STANCE has a few promotional ideas for March Madness to offer small businesses.
First, some eyebrow raising numbers.
- Last year, the NCAA men’s tournament’s Final Four match-ups and Final brought in $198.5 million in advertising revenue for CBS and Turner Sports, according to Kantar Media.
- Each game last year averaged 10.7 million viewers, according to thestreet.com.
- CBS-Turner is committed to $11 million over 14 years of March Madness Broadcasting, according to Forbes.
- The American Gaming Association predicts that $9 billion will be bet on March Madness.
The thing is sports have a powerful pull on our minds…and wallets. Whereas major brands compete for attention, just in the hopes that we might like them; sports have a natural ability to excite passion by providing competition. And we LOVE them for it.
Companies need to take advantage of this! I’m not suggesting you pony up and raid the couch cushions to buy ad placement, because you won’t be able to. Prices at $10 million for ads might just be out of reach.
We don’t fall in love with brands easily, but with sports, we fall in love extremely easily. Supercede all those trust issues by doing marketing promotions geared towards those passionate fans.
Not hard to do. Fans love filling out brackets, give them one more to fill out, but offer something special. $500 off the next purchase, maybe? By running a contest you are stating that you are brand that knows how to enjoy themselves, you are in touch with fans desire, and it will create excitement. No one is going to turn down a free opportunity to win something and the interaction will be outstanding.
Local Team Support
Local team in the tournament? Our isn’t but yours just might be. Show your support by running a promotion that offers fans something if the local team makes it to the Final Four. Or directly support the team by offering promotional items. College kids love free stuff.
Create Your Own Bracket
Let’s say you have a bunch of different products. Eye-wear, accessories, shoes, magazine, etc. Create a bracket that fans can vote on. Rank your items according to past sales, and round by round have fans vote on their favorites. This accomplish two things. First, it makes you unique. Second, it allows you to gain insight into customer trends. Did the fourteenth ranked purple paisley shirt make it to the Final Four? Might want to start pushing it more.
Whatever the choices may be for March Madness, be careful. “March Madness,” “Final Four,” and other similar terms are all trademarked. Only official partners are allowed to use these terms in promotions. Don’t push it. If you are hosting these contests online, anyone can report you, and if you are reported, don’t expect to get away with it.