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Nascar Marketing Case
Transcript of Nascar Marketing Case
• Formed by William France in 1948, still remains under the control of the France family
• Early success built on differentiating its brand while also co-branding
: 2nd in popularity to NFL
• Organization is willing to share the spotlight with the drivers
• Innovative branding strategies
NASCAR - History
Partnership with General Motors and Ford
NASCAR tracks began to emerge outside of the Southeast
Unprecedented growth due to bigger quantity of attendees, media coverage, new emerging stars and new sponsors
NASCAR began with the vision of one man, William Henry France
First race held by the organization , NASCAR was officially incorporated
New sponsors, RJ Reynolds Tobacco, Pepsi, Goodyear tires, Union 76
Issues related with diversity, financial concerns, environmental impact, etc.
• Most brand-loyal consumers to be found in U.S.
• Sponsors find co-branding with NASCAR extremely profitable
• “Drive for Diversity”
• 40% of fans are female, target market 18-34 old males
• 1 in 3 U.S. adults are fans, or 75 million people
• Races are broadcast to 167 countries
•$2 billion in licensed product sales: watches, clothes, auto accessories, etc
• EPA to NASCAR “Please stop using leaded gasoline."
• Recession Trifecta
• Recent Harris Poll places Auto Racing as 4th most popular US sport
• Metrosexual trend in the early 2000s, the “feminization” of the modern male – Has this trend reached its end?
• Technology advances make the cars more safer and aero-dynamic than ever
Create a rewards program that is appealing to young and diverse consumers, by meeting customers’ wants and needs
Frequent customers earn points, which translate into some type of reward.
Whether it’s a discount, a freebie, or special customer treatment, customers work toward a certain amount of points to redeem their reward.
Structure non-monetary programs around customer’s value
Understanding what customers really perceive as value and sense of worth. Focus on understanding cultural background
Create urgency with time sensitive promotions
Throw time-sensitive offers out to customer from time to time.
Several strategies may be considered. Marketing research may be conducted:
This would address some of the opportunities related with diversity and price.
How can NASCAR reinvigorate the lost fan base while appealing to a new younger and more diverse market?
MARKETING THE NASCAR EXPERIENCE!
Strive for NASCAR’s “cool” factor
Appeals to new demographic
Affordability and convenience
Draw interest towards the sport
Sense of community
Evaluation and Control
Increase in race attendance
Increase in overall ticket sales
Increase 5% -8% in TV ratings
“Real Housewives of NASCAR”
Choose 5 families within NASCAR who have ‘entertaining’ lives to be filmed.
Create situations and circumstances for the families to interact.
Partnership with Bravo, who has successfully developed, managed, and delivered multiple shows.
: 1 year for development
Marketing the NASCAR Experience
NASCAR can conduct concerts of singers, artists from different backgrounds
To appeal different ethnicities
Awareness among the youth as well
Market itself as a weekend getaway
Side event for fans to meet and greet with the Drivers and their wives or girlfriends
Bundle the tickets, not just the events, but also the hotels
To make the experience even more overwhelming, Fans who buy these packages should be given NASCAR Souvenirs
Community of new fans
Conduct raffles, lucky draws, and promotional events to enhance the experience and make the fans keep returning for more
More than 60 years of history
Loyal fan base (75 million fans)
Second in popularity to NFL
Number one spectator sport in America
Strong branding alliances
Presence in movies and television
Licensing and merchandising rights
To many sponsors
New teams have a hard time attracting sponsors
Median income of the fans
Lack of safety and environmental measures
Depends upon business abilities of a few
Competitors can steal potential fans
Highly dependable of the Sponsors
Control of TV networks
Held races in other countries
Attrack a more diverse market
Recover the fan base
Co-host events with other companies
Incorporate new elements to the marketing strategies