The BIG Ticket: Tony Knopp Says Suites Are Changing...He's Right.
Friday, March 21, 2025: Premium Week!
Hi!
It is Friday and the conclusion of our first theme week: Premium.
I like the theme idea because it made this a bit like teaching a class or doing a webinar.
I could lay out the content with an arc.
My big question is whether it was useful.
I want to wrap up the week by taking a look at your product mix.
Last week, Tony Knopp dropped his 3 Things Newsletter, leading with “Suites are broken”.
That’s a header, alright.
Tony talks about the evolution of suites during his career.
I’ve seen something similar.
The challenge for many buildings is forecasting the future.
The ALSD’s annual conference is a solid place to learn about advances in building technology.
This year’s conference is in Philadelphia.
The European edition has been fun as well.
Sports Venue Business also does a nice job sourcing new ideas about using your space more effectively.
Katie and Cassandra hit some of my favorite places, like Australia.
Tony gets it straight: buyers are changing.
There will still be suites.
But people buying them in the same way isn’t likely to be as successful.
Your job in getting the product mix right is 3 things:
1. Know your customer.
Know them in a way that lets you be a partner.
Not just a salesperson.
My dude, Michael, worked premium in Seattle.
His move was to help his buyers fill their box.
Know what your customers are trying to achieve, and you can anticipate solutions, find ideas, and stay current with the premium spaces.
2. Don’t fall into the trend trap:
“Everyone” is doing whatever.
Sports can be a big copycat business.
You can’t and don’t want to follow every trend or new fad.
Why?
Because that’s a way to prematurely age your building, sitting on unsellable inventory.
Go back to point one.
Know your customers.
Each market is unique.
What works in Miami doesn’t necessarily work in NYC.
When the Bucs did premium renovations a few years back, the needs of small businesses became a key driver in their decision-making process.
The same way, Las Vegas’s decisions were driven by casinos and tourists.
3. Be long-term:
One project I worked on had a focus on creating a pathway for buyers to evolve as their careers grew and changed.
3 levels of premium buyers.
3 levels of experience.
The location had a fun vibe, cooler, hipper, and modern.
It was large.
Accessible.
This was designed for younger premium buyers.
The second tier was for mid-level buyers.
Our research pointed to folks that might buy packages for their customers, as rewards for their employees, or as gifts to friends and family.
Not as big as the first level, but not a place where you’d get lost.
You would feel special, but with a sense of scale involved.
A step up, but it also included the all-inclusive perks.
The top level was for the ultra-premium buyer.
The smallest, most intimate.
We created the feeling of a boardroom, a fine steakhouse, or a country club dining room.
Why?
Because it gave a sense of intimacy that higher-level buyers wanted.
We also didn’t include any all-inclusive aspects because the act of “buying” a meal or “treating” someone was important.
Each distinct.
With a path for folks to follow.
You need to recognize that nothing is “One Size Fits All”.
The nice thing is that you aren’t shutting people out, but you are offering them something that fits different needs at different times.
The Keys:
Premium is changing constantly.
Know your market. Know your buyer.
Don’t get trapped in the trend of “everyone”.
Build a path for people to move up and down the premium buying path. You can hit people at many points.
Let me know how this week of premium focus worked for you.
These ideas work for sports, theatre, or other events.
Context matters, but you can steal lovingly from anyone that you see doing something cool and unique.
Dave
PS. This one I wrote for the ALSD is probably helpful, too!
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