Well, things continue to move quickly in the fantasy sports world. Just a few weeks ago we discussed how companies in this industry, such as DraftKings and FanDuel, were thriving with hundreds of thousands of participants and billions of dollars in revenue. At that time, we discussed how marketing was playing an enormous role in the growth of this industry, thanks in large part to the staggering amount these companies spend on advertising.
Nearly everyone who uses a digital device, such as computers, tablets, mobile phones and cable TV, should understand they are likely not alone when they use their device. Websites, mobile apps, Internet service providers, telecommunication firms and many more businesses have, at one level or another, the ability to track what people do when interacting with their service.
Of course, from a marketing perspective, tracking how visitors interact with websites, apps, cable boxes, and the like, offers some of the best information available on customer buying behavior, the effectiveness of marketing promotions, payment methods and many other marketing issues. Marketers foam at the mouth with amount and quality of information that can be obtained and, even better, allow marketers to alter their marketing approach. For instance, tracking information enables marketers to adjust website content, so it is more likely to appeal to a visitor’s interests. Tracking data enables marketers to engage in remarketing promotions that follow someone from one website to another. And tracking can tell marketers when to send out product reminders by email or text at times that are predicted to be when the customer is most likely to go online to shop.
As we note in our Consumer Buying Behavior tutorial, identifying the factors that most influence a consumer to make a purchase decision is likely the most difficult challenge facing marketers. Pinpointing these triggers of purchasing is made even more complicated because buyers are influenced by a wide variety of internal and external factors. One of these factors is motivation, which has to do with a certain outcome a buyer wants to achieve when making a purchase. For example, a buyer may be motivated to purchase a product she believes offers the best value for her money.