For many of your sports bar program clients, volatility in their revenue stream is one of their biggest operational challenges. Their patronage on any night can vary substantially depending on numerous factors, and their ability to generate a good volume of revenue relies heavily on the sport. Sports bars can fall into a lull when basketball and hockey go into the offseason, and baseball is the only option. Regardless, your clients can create innovative tactics to attract patrons and help strengthen their revenue stream.
Losing a large percentage of clientele during the offseasons is a significant hardship. Still, it also allows them to use their venue to host other functions. For example, they might enhance their profits by marketing their establishment for informal corporate events. Corporate lunches are a fantastic way to drum up business during the slowest times of the sports year, and establishments could also apply this strategy to boost sales during their slowest hours of the day year-round. They can charge a fixed amount per guest and serve soda, beer, sandwiches, and other pub grub-style foods.
Alternatively, they could promote their establishment as a fun venue for birthday parties, social club functions, or local amateur league celebrations. They can connect with new target audiences through social media marketing and promotions on popular discount sites.
Before bars and restaurants work on expanding their operations, they first need to evaluate whether any new use of the premises or significant change in their operations will fall under their current sports bar program insurance coverages. It may be advantageous to examine enhancing current coverages to address any identifiable changes in the scope of their risk exposure.
While mainstream professional leagues certainly make up the lion's share of sports viewership, several other leagues and events have avid fan bases. Pay-per-view events such as UFC or boxing matches could be great money-makers.
Tennis championships such as the French Open and Wimbledon attract a lot of US viewers. In addition, broadcasting Major League Soccer games during the summer months may increase business in sports bars.
Bars might also consider appealing to eSports' growing fanbase. Becoming the go-to venue for these fans could bring in a consistent stream of additional income.
Small and large breweries commonly put out seasonal brews geared towards celebrating the lazy days of summer. Bars and pubs can collaborate with local brewers to hold release parties and promote their brews with summer-long specials. Your sports bar program clients can invite professional viewers to offer home brewery lessons to beer and ale enthusiasts.
Ultimately, the slowdown of professional sports does not necessarily have to mark a significant showdown in your client's business. Innovative marketing strategies can help bars stay cash positive throughout the year.
At RMS Hospitality Group, our expertly crafted policies are written specifically for the hospitality industry. We offer custom tailored solutions to meet any venue's specific needs. For more information, contact our knowledgeable experts today at (888) 359-8390.
At RMS and associated firms, business continues as usual. Our staff is remote-capable and available to handle all partners, brokers, and insureds at the present time.
