Between the global pandemic and the cost-of-living crisis, we have all learned to tighten the purse strings. The sports industry is no different, sports organisations are struggling to earn revenue due to a number of factors. This lack of revenue means that budgets are having to stretch further and achieve more.
Goals and Objectives
Being clear on what you want to achieve is the best way to maximise performance on a small budget. If you know you want to grow your Facebook following to over 10K, you know to focus the majority of your efforts to Facebook. It’s important to understand which platforms are important for both you and your audience. Stretching your efforts across all platforms is time consuming, costly and more often than not, unsuccessful as you’re spreading yourself too thin.
If you can write 3-5 clear SMART goals to aim for over the next few months, you can then build a strategy within your budget that achieves these goals.
Evaluate previous budget
To get a good understand of money well spent check what worked last season. What marketing efforts really worked and how much did they cost? If your video content is performing well but is currently over budget, consider any areas of your marketing that isn’t working and readjust the budget to fund what will be successful.
Everyone knows wasted time is wasted money, especially when it comes to marketing. Once you know your goals and what is and isn’t working, you can allocate the budget. More importantly, you can put more time on things that will get your team to where you want to be.
Close season is often the best time to review budgets and resources, as you can set yourself up for next season. Think about how the marketing efforts you make now will benefit you and your budget next season. A good action plan should consider the next 3-6 months and distribute both time and budget accordingly.
If you’re budget can’t stretch through close season, then think about working with what you already have. Review and re-optimise existing content is a great way to do this.
If you are spending budget during close season, then make sure to review your performance and alter the strategy and budget accordingly. You don’t want to get to pre-season and realise you’ve wasted the budget.
Sponsorships + Marketing
In an ideal world, everyone would have the budget to run fantastic campaigns that are a success every time. However right now, that is not the case. A great way to make your budget go even further is to collaborate with sponsors to create campaigns, this would be a mutually beneficial agreement. The sponsor will receive greater exposure and endorsement while your organisation gets to create winning campaigns at a lower cost.
Cost- Effective Marketing
At Nifty, we know budgets are tight and we couldn’t imagine a world without sports content. We understand the current market and work on a shared-risk model, so we don’t succeed unless you do. This cuts out huge retainers and pressure to succeed.
If you want to talk through your options with us, book in a free call today.