Payments Data to Drive Revenue in the Sports Industry

In the sports industry, understanding fan behaviour and leveraging payment data effectively can significantly boost revenue and unlock new functionalities. We were honoured to be joined recently at our ‘Secrets to Platform Success’ breakfast event by Eifion Weinzweig, Co-Founder of PayServe, who shared insights on how sports teams can use data to enhance fan engagement and drive commercial success.

The Importance of Knowing Your Fans

Eifion kicked off by highlighting a critical issue faced by many sports teams: a lack of understanding of their fans. 

“What we found in the sports world, especially if customers are using [certain major] ticket providers, is they've got no idea who's in that stadium. They know how many tickets they've sold, but not who bought them” he explains. Eifion goes on to explain that “This gap presents a massive opportunity for teams to improve their engagement strategies.”

Utilising Data for Targeted Marketing

One of the most powerful applications of data is in targeted marketing. Eifion shared an example from SoFi Stadium’s partnership with the LA Rams.

“Through a digital wallet partner, we put out an incentive with the stadium: "Come to SoFi in the next 10 days, and we’ll give you $200 in your account. This resulted in 20,000 new customers over a game weekend, covering 25-30% of the stadium's capacity.”

This demonstrates the potential of targeted marketing in converting event attendees into loyal customers.

Creating Personalised Fan Experiences

Understanding fan behaviour allows for personalised marketing strategies that resonate. This works to increase sales but also enhances the overall fan experience.

Eifion explained, “By knowing who bought the home jersey in July, we can avoid sending them another offer for the same jersey at Christmas. Instead, we can target them with an offer for the away jersey.” 

The Future of Data Utilisation in Sports

Looking ahead, Eifion envisions even more sophisticated uses of data. For instance, integrating beacon technology in airports to target fans who travel for games can significantly boost sales and engagement.

He went on to explain how by targeting the three airports that most of the fans come into because of the retail stores they’ve got there, PayServe was able to start targeting them before they even left the airport. An impressive, and proactive approach that ensures fans feel connected and valued from the moment they arrive.

Challenges and Education

However, leveraging data isn’t without its challenges. Many sports teams are still catching up with the latest technologies. “We had a club that didn’t understand the intricacies of payment systems and overspent significantly... Educating stakeholders and simplifying complex systems is absolutely crucial for successful implementation.”

Many companies still haven't explored advanced data methodologies due to them having limited insights from their providers, which is why partnering with a systems provider that offers control is so key.

Adyen's Adyen for Platforms proposition puts businesses in complete control, allowing them to delve deeply into customer habits and preferences, which underpins the advanced marketing and product strategies that can help businesses drive improved customer lifetime value.  As Eifion concludes, “The power of data is massive, and we’re just starting to tap into it.”

At Red Badger, we’re dedicated to helping businesses unlock the potential of their data, turning insights into actionable growth strategies and live, personalised experiences.