In exciting news out of Norman, the creative agency formerly known as Old Hat Creative, announces the beginning of a new era with a name and logo change. "Ideas Designed to Inspire Through Strategy," abbreviated, "ID.ITS", is the new moniker. "This new name really encapsulates who we are," says CEO and now lead of the ID.ITS, Zac Logsdon. "We feel like this change has been long in the making." says Logsdon. "We've always felt like we were ID.ITS. Now, it's as if for the first time we're actually being our true selves...and if it wasn't known before, it's now evident for everyone else to see with our new company name and logo!"
Robert Smith, Chief Operating Officer and Director of Client Relations, took a leadership role in both the name change and the logo development. Smith says, "I don't mind saying I really inserted myself into the logo project from day one. It was kind of my baby, and something I wanted to be as much a reflection of myself as it was a reflection of our new company and direction. I feel like Zac has been leading us towards this direction for 12 long years and now we're so excited to finally be ID.ITS!"
Much thought went into the actual logo design. Smith explains, "Some of the more obvious choices were using the color red, which as any marketer knows, represents love and profitability. Both of which are needed in any company." Logsdon continues, "Because Old Hat has made a clear shift to the digital age, we included the large dot in our logo to indicate we know the World Wide Web, often referred to as the Net." Particular aspects of the former logo were also tied in. Rather than having the word "Creative" in the new logo, the group opted to use a small "c" placed strategically above the "I", as a nod to their past designation.
Smith says that an important lesson was learned during this process. "We originally chose the tag line 'Ideas Designed to Inspire By Strategy', but because of the problem it would present with our logo acronym, we changed 'by' to 'through'. Paying attention to these types of details can prevent you from looking like a real idiot with your peers and others in your industry. Nobody wants their acronym to include 'IBS'. That's just dumb."
When seeing Logsdon and Smith explain the reasons for the changes together, it's evident that this change is truly the correct decision. It's like they share one mind. The mind of "ID.ITS".
Every year, one of your key variables for season ticket sales is churn: how many fans repurchase a package and how many defect? Once you know that, you’re faced with another decision: how much do you spend to regain those lost fans? Will it be easier and more cost-efficient to try to win them back, or should you invest more in replacing them with new purchasers?
Business studies have shown that in general it’s more cost effective to retain customers (and employees, for that matter) than to recruit new ones. Yet most businesses tend to write off lost customers pretty quickly. Is that a mistake? In a word: yes. According to a recent Harvard Business Review article companies with high churn rates might be better off trying to win lost customers back than trying to replace them. But that doesn’t mean every lost customer is worth pursuing: “Simply identifying those who are most likely to sign up again, rather than appealing to every defector, can increase win-back rates eightfold.”
Sure, the article was written based on analysis of a telecom company’s customers defection and win-back rather than about sports marketing, but the principles are the same:
· - People who have purchased something from you before have demonstrated a specific interest in what you offer.
· - People who are familiar with you are more likely to be responsive than those who have no history with you or no brand awareness.
· - Not every lost customer is worth winning back, and data analysis can help you understand which lost customers hold the most potential.
· - Tailoring your win-back offers based on the reason for defection is more likely to help you regain the customers you lost than simply offering everyone the same thing.
· - Learning from the customers you’ve lost can help you improve retention of current customers.
To apply these principles to your marketing efforts, follow these 3 steps:
1. Survey. If somebody chooses not to repurchase a season ticket package from you, find out why. Online surveys are a great way to do this efficiently and to aggregate your results, while follow-up phone calls may help you get deeper information. No matter who you approach, understanding why people left is essential to improving both current sales and future retention. You’ll want to make sure your survey tool includes questions related to different aspects of the game and season ticket experience so you can pinpoint what drive their decision to leave and what might win them back.
2. Segment. Divide your lost fans into segments based on their reason for leaving and likelihood to reconsider. Doing this allows you to decide who’s worth pursuing and what your potential recapture volume looks like. Realistically, you’ll have a least 3 segments: one that’s unlikely to return, one that you may be able to convert to periodic ticket sales, and one that you may be able to win back as season ticket holders. Ideally, you’ll want to segment on fairly specific reasons for leaving (i.e. affordability, in-venue experience, number of games attended, etc.). If you have one or more segments that are very unlikely to return, don’t waste time and money trying to sell them another season ticket package. Instead, look at whether you can fix any of their reasons for leaving to improve retention of your current season ticket holders.
