As the National Hot Rod Association (NHRA) continues through their 2016 season, they have teamed-up with Hookit, a company known for their extensive measurement, analytics, engagement and sponsorship valuation, to track the Nhra Mello Yello racing series’ 24 events. This allows the NHRA to use Hookit data, compiled from different facets of Social Media, to help value the racing league’s sponsorships.
According to their website, “Hookit offers the most comprehensive and exacting data analytics platform for establishing and tracking the value of individuals/athletes, teams and events across the sports and entertainment industries. . . . Hookit’s blue-chip client roster includes Go Pro, Monster Energy, Cleveland Cavaliers, KaaBoo Music Festival, LPGA, LA Lakers, Canadian Olympic Team , IMG, United States Ski and Snowboard Association and The Dew Tour.”
Hookit uses their Hookit Valuation Methodology (HVM) to measure the reach and financial benefit of NHRA sponsors such as Toyota, Chevrolet, Patron, and Mello Yello, among others. The value is assessed through HVM by analyzing overall social media, interactions, mentions, engagement, hashtags and image recognition capabilities which track logo placement on shared multimedia.
Brad Gerber, Vice President of Sales and Chief Development Officer of the NHRA stated, “This partnership provides us with a powerful set of tools, insights and guidance on how to best connect with fans, while clearly articulating real value for our brand partners. We want to make sure we are optimizing how our customers engage with our content in digital and social media. Hookit is the perfect technology partner for deploying this strategy.”
Hookit utilizes “second screen” distribution, which is content outside of regular television broadcasts, such as media on smartphones, tablets, and computers. Hookit takes the information given on second screen distribution and transforms it into intuitive analysis, allowing individuals, companies, or leagues to accurately determine their ROI.
Hookit CEO Scott Tilton commends the NHRA for being proactive and smart in tracking their fan base’s social media consumption, and he says Hookit is excited to work with the NHRA to “unlock the incremental and growing brand value created for their sponsors.”
The next NHRA Mello Yello event takes place on August 18-21, in Brainerd, Minnesota.