College Athletics and Fundraising Essay
In the past decade or so, college athletics has become a multi-million dollar industry; the majority of intercollegiate athletic programs fail to generate revenue over their expenditures and must rely heavily on the university for support. There are maybe two dozen, or what I like to call the one percenters, universities out of about 1,200 whose brand is strong enough to generate revenue greater than their total expenditures. This fact alone is why it is imperative that athletic departments understand the elements, principles, and methods of profit making strategies and utilize them to maximize profits at each “POS” or point of sale.This paper will analyze the three primary points of sale discussed in chapter 7, which are attendance & ticket sales, concession sales, and intellectual property & licensed merchandise sale.
Attendance & Ticket Sales
Ticket sales in today’s sporting world, especially college athletics, are an integral part of creating revenue for any respective athletic program.There are many different ways to drive ticket sales, with one of the most effective ways being social media.Kelley states (2012), “from a contemporary standpoint, the marketing and promotion of tickets among intercollegiate athletics through social media, particularly social networking sites, has become significant in terms of efficient customer service and cost effectiveness” (p.111).This is a no brainer, social media is such a huge part of our society today that any athletic department that does not utilize it is behind.It is a very cost effective way to communicate with your fan base and promote your brand and encourage patrons to attend the University’s athletic events. The ability to connect with and reach literally millions of people by the click of a button is invaluable and must not be over looked or underutilized, “the use of social media is clearly an emerging technology that has only scratched the surface in terms of …