Are you looking for new ways to derive profits from signage? Are you continuously looking for new signage opportunities versus brainstorming ways to overhaul existing signage in-venue?
IEG currently offers a great webinar for sports professionals and brand marketers called "Determining the Fair Market Value of Sponsorship Packages". The session is hosted by valuation-guru Jim Andrews, who does a great job explaining the basic practices and variables that sports professionals should consider/conduct when valuing sports properties. The webinar includes a sheet that provides basic valuations (e.g. signage, sampling, tickets, media) and does an effective job explaining the tangible benefits, intangible benefits, and price adjusters that affect valuations.
But there was one (1) key takeaway from the webinar that is worth sharing because it is something that all sports professionals should consider:
Is it more likely that teams can generate more dollars by adding new signage opportunities or enhancing existing signage inventory?
Jim Andrews does a great job explaining in the webinar that teams should spend greater amounts of their time enhancing existing signage/ticketing. Why? A traditional piece of on-field signage that garners 300,000 impressions is worth an estimated $9,000. By adding another piece of signage (relative to the example), a team can generate an additional $9,000 in profits. However, if the team finds an innovative way to enhance the existing $9,000 signage piece (increasing its intangible value), the signage can be worth anywhere from $10,800 to $31,500 (intangible benefits carry a multiplier value between 1.2 and 3.5).
In the end, what does all of this mean? Instead of looking for additional space in-arena to add another LED board or piece of static signage, spend greater amounts of your time looking to create the next "Chick-Fil-A Fowl Pole" (Houston Astros), C-IT-GO gas pump (Milwaukee Brewers), or Levi's Landing (San Francisco Giants).
Notes: The IEG online seminar costs $199 for a group session. The webinar is 1:30 and is highly recommended for companies looking to train their employees on basic valuation tactics. The training is highly recommended!