So it’s April… but at 1WorldSync, we are experiencing nostalgia or better yet a March Madness Hangover!
March Madness is all about constantly checking your bracket, placing bets, arguing with friends, and of course now believing you can now play in the NBA. The American Gaming Association predicts that more than 40 million Americans wager $10.4 billion on March Madness, a 13 percent increase over 2016. They also predict the madness will cost employers $2.1 billion in lost productivity (American Gaming Association 2017).
Brands and retailers, while taking advantage of the consumer’s need for related product, battle the loss of productivity. In effect, they create their own strange connection to the tournament. Many historic brands are not having their best year ( Macy’s, Sears, KMart, Sports Authority) and even simply the old mom and pop store) are falling off our bracket.
March Madness = Marketing Magic
March is a slow time in the sports advertising world with little competition, creating a retail season of its own. Tapping into the fans’ feelings and providing a personalized experience will help produce brand loyalty.
Not only are consumers socially active via mobile, they show high engagement with the companies that speak to them during the games. Food and beverage are obviously big buyers for advertising in the tournament. Yahoo Data showed that in 2016 ad purchases paid off heavily (Yahoo Data, 2017):
- Wing orders were up 24%
- Pizza orders were up 17%
- Sponsored apparel site searches were up 33%
Generating this excitement can be easy for companies of all sizes. There is enough room for smaller players as well. Thinking local, social and timely can help revolutionize your customer experience, turning fans, into customers.
Win Consumers on Their Path To Purchase With 1WorldSync
Clearly, today’s world of commerce is ever changing and there is no perfect bracket. Why else would Warren Buffet give up $1 million to anyone who had one?
Similarly, trying to match the convenience and needs of consumers with personalized and trusted product content is no easy feat.
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March Madness has become an annual event all consumers and retailers get caught up in. Whether it is the gut wrenching emotional pull, money on the line, the right for office bragging rights or the excitement of seeing a Cinderella story, it has created a month of madness that cannot be missed!
March Madness Betting to Top $10 Billion. March 13, 2017. https://www.americangaming.org/newsroom/press-releasess/march-madness-betting-top-10-billion
How bracket time can be a slam dunk for marketers. Feb 17, 2017.