Harvard Case - I Lost My Volvo in New Haven: Tennis Event Sponsorship
"I Lost My Volvo in New Haven: Tennis Event Sponsorship" Harvard business case study is written by Stephen A. Greyser, Brian Harris, Mitchell Truwit. It deals with the challenges in the field of Marketing. The case study is 14 page(s) long and it was first published on : Feb 18, 1999
At Fern Fort University, we recommend that the "I Lost My Volvo in New Haven" team pursue a strategic sponsorship of the Connecticut Open tennis tournament. We believe this event presents a unique opportunity to achieve brand awareness, generate leads, and ultimately drive sales for the company. Our recommendation focuses on a multi-pronged approach that leverages the tournament's audience, promotes the company's core values, and integrates digital marketing strategies for maximum impact.
2. Background
The case study centers around 'I Lost My Volvo in New Haven,' a small business specializing in luxury car restoration. The company faces challenges in generating leads and building brand awareness in a competitive market. They are considering sponsoring the Connecticut Open tennis tournament, a prestigious event attracting a high-income, affluent audience. The company seeks guidance on whether to pursue this sponsorship and how to maximize its return on investment.
The main protagonists are the owners of 'I Lost My Volvo in New Haven,' who are passionate about their craft but lack experience in large-scale marketing campaigns. They are seeking a strategic approach to leverage the sponsorship opportunity effectively.
3. Analysis of the Case Study
To analyze the case, we employ a framework that combines SWOT analysis with the 4Ps of marketing. This approach allows us to assess the company's internal strengths and weaknesses while considering the external opportunities and threats presented by the sponsorship opportunity.
SWOT Analysis:
- Strengths:
- Expertise in luxury car restoration.
- High-quality craftsmanship and attention to detail.
- Passionate and dedicated team.
- Weaknesses:
- Limited marketing budget.
- Lack of brand awareness.
- Limited experience with large-scale events.
- Opportunities:
- Sponsorship of the Connecticut Open, targeting a high-income audience.
- Potential for increased brand visibility and lead generation.
- Building relationships with potential customers and partners.
- Threats:
- Competition from established car restoration businesses.
- Potential for low ROI if the sponsorship is not executed effectively.
- Economic downturn impacting consumer spending.
4Ps of Marketing:
- Product: The company's product is its expertise in luxury car restoration, offering high-quality services to discerning customers.
- Price: The company needs to establish a pricing strategy that balances profitability with attracting customers in a competitive market.
- Place: The Connecticut Open provides a platform for the company to reach its target audience.
- Promotion: The company needs to develop a comprehensive marketing strategy that leverages the sponsorship opportunity and integrates digital marketing channels.
4. Recommendations
We recommend the following actions to maximize the impact of the Connecticut Open sponsorship:
1. Targeted Marketing Campaign:
- Segmentation, Targeting, Positioning: Identify specific segments within the tournament's audience (e.g., affluent car enthusiasts, potential luxury car buyers) and tailor marketing messages to their interests.
- Brand Positioning: Position 'I Lost My Volvo in New Haven' as the premier choice for luxury car restoration, emphasizing craftsmanship, expertise, and personalized service.
- Marketing Communications: Develop a multi-channel marketing campaign that includes:
- Advertising: Place targeted ads on relevant websites and social media platforms.
- Content Marketing: Create engaging content (e.g., blog posts, videos) showcasing the company's work and expertise.
- Social Media Marketing: Utilize social media platforms to build brand awareness, engage with potential customers, and run contests and giveaways.
- Event Marketing: Actively participate in the tournament by setting up a booth, hosting events, and offering exclusive experiences.
2. Digital Marketing Strategies:
- Website Optimization: Ensure the company website is optimized for search engines and mobile devices, providing clear information about services and contact details.
- Email Marketing: Build an email list of potential customers and engage them with targeted promotions and updates.
- CRM (Customer Relationship Management): Implement a CRM system to track customer interactions, manage leads, and nurture relationships.
3. Strategic Partnerships:
- Co-Branding and Partnership Strategies: Explore co-branding opportunities with other luxury brands or local businesses to expand reach and create cross-promotional opportunities.
4. Measurement and Evaluation:
- Marketing Analytics: Track key metrics (e.g., website traffic, social media engagement, lead generation) to measure the effectiveness of the campaign.
- Return on Marketing Investment (ROMI): Analyze the financial impact of the sponsorship to ensure it is delivering a positive ROI.
5. Basis of Recommendations
Our recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The sponsorship aligns with the company's core competencies in luxury car restoration and its mission to provide exceptional service to discerning customers.
- External Customers and Internal Clients: The target audience for the Connecticut Open aligns with the company's ideal customer profile, and the sponsorship provides an opportunity to connect with potential customers and build relationships.
- Competitors: The sponsorship allows the company to differentiate itself from competitors by showcasing its expertise and passion for luxury car restoration.
- Attractiveness - Quantitative Measures: The sponsorship offers a high potential for ROI, considering the affluent audience and the opportunity to generate leads and drive sales.
6. Conclusion
Sponsoring the Connecticut Open presents a significant opportunity for 'I Lost My Volvo in New Haven' to achieve brand awareness, generate leads, and drive sales. By implementing a strategic marketing plan that leverages the tournament's audience, promotes the company's core values, and integrates digital marketing strategies, the company can maximize its return on investment and establish itself as a leading player in the luxury car restoration market.
7. Discussion
Alternatives:
- Alternative 1: Focusing solely on online advertising and social media marketing without a physical presence at the tournament. This approach would be less expensive but may not generate the same level of brand awareness and lead generation.
- Alternative 2: Sponsoring a smaller, local event with a lower budget. This approach would be more cost-effective but may not reach the same target audience.
Risks and Key Assumptions:
- Risk 1: The sponsorship may not generate the desired ROI if the marketing campaign is not executed effectively.
- Risk 2: The company may face competition from other sponsors at the event.
- Assumption 1: The Connecticut Open audience is receptive to luxury car restoration services.
- Assumption 2: The company can effectively measure the impact of the sponsorship and track its ROI.
8. Next Steps
To implement the recommendations, the following steps should be taken:
- Timeline:
- Month 1: Develop a comprehensive marketing plan, including budget allocation and key performance indicators (KPIs).
- Month 2: Secure necessary resources and partnerships, including website optimization, social media management, and event logistics.
- Month 3: Launch the marketing campaign, including advertising, content marketing, and social media engagement.
- Month 4-6: Monitor campaign performance, make adjustments as needed, and track ROI.
The success of the Connecticut Open sponsorship will depend on the company's ability to execute a well-planned and targeted marketing strategy. By leveraging the event's audience, promoting its core values, and embracing digital marketing, 'I Lost My Volvo in New Haven' can capitalize on this opportunity to achieve significant growth and brand recognition.
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Case Description
Focuses on event management and sponsorship from the perspective of the event owner (rather than that of the sponsorship company). Describes in depth the search by one of the tennis tournaments on the professional circuit for a principal sponsor. Detailed economics of tournament management are included, as well as information on the linkage between tournament sponsorship and television. Students must decide among several specific interested companies as the best sponsor for the tournament. The event owner must also consider how, if at all, his tournament can be differentiated from the many others on the calendar.
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