NASCAR Marketing

?To be successful in the business world a company should implement a well-established brand. In addition to its brand, there needs to be a marketing strategy put into place that coincides with the brand the company is attempting to establish. NASCAR was established over 60 years ago, and from the beginning this business has created a branding strategy that included a various amount of marketing strategies (Ferrell & Hartline, 2014). It has incorporated the two strategies through the marketing of its events and helping fans related to drivers. In addition, the company has also implemented emotional branding and co-branding. NASCAR quickly understood the importance of developing a brand, as well as monitoring that brand and allowing it to evolve …show more content…
Unfortunately, the strategy that helped the company expand in to what it is today is also the same strategy that almost led to the demise of the company in the recession. NASCAR had started to rely substantially on sponsors from outside companies as well as the auto industry. During the recession, many of these sponsors were forced to cut back on their spending, which led to NASCAR losing many of their sponsors (Ferrell & Hartline, 2014). In addition, the auto industry was one of the hardest hit markets of the recession. Companies such as Ford and GM suffered tremendously financial hardships. At the time of the recession, NASCAR was relying on sponsorships for an outstanding 50% of its revenue. Although it is hoped the company will never have to face a hardship as this again, it must prepare itself to survive the worst. Although co-branding is an extremely successful and profitable part of NASCAR, it cannot rely this heavily on those funds. The company should also focus on its television and other media contracts. Even though fans may not always be able to attend the race, NASCAR fans are extremely loyal and will still follow the races and buy the NASCAR products. The company needs to maximize on the fact that it is one of the best sports to market products due to customers brand loyalty to race teams and drivers (Green, Dotterweich, Palmero, & Good, 2014). In addition, NASCAR could look more towards generating revenue at the races by providing more activities such as the Indy Car industry has recently done. These things and implementing more marketing of NASCAR products would help relieve some of the pressure of relying majorly on sponsorships to stay in