Retail is a cyclical business. Sales can rise and fall with the seasons, holidays, and events like back-to-school shopping, prom, or the prevalence of weddings, for example. If you have yet to consider the impact sports can have on your retail sales, it’s high time you considered the money to be made by incorporating sports into your retail strategy.
With fall on the horizon, multiple sports are in full swing or about to start. Baseball is heading towards the playoffs, football is underway, and basketball and hockey are just around the corner. Why should this matter to your business? Let’s start with the fact that Americans reportedly spend roughly $100 billion on sports annually.
While the lion’s share goes to sporting events ($56 billion), that still leaves almost half for sports equipment ($33 billion) and gym memberships ($19 billion). This doesn’t even include all the potential peripheral items that feed into the sports marketplace. How can your retail operation get a piece of this very large pie?
Know Your Local Sports and Fans
The first thing you need to do is get a handle on popular sports and teams in your region, whether your city or state boasting professional teams or the closest you get is minor league, college, or junior league clubs.
Even if there isn’t any sports presence to speak of in your area, eliminating the most popular source of revenue through branded team inventory, you can still cater to adults interested in an active lifestyle or parents who want to encourage kids to be active. It turns out parents spend more than twice as much on athletic equipment as other adults, at a ratio of 46% to 22%, so at least you have a good idea of which demographic to pursue.
Figure Out What Works with Your Brand
The next step is to figure out what type of sports merchandising best suits your brand. Apparel companies could contract to sell branded merchandise like jerseys and sporting equipment, or they could put together unique lines of athletic wear for sports fans and active adults alike.
What if apparel isn’t really part of your retail strategy? Consider that sporting events aren’t only about the game being played, but also the camaraderie of the activity. You may be able to market supplies for tailgating or viewing parties. Or you could highlight literature, like player bios or sports guides for newbies.
Don’t forget the importance of a good marketing strategy. Engaging content that takes advantage of sports related hashtags can help to spread awareness of your brand and even cause well-planned content or clever advertising campaigns to go viral. With the right strategies, you can make the most of sports-related merchandising.
If you are interested in purchasing Retail Store displays and accessories for your retail store, shop our website, Specialty Store Services. We have everything you need to be a profitable retailer. If you have a question that you would like answered immediately, you can Live Chat, or phone us at 800-999-0771.