Brands have been paying athletes to promote their products since Babe Ruth endorsed Red Rock Cola back in the 1930’s. What about our favorite sports teams? They themselves are also brands, and they don’t need to contract celebrities to endorse their brands. These celebrity sports fans are just that, “fans” they aren’t paid to cheer on their favorite team. But what do the teams get out of this 0.001% of extremely influential supporters? Here are some examples of the type of universal exposure some of our favorite NFL teams have received from a few of today's pop culture icons.
How would data gathering help sport marketers and naming rights holders? Firstly, it would help in seamlessly matching the audience to the right consumer segments. For example, if a basketball arena attracts both first time and luxury car buyers, the right data can help in determining who’s who and help the brand create targeted initiatives for each segment.
This paradigm shift requires sponsors and sport marketers to rethink their approach to consumer engagement. Gone are the days that just slapping a logo onto a jersey or on the sidewalls, brands now need to go beyond to appeal to a consumer’s deeper need states. Passion for a sport or a team may not translate into passion for a brand unless there is an overlap between the consumer’s values and the brand’s values.
Relevant to the fans and should be real-time. Modern fans want everything ‘in the now’ and the content should reflect that. That being said, it should be relevant to what they desire to know. The content should help them be a more complete fan and should help them show their friends and family that.
Sports Marketing through the medium of large-level Sponsorship and Naming Rights, has proven to be a successful endeavor for many brands around the globe. Focusing further, successful Sponsorship trends within select industry categories has been something BWA has kept our eye on, to help understand the future of this industry and to provide our clients with the most up-to-date consultation.
These types of activations are becoming increasingly popular at all events around the globe. Whether it be local food/wine festivals, county fairs, concerts or global sporting events, attendees and fans alike act as the primary resource when it comes to capitalisation on the business of entertainment, recreation and sport. We are keeping a keen eye on next level activation's that will be driving revenue and increasing imprints within our industry for the exciting years to come.
Drilling for Oil….
Rolling the Dice in 2006, Lucas Oil purchased the naming rights to Colts Stadium in Indianapolis, Illinois. The Naming rights cost Lucas $122 million over a 20 year span. 6 years into this contract Lucas Oil “struck oil” as the Colts had made it to Super Bowl, to top it off Illinois won the bid the same year to host the event that then in turn catapulted Lucas Oil onto an invaluable yet unexpected Global Marketing platform. Lucas estimates this single event alone has increased revenue by $10 million and Lucas Oil hasn’t looked back since.
Why Naming Rights?
This is a question we often get from prospective corporate sponsors who are curious about this growing trend in the sponsorship world. This week's post highlights what many corporate sponsors and sports and entertainment properties find attractive about naming rights by covering some of the benefits that both sides gain when entering into a naming rights agreement.
The most sought-after demographic is the 94 million Americans in Generations Y and Z, many of whom have yet to cement their fiscal loyalty and who face a dizzying number of options as to where to get their next loan. However, as most marketing professionals know, reaching Gen Y and Z is not an easy task. The demographic is highly segmented as an audience due to their divided and selective engagement in various forms of media and a general immunity to traditional forms of marketing resultant from a lifetime of exposure to advertising via multiple mediums.
The realm of Naming Rights and Corporate Sponsorship has recently seen a rise in the union of sports and smartphone providers. Increasingly, smartphone providers have joined in corporate sponsorship of sports franchises in an attempt to try and capture part of the fan base through content-driven marketing agendas