An interesting and increasingly effective online business model or strategy is that of online fantasy sports. Somewhat ludicrously, I can’t attest to the appeal of fantasy sports as I am currently partaking in five fantasy football leagues. A few of which are admittedly for a small of sum of money. But to begin here’s a blog post on the history of fantasy sports and it’s adoption by sports journalists.
So what exactly is it about fantasy sports that makes them increasingly relevant? What are their online marketing or techniques for success? Do you think it’s possible to manipulate their models for your own organization’s or individual success? Are their other successful online strategies I should be researching?
Fantasy sports seemingly offers a unique blend of offline and online application in certain circles. Assuming you do a live draft with friends and regularly discuss the leagues goings-on but also manage your squad on one of the many online fantasy sports services like ESPN or Yahoo. Furthermore, fantasy sports capitalizes on the mobile market as well as the numerous social media/networking avenues and continues to strive to be more user friendly. Fantasy sports services also continue to find ways to expand their services and offer complementary products like insights you can purchase from “fantasy experts” on how to manage your squad.
Below is an interesting infographic with a little information on the economics of fantasy sports and some surprising figures associated with the profitability or spending on fantasy sports and sports sites. Certainly in assessing the approach of other successful online business models like fantasy sports, there are online marketing tactics or online techniques that can be applied to your own organization’s success or personal branding. Don’t be afraid to research and analyze profitable online markets as a means of adapting to the changing modern business climate.