The Olympic Games are kicking off in London and small businesses in the area are hoping for a windfall after 10 billion pounds ($15 billion) in public outlay for the event.
Research by the Lloyds Banking Group estimates that UK GDP will grow by 16.5 billion pounds ($24.8 billion) as a result of the games, with SMEs accounting for 52% of the benefits.
However, it’s not an entirely rosy picture, with businesses located in the vicinity of the stadium in east London having voiced their disquiet, claiming that they have been shut off from the influx of visitors to the area.
So if businesses in London can’t take advantage, what chance do you have? Well, if you play your cards right, being on the other side of the world shouldn’t prevent you from cashing in on some of the reflected glory.
Here are five top ways that your start-up can capitalise upon the 2012 Olympics.
1. Find a connection to an athlete
Hitching a product or service to a successful athlete is a tried-and-tested marketing technique used by big brands hoping to grab some of the reflected glory.
But you don’t need a huge sponsorship deal in order to benefit from the endeavours of our Olympians.
Just witness the example of Bradley Wiggins, who recently became the first British cyclist to win the Tour de France. According to Visa, there was a 5.1% increase in the amount spent on bikes, equipment and servicing in the UK during the last week of the Tour de France compared to the same week in 2011.
Australia has gold medal hopes across a range of sports, including swimming, rowing, sailing, athletics, hockey and cycling.
Even if your business doesn’t directly service these areas, some well-placed marketing showing a link between any gold medal success and your business – such as an irreverent news story about an athlete or even if the athlete’s home town is near you – could pay off.