What follows are some snippets from the episode. Click Here to listen to the full episode or check it out and subscribe in iTunes or Stitcher.
In September 2019, Advertising Week held its New York conference, bringing together several thoughts leaders and practitioners from the world of advertising.
What follows is a collection of the best quotes, stats, insights, and observations shared from the event via Twitter #AWNewYork. Thanks to everyone whose tweets helped fuel this recap and for Advertising Week for putting together a great event!
In September 2019, the annual Content Marketing World conference was held by Content Marketing Institute, bringing together thought leaders and practitioners in the world of content marketing and beyond.
What follows is a collection of quotes, images, observations, and ideas shared via Twitter #CMWorld at the event. Thanks to all whose tweets helped fuel this recap and to the Content Marketing Institute for putting on another incredible event!
Ever since there have been sports, there have been sports partnerships. The admission to sporting events held at the Roman Coliseum was typically free – often sponsored by Roman politicians looking to curry favor with the public.
The forms of entertainment and things that capture public attention has multiplied exponentially since the days of Ancient Rome, as have the ways for people – or, more commonly these days, businesses and brands – to activate a partnership. Yet, sports remains at the center of sponsorship. And sports teams and leagues now operate extensive ecosystems of partners that deliver tangible and intangible value for the businesses that pay millions for the right to co-mingle with a league, its teams, and its fans.
At the recent Leaders Week conference, Rahul Kadavakolu, Executive Director of international brand and prominent sports sponsor Rakuten, beautifully articulated three key factors behind why a brand like Rakuten chooses to invest as a partner in sports, all strengthened by the unique, powerful emotional ties that bind fans (consumers) to their favorite teams and athletes, and to the brands with whom they partner.
It has been well-documented that sports remains one of the best ways to reach masses of engaged, attentive eyeballs on a consistent basis. And that’s why you see brands – big and small – investing in sports to help get their name out there. YouTube TV plastered themselves all over the World Series and now finds themselves on the jerseys of Major League Soccer club LAFC, while everyone that follows hockey now knows PPG Paints thanks to them putting their name on the Pittsburgh Penguins’s home arena. And it’s why Elk Grove Village continues to sponsor the ‘Makers Wanted’ Bowl, and even why an international powerhouse brand like Rakuten, seeking more US awareness, finds themselves on the Golden State Warriors jerseys and spending money on a clever Super Bowl ad. Impressions and eyeballs may be softer metrics, when awareness is the KPI, the scale and engagement that sports offers is a helluva value prop for partners.
In less crowded industries, the frequency of impressions and awareness detailed in the last point can drive business simply because, well, they may not know a ton of paint brands off their top of their head, but PPG Paints sticks with them. Then, in verticals where more options are more well-known, sports represents an avenue to drive consumer preference. This happens a number of ways we see every day in sports sponsorship – demonstrations, free sampling, first time trials or discounts, team-branded products, and players/teams using the product or service themselves. The emotions play a role, too, as many fans will opt for one brand over another simply because they do sponsor their favorite player or team. It’s why sponsors love NASCAR, in which 65% of fans surveyed were more likely to consider a product or service if they see it’s the “Official ‘x’ of NASCAR.” And perhaps all those fans of ‘Dub Nation’ will bookmark Rakuten on their browser or in their minds instead of opting for Amazon.
This is a quickly emerging element of sports partnerships – as sponsors of the same team or league congregate together, learn from each other with how they’re activating their partnerships, and often find and activate upon synergies or co-branded activations. It’s why you’re starting to see more teams host sponsorship summits the last few years and multi-brand promotions like a sweepstakes that involve purchasing a Coca-Cola product at a Pilot Flying J or perhaps even a company like Rakuten offering a discount on a fan’s next purchase of a Nike product on their site (both of these are hypothetical examples). Brand extension means partners can be so much more than the sum of their parts when they work together to win over the fans’ hearts, minds….and wallets. And sports offers entry into a community of sponsors unlike any other avenue.
Many of us who have worked in sports business don’t know it without sponsorship comprising a key piece of the pie. RFP’s come in, deals are renewed or reworked over decades, and certain categories continue to spend a huge portion of their marketing budgets on sports partnerships. And it was illuminating to hear from one of the world’s biggest companies on what makes sports special for them. So, why sports? I encourage you to watch the full video snippet below and you’ll understand the answer to that question.
In order to build a brand…there’s a certain emotional quotient that’s required. We believe that sports can do that better than other platforms.”
— Neil Horowitz (@njh287) May 21, 2019
Want to learn more about the Leaders group? Check out their site
The next era for sports entertainment has arrived. With sports gambling beginning to penetrate the US, as state-by-state passes legislation to permit and regulate it, a business is emerging and evolving before our eyes – everyone’s out to get piece of the pie, even as the pie is still baking.
There have been calls for so-called ‘integrity fees’ from the sanctioning bodies of the country’s biggest sports (aka the leagues), there have already been partnerships – primarily around increased data and around logo usage by casinos and sportsbooks, sponsorships – now that teams can seem to freely sign on such sponsors (With some caveats), and yet it feels like we’re barely in the first inning, the first lap, the first quarter, of this game.
Having recently traveled to Europe, it felt a little like traveling into the future – well, sorta. While I didn’t attend a live sports event, and there have been many stories written about betting windows at or near venues where games take place, my glimpse into gambling was thought-provoking now more than ever, given the new state of sports in the US.
But it felt more like the part of Back to the Future Part II where Biff was in charge and not the future with hoverboards and ’90s diners. (Look it up, Gen Z) Here is one of many gambling shops I saw, this from the streets of Rome.
There were live odds posted, about a half dozen TVs showing sports, and a dozen people around – smoking cigarettes, placing bets, and watching and hoping they’d be able to cash out some winnings by the end of the night. Was this the exciting future that the end of PASPA promised? Sure, most betting can and likely will take place via mobile, but shouldn’t a sport betting parlor feel more like a Buffalo Wild Wings than a corner liquor store?
The vision has become even clearer as sports executives in the States, most recently Los Angeles Lakers Owner and President Jeanie Buss speaking at the Sports Business Journal World Congress of Sports, echoed what others have said – that the promise of sports gambling for sports business isn’t all about getting rich off the rake, it’s about the enhancing, amplifying, and growing the engagement for fans.
For years, we’ve focused on building sports business and fostering fans in two ways – emotional investment and awesome entertainment. And now gambling will add a third investment – financial – into the mix. But the magic of sports fandom is all that investment comes together – the awe of watching incredible drama and elite athletes gives way to the emotional attachment to the team and to winning, and now having some actual skin in the game will only enhance the awe and the emotion.
There is arguably no nation better at creating an entertaining spectacle around sports than the US. Gambling is a new element to entice fans to invest – and what could start as a financial investment can beget entertainment, which can beget emotion. Meanwhile, those diehards now – if they have some dollars on the line, too, – they’ll invest even more following and engaging with every game, every player, every play.
Whether fans are going with their guts or poring over spreadsheets, the number of fans cheering or sobbing after a big play or big game and the intensity of the engagement with sports, the future of betting-infused sports experiences is bright.
A so-called black market of bookies and offshore sportsbooks may have emerged in the US over the years thanks to the illegal nature of sports gambling, but it’s a good thing it took this long for legalization. We got good at the entertainment side and the experience side – that’s what sports is for us, and sports gambling can fit right into this ecosystem. Let’s do it the way we know how – not a seedy, quiet place on the street, but an enhancement of the social, communal experience we all associate with sports now. It sounds like a safe bet to me.