There has been no better time to consider taking your club cashless, and here are the key questions you need to address.
1. Do you know your fans?
While going cashless with the right solution can make transactions faster, minimise waiting times and reduce risk of COVID-19 from contact, only closed-loop solutions can provide the customer data on fan behaviour – what they purchased, where they purchased and how frequently. Whilst email sign ups and ticket purchase details provide some insight, what venue owners don’t actually still know is who is actually attending the venue, their purchasing preferences and dwell time. This information enables clubs to completely understand their fan, enabling tailored communications and incentives and ensuring fans stay loyal and engaged, no matter how their team is performing.
2.Are you hosting events across the year?
Increasingly clubs and stadia are looking at ways to ensure that they are hosting events and maximising revenue for as many days across the year as possible. Concerts, conferences and weddings are becoming important revenue streams for clubs. Whilst a varied and continual flow of events, fans and consumers through venues supports the bottom line, it becomes increasingly challenging to understand every audience, their preferences and behaviours. This is where the power of understanding your fan gives venues a huge advantage (and creates an even greater risk if this isn’t captured).
3.How important is data to your club?
Closed loop data, if it is properly captured and analysed, gives clubs incredible insight into fans’ behaviours and preferences. This data not only provides huge value to teams, but to partners and sponsors as well.
Without this data, there is a huge risk to your plans. If the only information you are tracking is that of your season ticket holders, you may miss the opportunity to sell last -minute tickets to a game to someone who came to the venue three times for a summer concert series. You may miss the opportunity to convert casual visitors into lifelong fans.
Whatever challenge your venue faces in ensuring a vibrant community and a healthy bottom line – you can be assured that the data and insights generated by a closed loop solution can support them.
4. Are you looking to grow sponsorship revenue?
If your club is focussed on driving additional revenue through sponsorships and partnerships, then it is worth considering a closed loop solution for two reasons. Firstly, your team will have ownership of your fans’ spending data, which means you will be able to demonstrate impact of partnerships, reach out to fans who have consumed the product and reward them, or incentivise new potential audiences to trial consumption. Secondly, by creating a white-label digital wallet or RFID product – you create new categories for sponsorship and partnership.
5. How advanced is your club’s digital strategy?
It is predicted that mobile payments will be the second most common payment method after debit cards by 2022 – but some fans do take longer to adopt new technologies. When you’re choosing to work with a cashless payment supplier, it’s important to understand their technology approach and whether they are able to support the evolution of your digital payments and data ecosystem.
At Tappit, we know that one type of cashless solution does not fit all. We’re proud to offer a range of cashless solutions – white label mobile pay solutions, cashless RFID options as well as the insights and data platform that aggregates all this data in one place. By choosing a hybrid solution, you can choose the right cashless option for each different event. This enables clubs to understand all their visitors, their behaviours and incentivise them to become even more engaged with the brand and ultimately help teams to become even more profitable – even in the most challenging of times.