Using our sports facilities for games only is no longer a viable way to do business. Teams are looking to maximize revenue on off days and the off-season, and sometimes hit a jackpot. Other times, they get scared off if they made a decision that did not bring in the expected revenue.
The fact is, our stadiums, rinks, arenas, etc. are year round viable businesses if strategized in smart ways. Arenas are arguably the most likely to be filled as neither snow, nor sleet, nor rain generally will stop an event at those locations. The challenge is stronger at baseball and football stadiums, soccer fields, ice rinks and racetracks. But it CAN be done.
For instance, MIS raceway will be hosting hockey games at their racetrack. ISM raceway will host a winter wonderland experience. But looking at an entire year, how else can we maximize revenue while introducing people to our locations?
The planning stage is the essential stage. The who can we book, the how can we do it, and the what would people come to is crucial. The key is to not just come up with an idea, but plan the strategy along with potential pitfalls, a working budget, revenue expectations, and effects on the facility. I’ve worked with some teams that have just had an idea and decided to run with it, not really planning it through well, and considered it a failure. But was it the idea or the execution? In most instances it’s the execution as the plan wasn’t strategized as well as it should have been for all the possibilities.
Whose job in the organization is it to create something? This is not an idea that should be taken lightly but really calls for someone with knowledge in the process to come in and help assess, check out the demographics, and make recommendations of ideas that would work in that area. The important part of bringing someone in to consult on this is that this person can create the entire strategy, including budget, potential pitfalls, revenue expectations, etc. as well as the full plan for execution. Setting up a model for success makes much more sense than simply throwing an idea out there and putting it together on a wing and a prayer. Viewing our facility as the stage and who or what could we get to perform on our stage takes insight.
Some of the steps to hosting events on off days and during the off-season include but are not limited to:
- researching/assessing the demographics of the area and other events going on
- assessing our ‘stage’ and ways it could be used with the least amount of ‘fixing’ after
- knowing the price points the market will bear
- create a working budget
- identifying potential pitfalls with possible solutions
- identifying additional people needed to make the event happen
- analyze what the market will bear in terms of events
- most importantly, bringing aboard someone with much experience in this area who can evaluate and make the recommendations for you
How can you bring in more revenue to your facility? Let’s find out! If you need help and would like to bring aboard someone with strong experience in this area, let me know and I will connect you. It might be time to make your facility a more multi-use facility!
Kathy Burrows, Sold Out Seating
Sales and Leadership Training: email@example.com