With a fanbase comprising half of America, it is safe to say that this particular car racing competition is one of the most popular sports in America and the world.
People with no interest in motorsports have heard “NASCAR” at least once. That is why we have decided to list 10 things we could learn from the NASCAR Marketing strategy.
Why is that so? They definitely haven’t always started this famous. They had their weaknesses in both their sports and marketing systems and worked them out and turned them into their strengths.
NASCAR Marketing Strategy
So, while there are obviously things that can be done better. The NASCAR marketing strategy is probably one of the best marketing strategies in the racing car industry right now.
And we’ll tell you why in a minute. Before that, we must know what NASCAR really is and why they have so much hype surrounding them.
NASCAR Marketing Strategy
What is NASCAR?
NASCAR stands for National Association for Stock Car Auto Racing. It is essentially a sports organization that manages and arranges the competitive racing of fast-paced stock cars.
About 40 cars race around a small, round track, and the winner is the one to finish all laps first. That’s the crux of it. It’s literally just a racing competition. So, what’s with the hype surrounding it?
What’s with its extremely loyal yet large fanbase? How do they manage to keep their audience involved in the competition?
It’s certainly because of the NASCAR Marketing strategy. We can learn so many things from it; you don’t necessarily have to be into motorsports to learn why it is as big.
How is NASCAR so Successful
Keeping the Loyal Fanbase Engaged
The smart management behind it and the grand scheme of presenting their races to the audience is ultimately why the brand and the Nascar Marketing stratgey stands out.
They have a very specific demographic that they target their races to (which are young and middle-aged men in America, but more on that later). Additionally, they keep their fanbase constantly involved by arranging events and tournaments throughout the year.
All these tournaments and competition series are sanctioned. And all of them have live, dedicated audiences that buy tickets to be present.
Keeping the Sponsors Satisfied
Ultimately, by doing all the above, NASCAR gets popularity that exceeds many other motorsports. It gets the highest ratings on TV, which seem to go higher every season. Sponsors are bound to come pouring in.
Most of their profit comes from the insane amount of sponsors they can get. In fact, most fortune 500 companies prefer to sponsor NASCAR than any other sports competition (a total of 114 fortune 500 companies have sponsorships with NASCAR currently).
Some companies have sponsored teams or drivers, such as Allstate, BestBuy, and Lowe. And others are official partners of NASCAR itself; these companies include Coca-Cola, Hewlett Packard, Ford, and so many more. (The detailed list is given here).
10 Lessons from the NASCAR Marketing Strategy
Let’s get to the part we have all been waiting for. What is NASCAR Marketing Strategy, how do they get so many sponsors, and why should everyone learn a thing or two from it?
1. They know their target audience, and they cater to them
While this is not always the most diverse way to go about your marketing strategy. It is the most effective as it targets a very specific demographic.
As we mentioned before, for NASCAR, that demographic is young and middle-aged American men. 62% of the NASCAR audience is male, while the rest is female. Most of their promotional activity is based on their targeted audience’s likes and dislikes.
This keeps these “Hardcore” fans completely engaged.
2. There’s never a dull moment
A very important aspect of the NASCAR marketing strategy is their play on the element of surprise. The fun and thrilling moments on screen, the extreme stunts that keep the audience on their toes, and, dare we say, the adrenaline rush from watching the possible dangerous laps.
This keeps their loyal fanbase engrossed and attracts other one-time viewers or casual watchers to look more into the sport.
3. They know what the audience wants
Whether it’s live events, meet and greet, or possible venues. NASCAR is popular for giving its fanbase and audience exactly what they want. The main goal of the NASCAR marketing strategy is to provide fans with an unforgettable, worthwhile experience.
This can be shown through the pricing of their products and services and is another efficient NASCAR marketing strategy.
4. They promote their uniqueness
While there are so many different types of motorsports out there with their own successful marketing strategies. The one thing that’s unique to NASCAR is its accessibility. There is no secrecy, everything and everyone is out in the open.
It’s like a tight-knit community. They give the spotlight to their stars so that they can be relatable to the spectators’.
In addition to that, NASCAR has a wide range of event coverage. They have cameras planted everywhere. The audience can have a firsthand experience of everything that goes behind the scenes and on screen.
5. They always have ongoing events/ series
The NASCAR-sanctioned series takes its course over ten months. During these ten months, there are events almost weekly. There are four major series that take place during the season. The cup series is the top-rated series.
The Xfinity Series is the second tier. There is also the Camping World Truck Series and the ARCA Menards Series.
Imagine all of these being constantly covered on TV and on official social media platforms, 24/7; they’ll get some attention.
6. They keep their promotions up even during the off-season
During the 2 off-season months. NASCAR’s social media platforms are consistently active. The media teams consistently post highlights, clips, and even casual behind-the-scenes interviews with their stars.
What this does is, keeps their audience and fanbase on the lookout for more content, hence preventing them from losing interest. This usually happens to many other sports competitions and organizations during the off-season, which affects their popularity.
7. They spend a lot on their promotional campaigns
One of the most famous NASCAR marketing Strategies is doing all sorts of promotional campaigns. And its popularity is proof of how successful this strategy is.
Types of promotional campaigns NASCAR has done range from customer/ fan events to car shows, billboard advertisements, meet and greets, interviews, and even Hollywood movies. This has garnered NASCAR’s attention and brought in more fame and sponsors.
8. They work with other companies through co-branding and sponsorships
As we have mentioned, NASCAR has the largest number of sponsors out of any other motorsports competition.
This works for both NASCAR and the company that is sponsoring it. By actively collaborating with famous companies on their products and services, NASCAR has built a name for itself.
Some examples of such sponsorships can be taken from certain NASCAR themed/ licensed products from different companies that have sponsored NASCAR. (Such as Cheerios by General Mills product based on car #43).
9. Maximize the popularity of their stars and products
NASCAR keeps a close eye on the trends going on in the community. They specifically showcase and highlight topics, stars, and products that appeal more to their target audience (Even if it’s for a little while).
NASCAR also directly engages with its core audience through different platforms to get their feedback and opinions. This helps solidify their already very dedicated base and get public opinion on certain things.
10. Consistent and Professional Coverage of their Events
As we mentioned before. NASCAR has always had a huge Television presence. Before social media, most of NASCAR marketing strategy was based on TV coverage and ratings.
And despite dipping into social media, NASCAR still tends to get most of its attention from Television. They also promote their events through radio stations and have now started things like live streaming and uploading YouTube videos.
Promoting their events on social media creates an online presence for NASCAR, which ultimately helps diversify its fanbase.
Since NASCAR is majorly based only in America and some parts of Canada, having an online presence through the internet brings fans from all over the world where there is no access to American television channels.
Conclusion
While the NASCAR Marketing Strategy is very sound and has been working perfectly for years. There are certain things that they need to fix.
Despite having such a presence worldwide, NASCAR has yet to properly market its products and sports in places other than the USA and some parts of Canada. By targeting a specific demographic and limiting themselves to certain countries, NASCAR is not fully taking advantage of its popularity and growth potential.
Interested in learning about other marketing strategies? You may want to check out this article:
- Chanel Marketing Strategy: 5 Brilliant Lessons to Learn From
- Starbucks Marketing Strategy: Selling 4 Million Coffees Daily
- Tesla Marketing Strategy: 10 Curious Things To Know
- Hermes Marketing Strategy: 4 Billion-Dollar Marketing Lessons
