Take a deep breath, do you smell that?
NCAA March Madness in the air.
The time is now upon us when houses become divided, workplaces become bracket battlegrounds, and the nation as whole is carved into four regions that serve as pathways for powerhouses and underdogs alike, to cement their place in NCAA basketball history.
So, what happens when an entire country is captivated by an event such as March Madness?
Brands take notice and spend money, large amounts of money, to capitalize on an opportunity for a low cost-per impression rate and to market to a highly-engaged audience. That’s when everything from your local and national TV ads, to the bag of popcorn in the arena where teams play, collect company logos and advertisements, all to influence consumers purchasing decisions.
With that being said, take a look at some numbers that are directly tied to the NCAA Basketball tournaments and March Madness:
The amount spent on advertisements during the NCAA Basketball tournaments in 2015, according to a report by Kantar Media. The total is only second to the NFL in terms of advertising spending during a sporting event. With that being said, the NCAA tournament is by far the largest, most popular collegiate sporting event in the United States, averaging 11.3 millions over the course of the entire tournament in 2015.
NCAA Madness has more than 2.24 million users following through social media, and the number continues to grow every hour. The NCAA March Madness Facebook page has 945,805 likes, the NCAA March Madness Twitter account has more than 464,000 followers, while the March Madness Instagram account has more than 83,800 followers. A large following base such as this, allows the NCAA and advertisers to market digitally and collect data on consumer’s behaviors through posts, comments, retweets, shares and hash tags.
According to CNN, more than 200 brands accounted for more than $1 Billion in TV ad revenue last year. The amount of spent on advertisement means brands recognize March Madness is an important societal event that deserves their marketing efforts. In addition, the number of brands that took part in advertising shows brands waited very little time after the Super Bowl to be presented with a key marketing opportunity.
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