March Madness is back and traditional TV advertising for the tournament has already largely sold out, network executives say. But influencer marketers running student-athlete campaigns are just getting started.
Unlike buying a spot on CBS Sports, ads tied to a player's name, image and likeness, called NIL, can be spun up instantly (pending university approval) at a much lower cost. NIL campaigns are also easy to measure performance, as they typically run on Instagram or TikTok, and likes and views help benchmark engagement.
While TV advertising remains important when it comes to scale and brand awareness, running student-athlete campaigns allows brands to test messaging and reach new audiences with lower risk. .
Companies like Keurig, NerdWallet and Goldman Sachs already employ players to promote their products and increase brand awareness during tournaments. And as more games begin, student-athlete marketing activity should be more active than in previous years, marketers and NIL experts told Business Insider.
Aiden Schall, CEO of NIL marketing platform MOGL, told BI that “interest in March Madness sponsorships and influencer marketing campaigns has increased significantly this year compared to past years.” Ta. “I think it's more a function of the industry expanding and brands realizing how much value these micro- and nano-influencers provide.”
Kim DeCarolis, vice president of brand at NIL consulting firm Altius Sports Partners, also said there has been a surge in brand activation plans this year compared to past tournaments.
“The market is in a much more mature and ready situation than the last two March Madnesses,” said Sam Webber, head of brand marketing and communications at NIL platform Opendorse.
“Some of the world's biggest brands are now paying attention to March Madness and making it part of their marketing calendars,” he said. “We have been working with a small number of blue-chip brands for the past quarter or more to prepare their NIL campaigns, ready to launch in earnest as soon as Selection Sunday ends.”
Women's basketball stars are getting a lot of attention this year
One area of particular focus for marketers in 2024 is the NCAA Women's Basketball Tournament, where hype around the University of Iowa's Caitlin Clark and other star players is driving ticket sales.
Staley Gibson, account manager at athlete marketing platform Open Sponsorship, said: “No offense to men, but I think brands are a little more focused on women.” “They create content that our brands love and want.”
Advertising and marketing technology company Epsilon launched its first NIL campaign this year, offering $500 to any women's Division I basketball player competing in the tournament who creates a post promoting the brand on Instagram. . Participants are asked to highlight examples of teamwork and collaboration in their posts, while including Epsilon's hashtag and the company's “Working Together to Win” branding. The company, which collaborated with NIL company Opendorse in its first foray into student-athlete marketing, said it also plans to offer career planning and guidance to athletes.
Adapting to tournament fluctuations can help your brand stand out
Some companies, like Epsilon, planned their March Madness campaigns in advance of the first tipoff, while others could jump into NIL deals mid-tournament in response to what's happening on the court. expensive.
Student-athlete marketing is more flexible than traditional advertising. Companies can hire athletes to post on Instagram at the moment they think they'll get the most bang for their buck. Buffalo's St. Peters College guard Doug He asked Edert to help Buffalo's Wild Wings deploy that strategy in 2022 and promote the wings on social media during the team's Cinderella run.
MOGL's Syal said the majority of campaigns running on its platform are structured on a weekly basis, so brands can still hire players from relevant teams.
“Essentially, brands want to make the most of the fact that these teams are still in the spotlight, so they're going to re-evaluate who's still available,” he said.
Of course, it can be difficult to actually keep track of the basketball players you employ during tournaments.
“Brands can have those conversations during tournaments, but it's still very difficult because the players are so focused on their own games at that point,” OpenSponsorship's Gibson said. Told. “I really hope that not only the coaches and the team, but also the players themselves, stay focused.”
One potential solution to this challenge is to hire student-athletes from other sports who can add excitement to tournaments without wasting practice time.
Thorlo, a sock brand that is collaborating with MOGL on its NIL strategy, plans to hire NCAA cheerleaders to promote March Madness during the tournament, for example.
“These brands recognize that all participating teams will essentially experience a significant increase in brand awareness,” Schall said. “They actually have other student-athletes across the student-athlete population promote the product.”
