Whether you love them or loathe them, sporting events are a significant part of our everyday lives and the very fabric of society. So many matches, games and races are watched by millions of people across the world, whether it is something on the grand scale of the World Cup or Superbowl or simply a snooker championship.
The demand and appetite for sporting events is so huge that governments, cities and regions are often keen to take advantage of the interest as much as they can, in an effort to get a boost to their local economies. But what does this mean in practical terms and how can your business get involved, particularly if your services are seemingly unrelated to sports?
It is important to take a broad view of the issue and look outside of the specific sporting events which are happening.
For example, one of the biggest weeks in horse racing is coming up with the Cheltenham Festival being held in March. Around 230,000 people from across the world are expected to head to the event, where – as the infographic below shows – more than £3m of prize money will be up for grabs.
Take a minute to think about what this means. Visitors’ interest in the sporting events does not just involve checking online betting odds for Cheltenham 2017 from William Hill and heading to the races, but also a range of other factors. Where will these people be sleeping? What will they do when the racing is finished? There is an entire knock-on effect which emerges when such a large number of people visit an area.
Put yourself in the shoes of one of the punters at these sporting events. With one eye on having a few drinks, you will probably need to get a train, bus or taxi to the racecourse. Once there, you’ll then be spending money on drinks and food at bars and various stalls dotted around the site, as well as of course having a flutter on the horses. Then, once the day is over, you’ll need further transport back to your hotel, B&B or other types of accommodation.
However, it is not just hospitality and transport companies that will benefit from such events, as visitors will no doubt be keen to visit local attractions, towns and reinvest some of their winnings in their area’s shops as they get a feel of the area and make the most of their stay.
When all of this is taken into account, there’s no wonder research by the University of Gloucestershire found that the Cheltenham festival brings £100m to the local economy. A staggering amount.
It is clear there are many opportunities for businesses of all sizes when it comes to sporting events, with the examples above also ignoring the potential benefits that could also be reaped through sponsorship. Using Cheltenham as an example once more, companies as diverse as Albert Bartlett and Ryanair put their names to races in an effort to gain some brand recognition off the back of the event.
Regardless of the products and services you offer, leveraging the possibilities created by a major sporting event could be just what your business needs to stay ahead of the pack. Think outside the box; offer race/game day specials, get involved in the attractions if you’re up for it and cultivate excitement about the event – your business will thank you for it.
This advertorial was supplied by William Hill.