In sports and entertainment marketing, anything that a team, promoter, or venue can offer fans and sponsors is considered an asset. Every asset has value. Dollar per dollar, fewer assets represent as much value as the premium suite. So it’s understandable that teams and promoters put a heavy emphasis on premium suite management.
The Power of the Premium Suite
Premium suite management is all about maximizing a limited amount of coveted real estate within a given venue. From a marketing standpoint, the premium suite is a powerful fan engagement and revenue generation tool. Simply put, fans appreciate premium suites and all they have to offer. They are willing to pay extra for the premium experience.
Managing premium suites is rooted in strategic oversight and asset optimization. When fan experience expectations are met and exceeded, selling premium suites is not hard at all. Fans are happy and sponsors are more than willing to get on board.
Key Management Components
So, what actually goes into premium suite management? The details can vary quite a bit from one venue to the next. But as a general rule, sports and entertainment marketing divides premium suite management into the following components:
- Inventory Management – Teams and venues rely on sports management software to track and manage suite inventory. Each suite is considered an asset subject to dynamic pricing and efficient allocation.
- Sales & Marketing – Premium suites are marketing tools in every sense of the term. Management often involves packaging them with additional perks to enhance the fan experience. It all adds up to better sales and marketing.
- Relationship Management – Relationships with suite holders is critical to teams, promoters, and venues. Therefore, a key priority in premium suite management is nurturing those relationships.
- Integrated Tech – Today’s teams and venues are going the extra mile to incorporate the latest technologies in their premium suites. From food service to merchandising to enhancing the event at hand, technology is making a difference.
- Fan Experience – In a general sense, enhancing the fan experience is another key aspect of premium suite management. The experience is what sells a premium suite. Without it, suites have little value.
- Revenue Optimization – The final component is revenue optimization. Suites can and should significantly contribute to the bottom line. In order for that to happen, they have to be properly managed.
KORE, an industry leader in sports data intelligence and sports and entertainment marketing software, says that premium suite management in the modern era is a data-driven enterprise. They encourage teams, promoters, and venues to check out their website for more information on their software solutions.
KORE explains that data determines the direction premium suite management takes. Without the right data, things do not go well.
Management Has Its Challenges
As with anything else in sports and entertainment marketing, premium suite management has its challenges. At the top of the list is renewal and retention. Premium suites are not cheap, and managers have to account for the reality that suites can lose their novelty over time. Keeping things fresh and new is an ongoing effort necessary to keep premium suites filled.
Other challenges include managing corporate partnerships, adapting to economic impacts, and keeping technology up to date. Needless to say, premium suite management requires a comprehensive approach that looks at every angle.
Despite its challenges, premium suite management can pay off big in sports and entertainment marketing. When corporate partners and fans see the value in premium suites, they are happy to invest in them. That’s good for teams and venues inasmuch as premium suites contribute quite a bit to the bottom line.