3. Strategize. Once you’ve segmented your lost customer base, develop a marketing strategy for each segment you choose to re-engage. Tailor your offers or incentives as much as possible to each segment. If you have a segment that left because they felt season tickets weren’t affordable, consider offering a discount. If you have a segment that left because they were only able to attend half of the games, consider creating a special ticket bundle that serves the needs to those who want to attend multiple games but don’t plan to attend the full season. Similarly, consider how you can convert people into periodic ticket purchasers even if you can’t win them back as season ticket holders. For fans who were dissatisfied with some aspect of the game experience, look for ways to address those needs (VIP packing bundles, meet-the-team experiences, etc.).
If you’re looking for ways to improve season ticket holder retention and regain lost ticket sales, we can help! Ask us about the options we offer for market research, strategy development, and fan engagement.
Yesterday, I took some time to read this article, which gave great insight on how Nike lost Stephen Curry to Under Armour. It's a bit lengthy, but well worth the read. In a nutshell, before Stephen Curry was Stephen Curry, NBA MVP, he wore NIke. And Nike has a chance to keep him under their umbrella, by re-upping his contract. But a meeting in the 2013 off-season, in which Nike didn't recognize the signs of Steph Curry's potential, has led to great things for Under Armour. Their bet on Curry is paying off tremendously: not only did they get a steal considering how Curry has turned out, but his potential value to Under Armour now is $14 billion. AND Under Armour's U.S. basketball shoe sales THIS YEAR are already up more than 350% as compared to last year.
In this fateful meeting, Stephen Curry likely felt unprioritized (Nike's biggest players were not in attendance), disrespected (they couldn't pronounce his name correctly, a presentation slide with Kevin Durant's name wasn't updated) and undervalued (they offered him less than $2.5 million). To be fair to Nike, at that time, Stephen Curry was dealing with injury issues and NIke already had a lot of big stars in their arsenal (including LeBron James, who is locked into a $500 million lifetime contract with them). At that time, it wasn't necessarily a BAD business decision, but I'm guessing they are kicking themselves now.
So, what? Why should you care? What can you take from this article which can apply to you and your team?
Don't be afraid to try something new. Look for potential and opportunities everywhere and be willing to take a risk. It may pay off tremendously. Both Under Armour AND Steph Curry took a risk. And it's paying off. Forge your own path, do what the others are NOT doing and see if it pays off.
Recognize the value of the "everyman". And how they could speak to your fans. You may need to look past the "stars" in your program to find those that may not shine as noticeably bright. Do you have an undersized walk-on point guard from an in-state school who may not get accolades and minutes but is someone who works hard, is well-liked and inspires fans of all-ages? Don't you think most fans may relate to that person? Rethink your promotions and try putting that kid front and center.
You never know who will be your champion. Kent Bazemore was undrafted rookie who Under Armour signed to a shoe deal....but he turned into Under Armour's greatest pitchman when he pushed Steph Curry their way. Look for your champions and see if they can help you reach your goals.
Being overlooked can inspire a leap to greatness. Curry had been overlooked most of his life. Denied by larger schools (including the Alma Mater of his NBA player father), only drafted 7th in 2009 (still..pretty respectable), and riddled with injuries early in his NBA career, I'd say all of that has motivated him to be what he is now - already considered by many as the best shooter in NBA history. Think twice before you overlook someone who doesn't seem like a perfect fit on paper. Maybe consider taking a chance on that intern or GA who doesn't have a lot of experience but is straight willing to outwork anyone who comes their way.
Treat everyone like gold. You never know, a $100 donor could turn into a million-dollar donor, a fan in the nose-bleed section may purchase a stadium suite or a fan of one sport only could someday hold season tickets to all of your sporting events.
And make sure to proofread your PowerPoint presentations.