Valuating Sponsorships for an International Boot Brand

The Situation:


Rocky Brands found itself at a crossroads with their largest sponsorship renewal in 2007; Professional Bull Riding (PBR).  PBR hosts multi-day competitions in over thirty cities in the United States, Canada, and Mexico.  PBR events draw over a million fans per year, and all PBR events are nationally broadcasted on either Fox, NBC, or Versus.  Rocky successfully utilized their PBR sponsorship to build brand awareness for their multiple footwear lines among a highly targeted audience in the years leading up to 2007.   As brand awareness levels increased, Rocky’s strategy for the sponsorship evolved to generate on-site and retail sales. Rocky Brands enlisted the help of BottleRocket to accomplish two objectives.  First, Rocky needed a deeper understanding of the monetary value that they were receiving from their sponsorship in relation to their expenditures.  Second, Rocky needed guidance on optimizing their contract in order to generate direct sales backed by quantifiable evidence.

The Solution:


BottleRocket determined Rocky Brands’ marketing value by using our proprietary, objective-based model – BottleRocket Sponsorship Appraisal&Certification (BSAC).  BottleRocket utilized primary research and industry expertise to calculate values of property and company-specific intangible elements as well as each tangible (i.e. tickets, signage, etc.) asset listed in the proposed contract.  A thorough valuation was conducted on each PBR event to reveal over- and under-performing PBR markets as well as over- and under-performing contractual assets.  Based on our findings, we developed strategic recommendations comprised of a targeted activation plan and a multi-faceted negotiation plan.  

The Result: 


Rocky Brands elected to appropriate funds from their Professional Bull Riding sponsorship to other properties based on the strategic guidance that BottleRocket provided.  Rocky was able to divert marketing dollars to other sponsorship opportunities that would enable the company to generate more direct footwear sales. 
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quotes

“

Not everything that counts can be counted and not everything that can be counted counts.

”
—Albert Einstein  

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