Harvard Case - The Good Feet Store: Sponsoring College Athletes in the Name, Image, and Likeness (NIL) Era
"The Good Feet Store: Sponsoring College Athletes in the Name, Image, and Likeness (NIL) Era" Harvard business case study is written by Kimberly A Whitler, Christopher P. Puto, Stephen E. Maiden. It deals with the challenges in the field of Marketing. The case study is 18 page(s) long and it was first published on : Jun 4, 2023
At Fern Fort University, we recommend The Good Feet Store (GFS) embrace the NIL era by implementing a strategic sponsorship program focused on college athletes. This program should prioritize building brand awareness, driving sales, and fostering positive brand associations through targeted athlete selection, engaging content creation, and innovative marketing initiatives.
2. Background
The Good Feet Store is a specialty retailer selling arch supports and orthotics, aiming to improve foot health and overall well-being. The company faces increasing competition from online retailers and generic brands, needing to differentiate itself and reach new customer segments. The emergence of the NIL era presents a unique opportunity for GFS to leverage the growing popularity of college athletics and connect with a younger, digitally-savvy audience.
The main protagonists of the case study are:
- The Good Feet Store: A company seeking to expand its market reach and brand awareness.
- College Athletes: A growing demographic with a strong social media presence and influence over their followers.
- The NIL Era: A new landscape where college athletes can profit from their name, image, and likeness, opening doors for brand partnerships.
3. Analysis of the Case Study
To analyze the situation, we can utilize several frameworks:
1. SWOT Analysis:
Strengths:
- Strong brand recognition in the foot care industry.
- Proven product efficacy.
- Experienced sales team with expertise in foot health.
Weaknesses:
- Limited online presence and digital marketing capabilities.
- Lack of engagement with younger demographics.
- Price sensitivity among potential customers.
Opportunities:
- Growing awareness of foot health and wellness.
- Increased demand for personalized healthcare solutions.
- The NIL era offers a new avenue for brand partnerships and marketing.
Threats:
- Increasing competition from online retailers and generic brands.
- Potential negative publicity associated with athlete endorsements.
- Economic downturn impacting consumer spending.
2. PESTEL Analysis:
Political: Government regulations on NIL deals and athlete endorsements.Economic: Consumer spending patterns and economic stability.Social: Growing interest in health and wellness, particularly among younger demographics.Technological: Advancements in foot care technology and digital marketing platforms.Environmental: Sustainability concerns and ethical sourcing of materials.Legal: Compliance with advertising regulations and intellectual property laws.
3. Consumer Behavior Analysis:
- Target Market: The primary target market for GFS should be young adults, particularly college students and recent graduates, who are increasingly active and health-conscious.
- Motivation: This demographic is motivated by factors like performance enhancement, injury prevention, and overall well-being.
- Information Sources: Social media platforms, online reviews, and influencer recommendations are key information sources for this target market.
4. Competitive Analysis:
- Direct Competitors: Online retailers like Amazon and specialty brands offering similar products.
- Indirect Competitors: Footwear brands, athletic apparel companies, and fitness centers.
- Competitive Advantage: GFS can differentiate itself through its focus on personalized foot care solutions, expert advice, and a strong brand heritage.
4. Recommendations
1. Develop a Strategic Sponsorship Program:
- Athlete Selection: Partner with athletes who align with GFS's brand values and target market. Focus on athletes with a strong social media presence and positive public image.
- Content Creation: Collaborate with athletes to create engaging content showcasing GFS products and their benefits. Utilize various formats like video testimonials, social media posts, and blog articles.
- Marketing Initiatives: Leverage athlete endorsements to drive sales and increase brand awareness. Offer exclusive discounts and promotions to athletes' followers.
2. Enhance Digital Marketing Strategies:
- Social Media Marketing: Develop a comprehensive social media strategy for GFS, focusing on engaging content, influencer partnerships, and paid advertising.
- Search Engine Optimization (SEO): Optimize GFS's website and online content for relevant keywords to improve search engine visibility.
- Email Marketing: Build an email list and utilize targeted email campaigns to promote products and special offers.
