Methods of Evaluation and Control (sports marketing, quetions based on below inf
ID: 435982 • Letter: M
Question
Methods of Evaluation and Control (sports marketing, quetions based on below information)
Q1) How will you know if your plan succeeded?
Q2) When and how often will general market and sponsorship key performance indicators be measured?
Tactics and Implementation Plan
A. To help with Associated Banks penetration into the Chicago Metro market we will utilize assets that already have a market share. These ten sponsorship assets have been Identify to assist in achieving brand objectives and they are: Miller Coors, Xfinity, United (airline), AT&T, Airbnb, Kia, State Farm, Nike, Under Armor, Brand Jordan. If you look at each industry that these companies are they have a far reach into every sport, across many states, and many countries. If partnerships are not possible, think of their client list of endorsers and leverage those relationships.
B. The umbrella would be making our family larger one state at a time. With the small time feel of the bank it could go well in the cities closer to the border of Wisconsin and Illinois. With most of the sponsors having times with Wisconsin it could be any endemic fit if and we would follow something a slightly larger bank such as PNC has done to keep their footprint in Chicago.
C. Since Xfinity isn’t currently offered in the Wisconsin market like a Time Warner they can use their “partnership” with AB at a Milwaukee Brewers game to show the strength of their Wi-Fi network compared to that of the in-house Wi-Fi or the sport packages they offer in available markets. With the sponsorships that are service industries you can offer discounted rates and services for new account holders or current customers. With all these sponsors having connection to the various teams could have incentives for signups could include merchandise or tours of the arenas.
Explanation / Answer
To know if the plan has succeeded, one will need to check if the bank actually expands into new states and thus new markets because of the partnerships and offers it’s planning to set up, as well as if the audience is engaged with the sponsored content. Awareness about the bank and the traffic to local branches should clearly increase in order for us to be able to say that the plan has been successful after it is implemented. Sponsorship key performance and general market indicators should be measured using the return on investments indicator (ROI), that consists of five measures, cost per reach, which refers to how many people are exposed to the marketing content, the unaided awareness of every reach, which is how many actually active sponsorships the bank has at time, the margin per every dollar spent, which refers to the relationship between sponsorship costs and sales, long-term attributes of the bank, referring to how much long time impact will a sponsorship or marketing campaign have on the brands image, and finally, the indirect benefits, linked to indirect profit of sponsored content. This should be done when evaluating whether or not a sponsorship is helping the bank reach its goals and grow.