How to Cover Wall Street

The financial crisis has hit nearly every facet of our economy, from retail sales, to auto sales, to the housing industry. And, though arguably not as important, the economic future of America’s sports organizations aren’t exempt from the trend either.

From Nascar to the NBA, over to the NHL and all the way to the NFL and MLB, nearly every professional sports organization in the U.S. is expected to hit a downturn with the economy in turmoil. Decreases in ticket sales, merchandise sales and corporate sponsorships will likely cause some economic hardships for all sports organizations.

I can’t say I feel sorry for the owners or the athletes. Perhaps cutting down on multi-million dollar contracts is a way to save money? Or, well, here’s an idea that could work: PLAN AHEAD!

That’s what the Washington Capitals are doing…and lo and behold…it’s actually working! The Capitals are using the apparently unusual technique of research to actually find out what their fans want and, more importantly, how to attract new ones.

“Research has shown that people become fans of a team somewhere between their sixth and ninth year of age. So we’re trying to capitalize on that,” said Tim McDermott, the team’s senior vice president and chief marketing officer.

The Capitals are also about to start a marketing approach geared strictly toward women–which is about 35 percent of their fan base. The effort that started in 2007 is continuing into this season, with 4,000 new season ticket holders.

Now, the corporate leaders of the Washington Capitals aren’t exactly rocket surgeons. And, it certainly helps when your star player makes moves like this.

But, seriously, this is a pro hockey team centered in Washington, D.C., which isn’t exactly Hockeytown USA. Go ahead and google “sports economy.” Read some of the articles. Like this one on ticket sales. Or this one about the “sports pendulum.” It’s like journalists have accepted that pro sports organizations forgot how to be creative, forgot how to actually engage the fan and make them want to come to game or buy a hat with the team’s logo on it. In a time when we’re seemingly heading into an era where saving is better than spending and where staying in is more responsible than going out, this is no time to sit back and let the recession play out.

So, DO SOMETHING, sports teams! Anything! Yes, the economy is down, but remember: There’s no crying in baseball. And there shouldn’t be in football, basketball, auto racing or hockey either! It’s time to get creative, get innovative and remember this: If the gosh darn Washington Capitals can do it, anyone can.

[Image Courtesy BlogMeDown.tv]