While the baseball playoffs might be in full swing, it’s never too early to start thinking about the next marquee sporting event. The Super Bowl and March Madness will soon be here, and marketers don’t want to be left scrambling to create an advertising plan for opportunities of this size.
Major sporting events have the potential to bring in a lot of new customers and increase brand equity, so brands are smart to invest in them. However, it’s important that they do not spend their entire budget there. When doing an ad buy for a major sporting event, marketers should not ignore the rest of the calendar year. Instead, they should ensure that there is some budget allocated throughout the year in order to retain market share and keep their brand in the conversation. Brands should never fully “go dark,” so it’s important that they balance out their budgets to retain some level of marketing after the big game.
Further, marketers must be flexible when advertising around major sporting events. There’s a number of variables that change throughout a series of sporting events, like the baseball playoffs or March Madness. As such, marketers should scenario plan for all possible outcomes of the event.
So, how can brands prepare themselves for all possible outcomes?
The good news is that tools like Keen are available to marketers to simulate varying outcomes. This enables marketers to make better informed decisions with a full understanding of risk vs. reward. Keen also allows marketers to make these decisions faster and keep up with the speed of the market. By accounting for the interactive effects of all tactics regardless of event affiliation, marketers can understand the best path to profitability and growing the brand’s base.
Major sporting events are a valuable opportunity to grow a brand and generate strong ROI, so it’s important that they utilize all the tools available to them to budget smartly and create a plan that works for them long after the final score.
Ready to learn how Keen can help support your marketing decision making? Contact us today!