Customer Tracking and "March Madness"
March Madness has commenced. Basketball, brackets, fans, cheering, tumult, and widespread and stratospheric craziness surrounding college basketball.
ShopperTrak – the retail industry’s premier business provider of customer tracking and other highly valued business intelligence – has a professional staff that represents several schools that qualified for this year’s tournament.
Here are those schools (in alphabetical order): Harvard University, Marquette University, the University of Michigan, Michigan State University, the University of Notre Dame, and the University of Wisconsin.
How about the economic impact of March Madness? There are many sectors of economic impact tied to and dependent on the NCAA Men’s Basketball Tournament. There is the billions of dollars generated through broadcasting the action, advertising on the broadcasts, and licensing fees.
There is debate as to how much money the economy loses, or whether it loses any money at all, due to lost productivity as a result of employees paying attention to the games and their bracket picks instead of working.
Yet for ShopperTrak and its thousands of customers around the globe which rely on its customer tracking technology – including nearly 400 global brands, regional, retailers, mall owners, and financial institutions – what is of particular interest is the millions of dollars in positive economic impact on the cities hosting the tournament games. For it is these locations that will reap money from live attendance – a population that spends money on site.
Fourteen cities/venues host this year’s NCAA Tournament, starting with the March 13-14 preliminary round held in Dayton, OH at the University of Dayton Arena, and finishing up in New Orleans at the Mercedes-Benz Superdome where the Final Four will take place on March 31, and the championship game on April 2.
The biggest municipal winners will be New Orleans, and the four NCAA regional host cities: Boston, East Regional (venue: TD Garden); Phoenix, West Regional (venue: US Airways Center); St. Louis, Midwest Regional (venue: Edward Jones Dome); and Atlanta, South Regional (venue: Georgia Dome).
Here is an excerpt from a March 13, 2012 Yahoo News story, “The Economics of March Madness”:
Host cities for NCAA tournament games expect to generate millions of dollars for local businesses and tax coffers from the events, according to Rick Horrow, chairman of Horrow Sports Ventures, a consulting firm for development of sports facilities.
“The communities that have a regional tournament can look forward to anywhere from $40 [million] to $80 million of economic impact during tournament week,” said Horrow, who was in El Paso, Texas, last week to explore the possibility of building a multipurpose facility that could attract events like March Madness to the city."
When a city hosts a major sports event, you can be sure that ShopperTrak and its customer tracking technology is there too, enabling businesses to count people, analyze data, and reveal sales opportunities.
This data and intelligence is of premium value to retail businesses and mall owners and venue site owners and managers the world over where future major sporting events will be held.