The Secret Sauce for Super Bowl Advertising: What Makes Marketing Work in the World’s Most Watched Event?

Jin-Woo Kim

Georgia Southern University

Traci H. Freling and Douglas B. Grisaffe

University of Texas, Arlington

Management slant

  • Because of its popularity, the Super Bowl is routinely among the top-rated U.S. television programs, with about half of Americans watching the game and seeing the embedded advertising.
  • Super Bowl exposure, however, comes with a steadily increasing steep price tag: this year, each 30-second Super Bowl spot cost $3.5 million.
  • Mounting evidence suggests advertising influences investor decision making and has an impact on the financial performance of firms.
  • Event study shows that Super Bowl advertising results in an average 0.8 percent increase in advertisers' stock prices.
  • The combined use of likeable characters with either emotional appeals or approach messages is positively associated with firm valuation.