Posted by Laurie Buckelew on Aug 26, 2020 4:04:37 PM
How Minor League Sports Teams Are Creating Profitable Virtual Events
If you’re like most sports teams these days, you’re wondering how to sell sports memorabilia and merchandise to generate sales and make a financial comeback quickly. Here, we’ll teach you how to adapt in these changing times, connect with fans hungry for action, and build your business for the future with entertaining live video selling events.
First off, what is a live sale?
A live sale is a revenue stream you probably didn’t even know existed. Imagine using Facebook Live to showcase and sell your team’s memorabilia and merchandise and fans making purchases by merely commenting “sold.” Now add the excitement of an auction: the urgency, scarcity, and competition shoppers feel when another is pursuing an item they want.
There’s only a limited time to view and buy the items.
There’s a limited supply of the item. (We impulse buy to be sure we get ours.)
Fans wait for hosts to reveal the next product, knowing it’s a race to beat the other viewers to comment “Sold” and check out faster, thereby “winning” the item.
Live sales heighten a shopper’s engagement in very compelling ways. Powerful human behaviors kick in that contribute to a phenomenon akin to auction fever. For these reasons and more, live sales have been described as a "thrilling", "game-like, and "addictive". Its interactive, socially connected user experience even has some likening it to a night out with their peeps, especially in these days of quarantine.
Now compare all this to shopping on a website. Yeah, thought you’d think that. Not as easy. Definitely not as fun.
Live streaming provides entertainment for fans and revenue for you
Live video events could be what you need to maintain your fan connection and answer the question of where to sell sports memorabilia and merchandise - especially while stadiums are closed, and gatherings are limited.
Some estimates say there’s a 40% loss of revenue if major league sports teams play without fans, and around an 80% loss for minor league sports teams. So, it’s critically important to find ways to make up for that loss.
After all, sports are an event-based business. And data shows that live video sales could be the answer. Coresight Research estimates that the live streaming e-commerce market will be worth $25 billion in 2023. What’s more, an impressive 80% of video marketers say video directly helped increase sales for their brand or business. Could live streaming be the solution to minor league sports’ woes? We believe so!
Engage with your community on Facebook
It’s “game on!” for the fans who are craving interaction—with the team and other fans. On average, 1.79 billion people are logging onto Facebook every day. You’ve already built a following on Facebook, bring the action to them by streaming to Facebook Live.
Not only will your video have incredible reach, but it will provide a medium for shareable, interactive content. Combining Facebook Live with CommentSold allows fans to talk to each other and you, the host, in real-time. While you don the newest team merchandise and one-of-a-kind memorabilia, your fans can give direct feedback, ask questions, and purchase directly through the video itself.
Teams that have adopted live video to sell memorabilia and merchandise outside of sporting events know these live video events are incredibly profitable. They’re helping teams find innovative ways to reach fans and give them new, virtual experiences.
Create a new, virtual experience that brings fans closer to your brand
Live video sales offer a much-missed real-time human connection to your fans. Plus, 87% of people prefer to watch online videos (compared to TV broadcasts) for the behind-the-scenes content. Taking a peek behind the curtain to see what’s going on and to hear the banter is something everyone enjoys. Get in on the action.
Whether it’s game cancellations, the offseason, or if you are looking to add a new, exciting revenue stream to your sales strategy, the challenge is clear. Hosting live sales can bring a holistic approach to online selling.
Live selling with CommentSold is a highly effective way to reach your fans who are already on social media, craving action, looking for entertainment, and a great way to keep them engaged year-round.