American professional basketball club the New York Knicks, abbreviated and more frequently known as the New York Knicks, is headquartered in Manhattan, New York. This NBA team is part of the Atlantic Division of the Eastern Conference. In addition to the New York Rangers, they share Madison Square Garden for home games. Knicks first head coach Joe Lapchick led them to multiple playoff appearances. The New York Knicks have been in the NBA Finals three times since 1950, all of which have ended in defeat. After Lapchick left in 1956, the team’s fortunes started to deteriorate.
Analysis of the current marketing efforts
Marketing strategy
In sports, winning is generally associated with a winning season. In contrast, the New York Knicks have not been affected by the team’s lack of success on the court. Part of it is due to the team’s devoted fan base, but it also requires a strong marketing campaign to keep people engaged when times are bad (Manoli, 2018). According to Madison Square Garden Sports, the goal of the Knicks’ marketing effort is to build a bridge between the team and its supporters and the city itself.
Marketers for the Knicks use the club’s value proposition to explain to supporters what the team stands for, how it runs, and why they should be loyal. New York City-based firm Translation has been hired to help the team’s brand positioning and connect with its fan base, which is currently experiencing a losing run. Founded by veteran music exec Steve Stoute, Translation promises to create marketing and brand initiatives based on the team’s history, alumni, fandom, and Madison Square Garden location. Stoute said the objective is to better engage with Knicks and Madison Square Garden fans to offer fresh, innovative ideas and produce material that reflects the two iconic sports franchises.
The 4Ps and the marketing mix framework are all part of the Knicks’ marketing strategy (product, price, place, and promotion). As far as marketing methods go, product innovation and pricing strategy are only two examples. Using these business practices, the Knicks are able to grow.
Target market
The Knicks cater to men, women, children, and even pets. They primarily target those between the ages of 51 and 67 and those under the age of 18. The company has the potential to develop in each of these categories. Among the four Knicks supporters, just one is above 55, based on demographic data; This means that just a quarter of the total viewership is composed of those 55 and above. This is, in reality, a market that needs to be targeted.
New York Knicks’ marketing strategy incorporates a broad range of demographics which include; All sports fans, regardless of their preference for the sport of basketball are included in this group; The thrill of seeing a live game, whether as a fan, a member of the media, or a professional athlete; Athletes who want to play in the NBA one day (Manoli, 2018); Along with local prospects, this includes players from across the world who look forward to being scouted, and lastly individuals who have no real interest in basketball but watch the occasional game on television.
The Knicks are presently concentrating on player development, improving their squad, and increasing the number of single-game tickets they can sell rather than relying on full-season ticket sales.
Analysis of the target markets
Having a fan base with such a wide variety of demographics makes it difficult to provide a tailored fan experience. Marketers in the New York Knicks must think about various things when devising their marketing strategies. Increased loyalty and retention are achieved via demographic segmentation in a fan base.
Age Segmentation- Since there are considerable differences in the demands and habits of various age groups, segmentation is one of the essential forms of segmentation. This variable may be used to children, adolescents, adults, middle-aged, and elderly people (Solimun & Fernandes, 2018). As an example, the New York Knicks organize a number of events and sell a wide range of memorabilia to cater to basketball fans of all generations. A more conservative Facebook or email message is sent to middle-aged or older clients to accompany the more youthful TikTok and Facebook ads.
Geographic Segmentation- The market might be divided into various regions, cities, or countries based on the location of the clients. This has a big impact on marketing since people who reside in various places have distinct possibilities and consumer behavior patterns.
Behavioral Segmentation- Behavioral segmentation divides the consumer market into groups based on the number of product purchases, the frequency of service use, and the brand loyalty of each customer. New York City has the most per capita consumption of Knicks items out of any other city.
Future marketing plan for the Knicks
Sports marketers in the New York Knicks may employ star athletes to assist them in creating compelling content that will draw in new consumers. They may tap into the networks of individuals their target audience knows by using social media to spread the word about your product. The Knicks may use more than half of their fans to follow them on social media to engage their client base.
Sports marketing necessitates using a variety of tactics to reach your audience (Solimun & Fernandes, 2018). A large number of people tune in to sporting events on television, use their cellphones to keep track of the results, go to games in person, or listen to broadcasts on the radio or online. With so many channels at your disposal, you have many options for reaching your target audience. Using this method, the Knicks can attract new customers and keep their current ones happy.
In conclusion, for the Knicks to regain their popularity in the NBA, they will need to increase their use of various advertising, sponsorship, and PR methods and implement new fan relations initiatives.
References
Manoli, A. E. (2018). Sports marketing’s past, present, and future; an introduction to the special issue on contemporary issues in sports marketing. Journal of Strategic Marketing, 26(1), 1-5.
Solimun, S., & Fernandes, A. A. R. (2018). The mediation effect of customer satisfaction in the relationship between service quality, service orientation, and marketing mix strategy to customer loyalty. Journal of Management Development.
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