3. Leverage Technology and Analytics:
- Customer Relationship Management (CRM): Implement a CRM system to track customer interactions and personalize marketing efforts.
- Data-Driven Marketing: Utilize analytics to track campaign performance, measure ROI, and optimize marketing strategies.
- AI and Machine Learning: Explore the use of AI-powered tools to personalize product recommendations and improve customer experience.
4. Foster Brand Partnerships:
- Co-Branding and Partnership Strategies: Collaborate with other brands in the health and wellness industry to expand reach and target new customer segments.
- Affiliate Marketing: Partner with relevant websites and bloggers to promote GFS products and earn commissions on sales.
5. Enhance Product Development:
- Product Innovation: Invest in research and development to create new and innovative products that meet evolving customer needs.
- Product Positioning: Clearly communicate the value proposition of GFS products and differentiate them from competitors.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with GFS's core competency in foot care and its mission to improve customer well-being.
- External Customers and Internal Clients: The recommendations focus on engaging the target market of young adults and leveraging athlete partnerships to reach them.
- Competitors: The recommendations address the competitive landscape by focusing on digital marketing, brand partnerships, and product innovation.
- Attractiveness: The recommendations are expected to drive sales, increase brand awareness, and improve profitability.
Assumptions:
- The NIL era will continue to grow and offer significant opportunities for brand partnerships.
- College athletes will be receptive to partnering with GFS and promoting its products.
- Consumers will be responsive to marketing campaigns featuring athletes.
6. Conclusion
By embracing the NIL era and implementing a strategic sponsorship program, The Good Feet Store can effectively engage with a younger audience, drive sales, and strengthen its brand position in the competitive foot care market. The combination of targeted athlete partnerships, engaging content creation, and innovative marketing initiatives will help GFS achieve its growth objectives and secure its future success.
7. Discussion
Alternative Options:
- Traditional Advertising: While traditional advertising methods like television and print ads can still be effective, they may not reach the target audience as effectively as digital marketing strategies.
- Celebrity Endorsements: While celebrity endorsements can generate significant buzz, they may be more expensive and less authentic than athlete partnerships.
Risks and Key Assumptions:
- Negative Publicity: There is a risk of negative publicity associated with athlete endorsements, especially if athletes engage in controversial behavior.
- Changing Consumer Preferences: Consumer preferences are constantly evolving, and GFS needs to adapt its marketing strategies accordingly.
- Competition: The foot care market is highly competitive, and GFS needs to stay ahead of the curve to maintain its market share.
8. Next Steps
Timeline:
- Month 1: Develop a strategic sponsorship program plan and identify potential athlete partners.
- Month 2: Launch social media marketing campaigns and begin content creation with athlete partners.
- Month 3: Implement email marketing campaigns and track campaign performance.
- Month 4: Evaluate the effectiveness of the sponsorship program and make adjustments as needed.
Key Milestones:
- Secure partnerships with 5-10 college athletes.
- Increase social media engagement by 20%.
- Achieve a 10% increase in online sales.
By taking these steps, The Good Feet Store can effectively leverage the NIL era to achieve its business goals and secure its future success.
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Case Description
This case introduces the challenges and decision criteria for businesses seeking to sponsor student athletes in the advent of the National Collegiate Athletic Association's (NCAA's) landmark decision to authorize collegiate student athletes to monetize their name, image, and likeness (NIL), just as professional athletes and other celebrities have always done. The case follows Jonathan Cotten, president of Easy Step Enterprises (Easy Step), a franchisee for the Good Feet Store based in Richmond, Virginia, as he explores the possibility of using college athletes from the University of Virginia (UVA) as social media influencers to stimulate demand for the Good Feet Store locations his company operates. The primary focus of this case is not on franchisee-franchisor relations, but rather on the strategic decision processes a business must consider when exploring the emerging opportunity to engage college student athletes as social media influencers. Because of their youth and relative inexperience, college student athletes pose different challenges and issues compared to the longer-established engagement of professional athletes and celebrities in similar roles. This case highlights these differences and encourages careful integration of criteria for executing these decisions.
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