NASCAR is a well-known brand name because it utilized an organized approach in creating a branding strategy. The importance of a branding strategy is to help the audience understand how the company operates and what the company stands for. NASCAR has utilized one main concept to form such a strong brand name and that is by co-branding. Co-branding is helpful to NASCAR because the racecars and drivers’ outfits are filled with different company logos that support that specific NASCAR team. The sponsorships are a great way for NASCAR to develop and expand their brand image and helps increase profits for NASCAR as a whole. Secondly, NASCAR is implementing marketing strategies to help them remain successful. A successful marketing strategy
Their ability to successfully co-brand themselves is an invaluable strength. As mentioned above, their fans patron the sponsors, increasing their profits. It’s because of this, that allows this co-branding strategy to work. Because NASCAR knows how important it is for sponsors to see an increase in sales, they offer training sessions to help them make the most out of their sponsorship. Sponsorships make up 50% of NASCAR’s revenue so it’s vital that these partnerships are maintained.
NASCAR’s branding strategy depended heavily on sponsorships. The concentrated focus on sponsorships, without providing categorical exclusivity to sponsors, made NASCAR easily expendable. Ferrell and Hartline reported that 50% of NASCAR’s revenue source was from sponsorships alone (2014, p. 437). As a former Account Executive, the goal is to always educate and inform advertisers/sponsors that marketing shares the significance level with that of paying the company’s utility bills; therefore, NASCAR failed to improvise with that notion, coupled with sponsorship saturation, and as a result making them susceptible to economic downfall. Marketing experts Ferrell and Hartline expressed similar interest, saying that one potential weakness of NASCAR’s
PRUITT, S.W., CORNWELL, T.B. and Clark, J.M. (2004) The NASCAR Phenomenon: Auto Racing Sponsorships and Shareholder Wealth, Journal of Advertising Research, 44(3), pp. 281-296.
For the last 100 years, Chevrolet has prided itself and strived to maintain the core values of the company and vision of Louis Chevrolet through “performance, durability and value.” (Chevrolet, 2015) Chevrolet, Chevy, has branded itself as a key component of American history and cultures, just as American as apple pie and baseball. (GM Buys Chevrolet, 2015) Chevy remains patriotic and All-American through taglines like, “America’s Best Seller” and “Chevy Runs Deep”, a tagline referring to the American Revolution. (Ferrell & Hartline, 2014, p.412) American sporting events are also locations of product branding and marketing for the automotive company.
NASCAR has seen great success with branding by differentiating the racing events from other racing series, especially with the overall race experience. Whether a fan attends the live venue, watches from the television, or listens through radio they are able to experience the exhilaration of the racing experience. Fans stand 75 million strong, and are the second highest in television ratings second only to the National Football League (Ferrell, Hartline, 2014). The sense of community within the NASCAR sport encourages a bond among fans and drivers. Driver loyalty is unrivaled, and the emotional attachment to the racing series is the foundation of the brand.
Our marketing strategy for IndyCar is to help solve the problem of different ways for IndyCar to strengthen its standing in the American motorsports market, in order to grow as a spectator sport in the auto racing industry. Alternatives like creating new relationships, ensuring the safety of drivers, and offering free advertising space are some of the ways to help IndyCar strengthen their presence in the motorsports industry.
NASCAR has done a good job with its branding because according to Trendafilova fifty percent of the income comes from sponsorships (Trendafilova, 2014). NASCAR could have adapted to the unleaded gasoline a lot sooner, but this is not the reason for their economic downturn. The truth is that all sports had an economic downturn even coveted college football. The NCAA had to adapt to an un-eventful end of its season by implementing a college football playoff system which increases television rating for the last part of the season. This is important because NASCAR did this well before the NCAA by creating a new playoff system with two wild cards. The trouble is not with NASCAR branding. The trouble lies with the overall economy paired with the
"A 1999 survey of sports sponsors by Street & Smith's Sports Business Journal ranked NASCAR No. 1 in licensing, promotional opportunities, retail tie-ins, client endorsements and media coverage--ahead of the NFL, NBA and Professional Golf Association" (Advertising Age, Sc 1).
O.P.E.N. involves on-demand, personal, engaging and networked. Open branding is a brand shifts its communication platform from traditional to innovative. This novel platform allows customers to share their thoughts and ideas directly on the marketer’s website. With the increase number of new technologies, customers are no longer interested in traditional market because the traditional market lacks communication with their customers and this results in lower consumer loyalty for a brand. Open branding strategy gives the traditional market an opportunity to improve their relationships with customers. Consumers want to engage more on market today, and they want their voice to be heard, so many brands shift their strategies to keep their paces in the digital era.
NASCAR has been in existence for nearly 60 years and it a widely recognized sport, which is only second to the National Football League (NFL) (Ferrell & Hartline, 2014 p. 429). The drivers ability to interact with fans and, also fans having the opportunity to get up close and personal to view the cars, makes it a very unique brand in the Motorsports arena. In my opinion, this is one of few sports where athletes are treated as "traditional" human beings, rather than celebrities that require scores of security officials, monitoring their every move. The economic downturn of NASCAR was due to several issues, in which, NASCAR could have addressed, had they reviewed the marketing strategy. First, the lack of diversity of drivers were a concern amongst
One of the fastest growing sports in America today is NASCAR,” It’s impossible to watch an entire race without seeing hundreds of advertisements from the cars to the commensals to the suits the drivers wear” (NASCAR). Even though it’s not a long term advertisement some drivers put decals of upcoming movies on the hoodies or the sides of their cars. In my advertisement analysis I looked at a racecar with the advertisement of a movie called the “Incredibles”. When a driver is winning a race, all the cameras are on that car giving the advertisement publicity.
NASCAR is successful and has remained successful over its span of years due to effective branding and marketing strategies. In order to brand the NASCAR name they work on co-branding/partnering, television, differentiation, and loyalty. When corporate sponsors want to maximize their exposure, they often focus sponsorship dollars on events, teams and athletes that will prove to be reliable, respectable and, most important, repetitive advertising outlets. (Depken, Groothuis, & Rotthoff, 2014.)
When Quiksilver announced the start of its women line Roxy in 1990, they defined the brand as a “fun, bold, athletic, daring and classy” brand for young women. Market segmentation is a crucial marketing strategy and Roxy utilizes the four bases that are commonly used for segmenting consumer markets including geographic, demographic, psychographic, and benefits sought segmentation. The geographic segmentation is ideally unlimited for the Roxy target market because the brand offers clothes for both warm and cold weather, however, it focuses mainly on the “beach lifestyle” and is generally more popular in beach towns. The demographic segmentation of the Roxy brand, is aimed to attract young women between the
Sports’ marketing is becoming more readily known as the vehicle that drives the sports business to success. It is “orientated toward consumers and about thinking, deciding and acting in terms of the final consumer. You have to know who your consumers are, what they want and need and use this effectively as a sports marketer orientating the drive more toward the market, not the product (Sports Marketing: The motor that drives the sports business
In general terms, marketing is all related to the places of buying and selling of goods and services to satisfy customers’ needs. Nowadays marketing is the most important issues for success of every business marketing is the activity, set of institution, and process for creating, communicating, delivering, and