We discussed how the Covid-19 impacted the sports media rights sector, the ramifications of that period, and how organizations should move toward digital processes in the last piece. The goal of today’s topic is to showcase the benefits available to smaller sports rights-holders. In our conversations with sports organisations, we often encounter the “status quo bias” – the tendency to continue doing something simply because we have always done it. In such a case, we challenge them to borrow the zero-based budgeting principle and apply it to their business processes – all bets are off, so how would you do things if you started today?
We often encounter the “status quo bias” – the tendency to continue doing something simply because we have always done it. In such a case, we challenge them to borrow the zero-based budgeting principle and apply it to their business processes – all bets are off, so how would you do things if you started today?
While the implementation needs tailoring and differs from organisation to organisation, we can certainly look at the overall benefits that even small teams can get from implementation of rights and sales management software in their everyday operations.
Digital transformation for smaller companies
In a world where technology pervades every aspect of our lives, it’s difficult to think that so many businesses, especially ones with limited human resources, are overlooking the benefits it can provide. According to Deloitte, in organizations that embrace digital transformation, each person contributes to an incredible 60% increase in revenue on average. Simply put, days are gone spending countless hours on administrative tasks, instead focusing on more effective business development, business planning and growth.
Why would businesses hesitate to adopt digital business software? According to the same research, 31% of small businesses say they have avoided digital transformation because they fear it will be too costly (though failure to adopt technology and improve your processes may end up costing your business significantly more money in the long run as it is seen in other business), 20% haven’t even considered adopting technology in their daily work lives, while 13% say they are “unaware of how to utilize technology” or fear technology. In order to catch the sailing ship, you have to jump on it. Here are hey reasons how it can help your media rights business in both short- and long-run:
1. Increase productivity
Employees in almost every small firm, and in this case smaller agencies, leagues or federations, wear multiple hats. It’s easy to lose sight of what has to be done when there are so many tasks to perform.
Free-to-air rights are yet to be exploited in 5 markets, and the last conversations were held 6 months ago? There is a ‘forgotten’ catalogue of original programming sitting on the shelf? Rights & sales management software assists us in keeping track of our assets and projects – increasing accountability, productivity and, most importantly, revenue even in a team of two or three.
2. Keep on top of your prospects and client info = close better and more sales
We trust you or your head of sales know the key markets inside out. But what about new business? Delivering innovative content packages to newcomers? Looking for partnerships for your D2C business? Keep your customer and prospect information organized – even if you think you can store all this info in your head as a team of one or two… You most likely can’t. Sales software will help you store this data, so you effortlessly access when your media partner was last contacted, what feedback they had in the last in-person meeting, and what the market situation was when the last deal was signed. With lead scoring, such a system will help you fill your pipeline with prospects while also highlighting the most important leads. This will help prioritizing, staying focused on the most important prospects, and closing more deals.
3. Focus on bigger things
If you’re finding yourself spending a lot of time doing manual activities on a daily basis, it’s time to go digital. Compiling excel sheets on a weekly basis with what content goes to which broadcaster? Scanning through contract PDFs to check when certain clauses kick in? This can be easily automated with reports and notifications, and you can be more strategic and focus on the activities that are most essential to your business, rather than admin. In addition, sales software gives you easy access to vital business KPIs , helping you make swift decisions and seize opportunities.
Content Arena’s Manager software was built with these business challenges and opportunities in mind, adapted for the sports media rights industry. Attractive subscription options are available for Tier 2 & 3 federations and leagues now – contact us to schedule a demo, and try out the software yourself.