At the very least, you need to understand your audience, their core needs and buying criteria, and where or how they get information. If you plan to report on less tangible metrics, such as brand perception or customer satisfaction, you will need to establish benchmarks for these as well. Outline what needs to be delivered as well as the time, budget, people or other assets needed. To improve time and budget efficiency, take into account each of your team member’s core areas of expertise when assigning tasks. Recognize areas where it may be more cost-effective to partners with an agency rather than trying to bootstrap a solution on your own.
Advertising is best used to raise awareness of your brand. You could use anything from TV ads, newspaper ads, billboards, direct mail, digital advertising (e. g. pay-per-click, banner ads, social media ads, video ads), etc . Advertising can be very effective when launching a new brand/product. In order for you to be an effective competitor in your target market, you need to know what your competitors are doing.
We find this elicits a greater level of responsiveness and empowers participants to share more freely, improving your results. If you do not have access to previous reports or analytics, we strongly suggest conducting research or a survey to gather intelligence.
While movie theaters do not compete directly with a baseball stadium, people go see sports for entertainment just as they would a movie. One way to do this is to talk to people who you see as your potential buyers. Once you have identified potential roadblocks, consider what kind of effort will be needed to make actual progress. Even if it’s counter-intuitive at first, it can be worth it to scrap unfinished projects to start with a new idea that will make valuable progress towards your goal. In fact, it may not be a good idea to stay on the same, derailed track. You might need to refine goals based on emerging market conditions or other changes to your business. To get the most honest and constructive feedback from customers, partner with a third party research team who can provide participants with a layer of anonymity.
If you need to cut back the budget based on these calculations or a discussion with your executive team, try to set goals and prioritize items by highest impact and long-term payoff. Vet items against one another based on their value to your business goals, and do not make reactive choices based on short-term resource issues. In addition, be careful not to cut out anything that seems small but may derail the effectiveness of higher priority items. You can then describe your products, KPIs, and measurement tools. Go into as much detail as possible so you have a roadmap for success. Outline your USP, figure out how to position your brand, and make sure your pricing strategy is competitive. However, you can use your marketing budget for paid social, paid search, paid marketing tools, and other services that help you increase your reach.
Uncovering your direct and indirect competitors here is crucial. Your direct competitors would be other baseball or sports venues. Indirect competitors would be any kind of entertainment venue such as movie theaters and concert halls.