HYPE SPort Innovation representative on Scorum @tdehghani announced of the HYPE Webinar some days ago where attendees will meet and learn from experienced Sport business men.
I registered and participated and I was glad that I did.I learnt a lot of things about the Sports Business, and the beautiful thing about what was taught in the Webinar is that it can also be applied to any industry you find yourself.
Closing Deals With Brands
This session was taken by Federico Winer, here he explained to us the steps that we are meant to take when we want to close deals with brands. You should bear the following things in mind.
- Which Segment?
- What the Company Does?
- Where they operate?
A lot of people making the mistake of not properly researching the how the market works before jumping in to make deals. And if you are not careful you may end up making deals that they might not even be able to deliver on.
Also failure to study the market can also reveal to the brand in question that you are not really serious with the deal as your proposal will be inconsistent with their values.
Failure to know where they operate and where they lack jurisdiction can break a deal for you. When it comes to sports brands there are different places certain sports have dominance. Like for example, Cricket is more popular in India so Sports brands will sell more Cricket merchandise than in areas where Cricket is relatively unknown.
You also have to understand the role and business unit. What the business unit does for business does for the Company and also whether the persona is a buyer or a potential power sponsor.
Be Open and Propose a Win-Win Business
When it comes to this. You have to put this in Mind
- Co-Innovation Project
- Embrace Technology
- Demonstrate ROI
- Open Prospect Doors
This is one very Important point that I choose to highlight well. When approaching brands, you have to propose a win win business, the value that you are bringing the brand has to be clear.
You ideas should be clearly innovative, don't bring them something that they have done before or that can be easily done without any valuable input from you.
You have to make use of every data representation you have to explain to the ROI that they will get from partnering with you.
Now when it comes to targeting your business audience there are three ways you can do that:
SAP Startup Focus
If you are startup that has Big Data which is predictive or real time analytical solution, then SAP can work with you.
You can get more information about this program from https://startups.sap.com
SAP Partner Edge
This have two arms that you can work with :
- Open Ecosystem Program
- Full SAP PartnerEdge
You can get more information about this from https://partneredge.sap.com
SAP Entertainment Industries
This is led by Federico Winer who is the head of Entertainment Industries.
I also briefly attended the session by Amir Raveh where he talked about Global Sports Innovation.
He talked to us about the Art of Brand Enrollment , and the steps that he outlined includes the following:
- Find a Champion
- Validation
- Advisory Board
- Strategic Partner
- Enrollement
One of the most Important I picked from this session is the Importance of Validation in business. It gives you credibility in the eyes of the brand and gives you a huge dose of authenticity as they will know that you have done similar things before.
Most people downplay the Importance of validation. There are some jobs which might not necessary pay you much but gives you a reference point for the next job.
Most people are only after making profit per job and some even reject offers from huge brands because they feel that the pay is smaller than expected.
If I do a job with Nike and earn small profit, that validation can help me seal a bigger deal with Adidas because they will see my expertise from working with Nike. But without that validationit might be impossible for me to seal a bigger deal.
And you should also recognise who your strategic partner is the place that you are pitching to. They are the ones who will defend your project when you are not in the room.
This was what I was able to take out from the Webinar, I hope that you were able to learn one or two things from this post.
Thanks For Reading.
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