobility companies who want to sponsor sports are:
Mobility is a rapidly evolving and disruptive sector, with global mobility investments reaching $46.7 billion in 20202. Mobility companies are looking for ways to improve their brand recognition, customer loyalty, and social impact, and sponsoring sports events and organizations can be an effective strategy to achieve these goals.
Some of the benefits of sponsoring sports for mobility companies are:
- Access to a large and engaged audience of sports fans, who are potential users and advocates for mobility products and services.
- Exposure to a local market, as sports events and organizations attract and connect with the communities and cities where they take place and operate.
- Association with positive attributes of sports, such as sustainability, diversity, and inclusion, and social responsibility.
- Opportunity to showcase their products and services in action, such as providing transportation options, enhancing mobility experiences, and reducing environmental footprints at sports venues and events.
- Creation of long-term relationships with sports organizations and fans, based on mutual value and convenience.
Some of the challenges of sponsoring sports for mobility companies are:
- High costs and complexities of sponsorship deals, as sports events and organizations require high-quality and reliable mobility products and services, and may have specific and diverse mobility needs and demands.
- Regulatory and safety issues, as mobility companies need to comply with the laws and regulations of different countries and regions, where they operate and sponsor sports events and organizations, and ensure the safety and security of their users and partners.
- Competition and innovation, as mobility companies need to keep up with the changing and emerging trends and technologies in the mobility sector, and offer innovative and differentiated products and services to the sports organizations and fans.
Some of the best practices of conducting market research for mobility companies who want to sponsor sports are:
- Identify and segment the target audience, based on their demographics, psychographics, behaviors, and preferences, and understand their needs, challenges, and expectations from mobility products and services.
- Analyze the competitive landscape, and identify the strengths, weaknesses, opportunities, and threats of the existing and potential sponsors and partners in the mobility sector, and how they position and differentiate themselves in the sports market.
- Evaluate the fit and alignment between the mobility company and the sports organization, and assess the compatibility of their values, goals, and audiences, and the potential value proposition and benefits of the sponsorship deal for both parties.
- Monitor and measure the performance and impact of the sponsorship deal, and collect feedback from the sports organization, fans, and other stakeholders, and use data and analytics to track and optimize the return on investment and objectives of the sponsorship deal.
Esports
Esports, or electronic sports, is the competitive and organized playing of video games, usually by professional gamers. Esports companies offer solutions such as game development, game publishing, game streaming, esports leagues, esports teams, and esports platforms.
Esports is a fast-growing and exciting sector, with global esports revenue reaching $1.1 billion in 20203. Esports companies are looking for ways to increase their fan base, revenue streams, and market share, and sponsoring sports events and organizations can be an effective strategy to achieve these goals.
Some of the benefits of sponsoring sports for esports companies are:
Some of the challenges of sponsoring sports for esports companies are:
Some of the best practices of conducting market research for esports companies who want to sponsor sports are:
Esports is a fast-growing and exciting sector, with global esports revenue reaching $1.1 billion in 20203. Esports companies are looking for ways to increase their fan base, revenue streams, and market share, and sponsoring sports events and organizations can be an effective strategy to achieve these goals.
Some of the benefits of sponsoring sports for esports companies are:
- Access to a large and passionate audience of sports fans, who are potential fans and consumers for esports products and services.
- Exposure to a diverse market, as sports events and organizations appeal to different segments and niches of the sports fan base, such as casual, hardcore, and niche fans.
- Association with positive attributes of sports, such as entertainment, excitement, and competition.
- Opportunity to showcase their products and services in action, such as enabling cross-platform gaming, digital content creation, and fan engagement at sports venues and events.
- Creation of long-term relationships with sports organizations and fans, based on mutual value and fun.
Some of the challenges of sponsoring sports for esports companies are:
- High costs and uncertainties of sponsorship deals, as sports events and organizations have high expectations and demands from esports sponsors and partners, and may face fluctuations and changes in their popularity and performance.
- Regulatory and ethical issues, as esports companies need to abide by the laws and regulations of different countries and regions, where they operate and sponsor sports events and organizations, and address the social and ethical concerns of their stakeholders, such as violence, addiction, and gambling.
- Competition and collaboration, as esports companies need to balance between competing and collaborating with other sponsors and partners, who may be their rivals or allies in the esports sector, and offer complementary or substitute products and services to the sports organizations and fans.
Some of the best practices of conducting market research for esports companies who want to sponsor sports are:
- Identify and segment the target audience, based on their demographics, psychographics, behaviors, and preferences, and understand their needs, interests, and expectations from esports products and services.
- Analyze the competitive landscape, and identify the strengths, weaknesses, opportunities, and threats of the existing and potential sponsors and partners in the esports sector, and how they position and differentiate themselves in the sports market.
- Evaluate the fit and alignment between the esports company and the sports organization, and assess the compatibility of their values, goals, and audiences, and the potential value proposition and benefits of the sponsorship deal for both parties.
- Monitor and measure the performance and impact of the sponsorship deal, and collect feedback from the sports organization, fans, and other stakeholders, and use data and analytics to track and optimize the return on investment and objectives of the sponsorship deal.
Conclusion
Market research is a vital tool for sports organizations to attract and retain sponsors and partners, who can provide them with financial support, products, services, and exposure. By conducting market research, sports organizations can understand their own strengths, weaknesses, opportunities, and threats, as well as the needs, preferences, and expectations of their potential and existing sponsors and partners from three emerging and innovative sectors: fintech, mobility, and esports. We also discussed some of the best practices and challenges of conducting market research in these domains.
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We are always on the lookout for new opportunities to partner with talented and passionate entrepreneurs who have a vision to change the world. If you have a great idea that needs funding and support to grow, we invite you to apply to join our community and programs. Whether you are looking for seed funding, Series A, or beyond, we have the right solution for you.
Join our community now!