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4 Top Tips to Introduce New Revenue Streams

4 Top Tips to Introduce New Revenue Streams

With the end of JobKeeper around the corner here are our 4 top tips on how to introduce new revenue streams.


It's no secret that many organisations have been challenged through COVID, and successful organisations have had to adapt their business model to introduce new revenue streams to replace in person participation.


1. Offer your sport or fitness programme - virtually.

When you wake up one morning to find out participation in person can no longer happen what do you do? You pivot - and maintain participation with remote programs. The reality is flare ups are unpredictable, so preparing in advance will ensure continuity of your sport. In fact, some businesses that pivoted to include this reported a 50% year on year uplift in revenue.


2. DATA, DATA, DATA.

Data can often be a dirty word, but with the right compliance programs in place data is a valuable tool to provide you with a rich understanding of your members (or customers) and attract sponsors with facts to show how their sponsorship can get a return on investment.


Grass roots sports are in a unique position - participants have a deep connection with their clubs and members are passionate about their relationship, so by leveraging the right technology and integrating your member experience, you have a loyal consumer base to commercialise to attract new sponsors.


3. Attract new members with innovative programs

The reality of #ToiletPaperGate is that Australians behaviours have changed. Over the last year we have seen our favourite brands products run out of supermarket shelves, when we have had to try new brands out of necessity. This change impacted on the sport and fitness industry too, when at home workouts were the only option, resulting in a challenging environment to reactivate members.


Reengaging members that are less engaged in your sport is crucial for your sports growth and future success. One way to do this is by developing new programs to entice and excite by bringing a little fun to sport. Here are some of our favourite clubs redefining the sport and fitness landscape in Australia:

- Spin all the way home with Flow Athletic

- You'd be fooled to think it was a Thursday night party, but DJ's, Food Trucks and dress up rounds for special events can be found at - Centennial Park Netball

- And who can forget The Colour Run


4. Leverage your members to attract new sponsors

Once thought of as the stomping ground for elite athletes, grass roots sports are becoming increasing compelling for new sponsors. Local sports have 3 really compelling things companies want:

1. Scale to reach more of their potential customers

2. High frequency of communications as an opportunity to get brand exposure for their business, ongoing

3. And motivated participants that are likely to require products similar to the sponsors offering  


With digital tools now able to quantify how often participants engage with the sport and how people engage with a sponsors digital communications it has never been easier to demonstrate value.



Get in touch to understand how TryThis can help.