A Game Changing Fan Experience Insight
“There is an epidemic failure within the game to understand what is really happening. People who run ball clubs, they think in terms of buying players. Your goal shouldn’t be to buy players, your goal should be to buy wins.” - Moneyball’s Peter Brand
The same could be said of the business off the field - in the sports industry in general. The people in charge of the digital fan experience, they think in terms of adding new features or content. Your goal shouldn’t be to add features or content, your goal should be to add value to your fan’s experience.
Which is all to say - there are insights out there that can dramatically increase your chances of success. And this is one of them.
Your Fan Experience is a Product
Bain and Company conducted research to determine the difference between a good product or service and a great product or service. They started by breaking down the world into 30 possible value exchanges. And then they talked to more than 10,000 U.S. consumers about their perceptions of nearly 50 U.S.-based companies.
The results? Those who performed well on multiple value exchanges (a score of 8 or above on a scale of 1-10 by 50% or more respondents) had more loyal customers and grew revenue at a faster rate than others.
Bain's Hierarchy of Value Exchanges
Quality is the most important value exchange across all industries. But for every industry there is a different combination of approximately 7-10 value exchanges that are most relevant. When we apply this framework to the world of rights holders we see the following subset that is particularly relevant:
- Connection. Providing ways for fans to create a sense of community.
- Access. Providing a rare ability to get closer to the players, coaches, and games.
- Entertainment value. Just making aspects of it more entertaining.
- Informs. Provides useful information.
- Rewards. Rewarding the fans for their engagement.
- Avoids hassle. Making the experience of watching the games (in and out of the stadium) easier and more enjoyable.
- Affiliation. Creating that feeling of belonging to a team.
The Fan Experience Scorecard
The first question you need to answer is - how well are you delivering on these most valued value exchanges? When you perform this audit you will likely see that you are over-indexing on one or more and under-indexing on several others. With that knowledge, and factoring in your organization’s goals and constraints, you then have the necessary input for productive ideation sessions where you can begin to identify concrete ways to pay off your selected value exchanges at a higher level.
Bain and Company noted the highest performing companies methodically chose new value to deliver over time. Which value exchanges you should focus on developing and in which order will depend on your unique situation. But for the new experiences to resonate enough with your fans, to capture and keep their attention, it must have clear value for them.
To receive your Scorecard and have one of our consultants walk you through how to use it to generate revenue while improving your fan’s experience, share your name and email address below.