Many industries use the term “Hot Market” such as Real Estate for a high demand housing area or investing for a stock market that is on the upswing.
In sports licensing, Hot Market is a classic term which refers to an increase in demand for a particular team’s product. They generally occur during Playoffs but can also happen to a lesser extent after a major trade or hot streak in the middle of a season. Sometimes, the term “Event Market” is used but this typically will refer to a specific one-time event such as an All Star Game or the NHL Winter Classic. Event Markets are usually in a neutral city, unlike a Hot Market which occurs in the city or territory where the team is located.
With both the NBA and NHL Playoffs occurring right now, it is an appropriate time to look briefly into how a hot market can be exciting but challenging for vendors, customers, and sales reps.
How do you prepare for a Hot Market?