Blockchain: A Key to Success in Fan Engagement Monetisation?
Blockchain technology in the sports industry is gradually winning the market. Cryptocurrencies, which constitute our first association with the term ‘blockchain’, do not form the only use of it.
There are plenty of other possibilities to achieve success with fan engagement monetisation. What areas of your sports club can you better with the help of no longer mysterious blockchain technology? Let’s analyse it step by step!
FANS POSSESS A PART OF THE CLUB – ADVANTAGES OF NUMEROUS SMALL STAKEHOLDERS
The fundamental possibility that blockchain gives is selling a share of a player or a club to individual entities. Such a method helps not only to receive additional revenue that sports clubs can further invest, but it also allows them to engage fans on the highest possible level.
By allowing your supporters to invest their money in your brand, you give them the possibility to feel like one of the club’s stakeholders. The more they believe your club will be successful, the higher their willingness to invest their money in your project as it will also bring financial profits to them.
Blockchain technology also allows you to conduct the same type of scheme but on a smaller scale. You don’t want to have your whole club “shared”? No worries! You might prefer to have it located in one of your players.
Those who decide to invest their money in the transfer of one of the young promising players you’re interested in will be given the part of your financial gain (of course, only if the predictions work out and the player is sold with profit afterwards).
Sharing the financial risks and gains with your supporters. Is there anything that may impact your club’s fan engagement more significantly than this kind of blockchain technology use? Difficult to imagine right now!
It’s also possible to treat them as a club’s currency that fans can exchange for exclusive products and services. And there are another thousands of use cases – imagination seems to be the only barrier here.
Whatever your choice on how to use Club Tokens is, the fan engagement that you can create thanks to the solutions based on blockchain technology is out of the so far known scale. Consider implementing them in your sports club to bring your brand closer to your supporters.
TICKETING, MERCHANDISE, CONCESSIONS -> FIRST-PARTY DATA
Imagine you control all your data about your fan engagement in one place. Whenever the transaction occurs – a ticket, a beverage or merchandise is sold – it immediately goes to your database that you can instantly analyse.
Basing your actions on first-party data will be essential in the future. These companies, organisations and sports clubs that will be able to prove with the data the effectiveness of their marketing campaigns and sales actions will possess a massive advantage over others on the market.
Blockchain technology allows the sports industry to monetise fan engagement in the short-term and gather precise information about supporters safely and conveniently in order to become more appealing to new sponsors in the long-term. A self-propelling machine, isn’t it?
Nowadays, every client in every branch (in the sports industry as well) requires top data security. While creating a new revenue stream, blockchain also leads to enhanced data protection thanks to its decentralisation, encriptive and cross-checking nature. Blockchain tech is one of the leaders in meeting markets’ needs and expectations.
CRYPTOSPONSORSHIP & CROWDFUNDING
Blockchain technology opens up new possibilities not only for stakeholding but also for cryptosponsorship and crowdfunding. The idea of fans paying for the transfer of a player or creating the club’s budget is no longer a fantasy. That has already happened in a few places.
One of the best examples here is Darlington FCSG, whose supporters donated more than £100 000 to the club’s budget. A small club that managed to keep growing thanks to external donations.
Blockchain technology may help you to run such a process safely and conveniently. It’s only up to you to decide if, in your case, you prefer to offer it as stakes or as a crowdfunding/cryptosponsorship opportunity.
NEW FAN MONETISATION MODEL
Many sports clubs face the challenge: “How can we improve our supporters’ experience with the club while increasing fan monetisation?” We talked it through with socios.com CEO, Alexandre Dreyfus in our series Know The Score. Blockchain technology offers numerous win-win possibilities that will satisfy both fans’ expectations and the clubs’ needs.
Should you resign from transferring one player (and paying him salaries) and instead invest this money in a service based on blockchain technology? You should certainly consider it! It may turn out to be a game-changer in your club’s digital development for years.
Interested in using blockchain technology in your sports club? Time to find a partner that will guarantee you both the cutting-edge tech and marketing expertise in promoting it among your fans.