S&E Industry
What is an industry?
A group of businesses or companies that make the same type of goods or provide the same services.
What is relationship management?
The process in which an organization intentionally builds, maintains, and enhances relationships with customers and other partners for mutual benefit.
What are stakeholders?
Any individual, group, or organization that has an "invested interest" in the success or failure of a business.
What does CRM stand for?
Customer Relationship Management
What does B2B stand for?
Business to Business
What 2 areas make up the Entertainment segment?
1. Live Entertainment
2. Theme Parks & Attractions
What are the 3 reasons why relationships matter?
1. Fan Loyalty
2. Brand Equity
3. Longevity
What are the two types of stakeholders?
1. Internal
2. External
What is the point of segmentation in CRM?
It allows organizations to group fans into categories that are relevant to them.
Name at least two things that a sponsor can provide in the sponsorship exchange
1. Money
2. Products
3. In-Kind Services
What 3 areas make up the Sports segment?
1. Professional Sports
2. eSports & Competitive Gaming
3. Stadium Experiences in Sports
What is the 80/20 Fan Rule?
Where 80% of revenue often comes from 20% of fans.
What are the 3 types of Internal Stakeholders in S&E?
1. Employees
2. Owners/Investors
3. Athletes/Performers
Give 3 examples of fan data that is collected by companies.
Ticket Purchases, Merchandise Styles, Email Engagement, etc.
In the relationship management of sponsorships, what are the 2 critical components?
1. Activation
2. Fulfillment
Explain what "Shared Impact Across Segments" means.
Both segments contribute to economic growth & share overlapping strategies.
What does Lifetime Value (LTV) measure, and what is the formula?
Measures total profit from one customer.
LTV = Average Annual Spend x Number of Years as a Customer
What are the 4 types of External Stakeholders in S&E?
1. Fans/Customers
2. Sponsors/Partners
3. Media
4. Government/Community
What does personalization allow organizations to do?
Send targeted offers
What 3 things does the property (team/event/venue) provide in the sponsorship exchange?
1. Exposure
2. Audience Access
3. Brand Alignment
What are the 4 Components of the S&E Industry?
1. It Creates Experiences
2. It is a Business
3. Made up of MANY Businesses & Careers
4. S&E Overlap
What economic principle is the 80/20 fan rule based off of?
Pareto Principle
What do owners provide to an organization?
Capital (financial resources such as funds or assets that businesses utilize to enhance their operational capabilities and achieve growth objectives)
What are the 3 functions of CRM that I told you to remember?
1. Collect
2. Understand
3. Act
What are in-kind services?
Non-cash contributions where a person or business donates professional time, expertise, or intangible resources like facility use instead of money.