From a media perspective, how does this impact the marketing industry in Philadelphia?
When a sports team is winning, their brand becomes more valuable. When a sports team experiences a winning streak and eventually moves into the playoff season, game viewership typically increases. In turn, the ad space around the games becomes more expensive. This year, a single 30-second national commercial in the Super Bowl was worth more than 5 million dollars.
If you were a local advertiser wanting to cash in on the Eagles’ march to the Super Bowl, you don’t have to advertise nationally. You could run spots in the Philadelphia market only, or you could take another approach – become a “partner” of the team, and pray they keep winning. Take Chickie’s and Pete’s, Philly’s own crab-fry connoisseurs, who made it from Philly to Minnesota during their first season of partnership with the Eagles franchise. Chickie’s and Pete’s chose to extend their season-long partnership into the playoffs, gaining both local and national exposure of their product. The company was able to grab coveted ad space around the event as well as the ability to sell their product, in stadium, at the Super Bowl.
On a local level, winning teams can trigger the “bandwagon” effect. This phenomenon grows the local fanbase by attracting individuals that wouldn’t normally view a team’s games. When this occurs, it can result in a spike in product and merchandise sales around the area. It also provides local businesses with the chance to get more involved in the experience (i.e. hosting events, game specials, etc.), which increases small business revenue in the surrounding area.
This jump in sales can also be attributed to what economists call “Psychic Income,” or the idea that when a city feels good, they tend to spend more money. The emotional effect of winning a Super Bowl for the residents that live in the surrounding area can be overwhelmingly positive. The city gains a new sense of joy and camaraderie and, in turn, revenues can increase.
Although some of these circumstances can’t be measured, living in Philadelphia, you can certainly feel them. Along with the influx of Super Bowl Champion merchandise, there is a sense of pride that emanates from our fellow Philadelphians.
So, what can we do to increase ad value throughout the 2018-2019 sports seasons? Easy – keep winning!