For NASCAR® drivers and teams, sponsorship is everything. It’s tough to miss the patchwork of logos covering nearly every inch of a car during a race. And for sponsors, a NASCAR event represents a perfect opportunity to get themselves in front of a national audience. That kind of splash is exactly what our client hoped to achieve when they signed on with Roush Fenway Racing® to get their logos on the hood of Ricky Stenhouse, Jr.’s No. 6 Ford® in the NASCAR Nationwide racing series.
Sponsoring a car driven by a driver who, at the time, was one of NASCAR’s rising stars is a smart tool to build your brand and strengthen relationships with your customers. But how do you know if it’s working? And is it generating some hoped-for “buzz” on social media?
In other words, are you getting something out of this or is everyone just spinning their wheels?
To get answers to these questions on behalf of its client, Roush Fenway turned to their analytical pit crew at MSA.
For several decades, marketing mix has been the standard tool for measuring and quantifying the impact of marketing activities on sales. Traditionally, this approach has been used to understand how well ads in print, on TV and cable, on billboards, and other media have helped sales.
But the world has changed. What about a fan following along on Twitter®? Maybe chatting with Facebook® friends about the race? They need to be included in the models now, too. And they don’t behave the way traditional audiences have behaved.
The approach that we are pioneering here in the Business Analysis Division embraces this changing world. We can tell you the impact social media is having on your advertising and your sales. We can tell you what drives what. And we can tell you what interacts with what.
And we were able to do exactly that for Roush Fenway.
What did the results of our work reveal?
We were able to show the connection between the success of Ricky’s team on the track and increased attention in social and digital media.
We then found that this increased attention also improved awareness of the sponsor.
And from there we were able to draw a line directly to increased sales for Roush Fenway’s client.
By the time we had crossed the finish line, Roush Fenway was able to tell its client exactly how much their sponsorship dollars meant toward their bottom line. And that helped them understand the value of their investment.