There's no magic bullet to fix attendance. If you think the problem is winning, part of that equation is getting good attendance-- it's harder to win in a half-filled building where 30% of the fans there are rooting for the other team. If you think the problem is ticket prices, no one is going to show up to see a losing team no matter how low the ticket prices are.
I think there are things that can be done to get the momentum going in the right direction, but it's going to be a process that takes 4-5 years, and then it has to be maintained/expanded after that. Here are a few lower-cost ideas:
1. How about re-configuring the student section to bring some of them closer to the court on the sidelines, etc. Some games our students are something like 20-30% of our attendance and make 60% of the noise in the building. There are so many empty seats in the lower sideline sections, it wouldn't be impossible or take away from revenue to accommodate a limited number (200?) and have the overflow in the end zone. Students create an exciting atmosphere that encourages returns by casual fans, and helps create more wins. 2. Better non-con opponents. Maximum one non-D1 for the time being (hopefully phased out entirely except for exhibitions), work on developing a longer term agreement with Northwestern, figure out some way to get some Big 10, Big 12, SEC, Big East, Jesuit opponents. 3. Ticket prices-- We need people in the seats right now more than the marginal revenue that may or may not come from higher prices. We have basically fixed costs on game days, and if lowering ticket prices 20-25% means an additional 400 tickets sold per game, it's a worthwhile trade-off. And you can't get additional revenue beyond tickets if you don't get them in the building or on campus in the first place. 4. Marketing. A long overlooked and underfunded area. I know we're concerned about escalating costs, but you can't neglect that area without suffering later on-- it's a cost of doing business, and neglecting it is like trying to forego repair and maintenance, it will come back to haunt you. For a long time I've advocated a video message board facing Sheridan Road to advertise games, events, and general university news to students and drive-by traffic.
Seems to me like the athletic department needs an entirely new 5 year strategic plan, in which the whole operation is taken apart completely and re-imagined. What we've been doing for the past 15 years or so is adding and subtracting elements without re-evaluating how all the parts work together, especially in a radically changed media environment. It would be nice to get some participation in such a process from someone from the conference or a consultant who knows what other schools have done around the league.
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