It’s 2020, and the world of sports marketing is looking for inspiration.
The COVID-19 pandemic and the subsequent economic downturn caused by the novel coronavirus shook the world of sports marketing and advertising in general, and the world of fantasy sports in particular. The fantasy sports industry saw its revenue fall by 49% in March 2020 compared to the same month a year prior.
Even before the pandemic, the fantasy sports industry was struggling. According to media research firm Nielsen, 82.4 million Americans participated in some form of fantasy sports in 2019, down from 86.7 million in 2018.
But while the industry was struggling, a few industry experts were seeing opportunities and successfully pivoted to the future.
We’ll examine how three sports marketing executives and entrepreneurs successfully navigated through this transition and put their sports marketing expertise to use in a whole new way.
The Pivot: From Fantasy Sports to Sports Marketing
Fantasy sports started as a way for fans to exercise their competitive spirit while enjoying the sports world without having to spend a dime on actual sports tickets or gear. It wasn’t until the 21st century that fantasy sports grew from a fun pastime for a few to a legitimate business opportunity, and even then, the majority of fantasy sports businesses struggled to turn a profit. However, in 2020 and beyond, fantasy sports executives and entrepreneurs have successfully pivoted to the profitable business of sports marketing.
Why Study Sports Marketing?
The demand for quality content to attract and retain customers continues to grow.
According to HubSpot Blogs research, 85% of marketers plan to increase their spending on content marketing in 2021, while 79% plan to increase their spending on social media marketing. While having a strong brand and engaging with customers is always a key priority, having engaging content that provides value is the best way to attract and retain customers.
A sports marketing degree provides you with the knowledge and analysis to create valuable content that will resonate with potential customers.
What Will You Learn?
Our curriculum will prepare you for a lucrative career in sports marketing by providing you with the theoretical knowledge and practical skills you need to succeed.
The curriculum is designed to provide you with the skills necessary to effectively pitch, market, and analyze sports data. You’ll learn how to design marketing collateral like brochures, pamphlets, and websites as well as how to effectively pitch and negotiate with sponsors.
You’ll gain hands-on experience by working with a sports marketing firm on a range of assignments, from event marketing to digital marketing.
Where Can I Work After Graduation?
According to the Bureau of Labor Statistics, jobs in sports marketing are expected to grow 18% in 2021. As the industry continues to grow, you’ll have a wide variety of options for career development.
With the ability to pivot to the sports world, marketing executives can find employment at agencies like Sportswire, Octagon | Publicis Sapir McGinnis, and AKPD – Accepting the Challenge of Change. These companies provide strategic marketing support to brand owners and entrepreneurs in the sports, entertainment, and fashion industries. You can also look for opportunities at marketing agencies that focus on non-traditional sports like eSports or VR/AR marketing.
Recommended Reading: Five Books About Professional Sports
To round out your education, we recommend you read five books that will enrich your knowledge of the world of professional sports and help you develop as a professional.
The first is Max Weber’s The Protestant Ethic and the Spirit of Capitalism, an influential theory that explores the relationship between Protestantism and the spirit of capitalism and how they influenced the development of modern Europe. Weber argues that the German Lutherans’ “protestant work ethic,” which promoted hard work and financial independence, helped spark the Renaissance and subsequent growth of capitalism in Europe. While the theory has been widely debated, a 2019 work by the Organization for Economic Development found that the most recent 30 years have seen a substantial decline in extreme poverty and an increase in prosperity around the world. This calls into question Weber’s assertion that capitalism is a distinctly “Protestant” enterprise and could not have emerged from a purely Catholic society.
Now that you’re equipped with the knowledge and skills necessary to enter the field of sports marketing, what will you do next? Continue your education, of course, and gain even more experience by getting a job in the field. You could also leverage your new found skills to set up your own agency or firm.
A sports marketing degree is a fantastic way to prepare for the future, and we’d advise those considering the path to do so. You’ll have the opportunity to develop your professional skills while enjoying the freedom to pursue your career of choice. That’s more than enough reasons to get a degree.