Nike Returns to Super Bowl Advertising After 27-Year Hiatus
In a surprising move, Nike is set to make its return to Super Bowl advertising after a 27-year absence, according to JPMorgan analysts. The sportswear giant has yet to comment on this high-stakes marketing push, which comes amid a recent sales slump. With Super Bowl ad costs soaring, this decision marks a significant shift in Nike’s advertising strategy.
The announcement coincides with the return of Elliott Hill as CEO in October, following his previous role as president of marketplace and consumer. Hill’s leadership aims to address past missteps, including over-discounting and neglected wholesaler relationships. His turnaround plan focuses on revitalizing iconic sneaker brands by reducing supply to increase demand.
Nike’s financial performance has faced challenges, with revenue declining 8% year over year to $12.4 billion for the three months ending November 30. The company’s stock has also taken a hit, down 30% over the last year.
In response to these challenges, Nike has implemented a marketing department revamp. Recent changes include the return and promotion of company veterans, with Nicole Hubbard Graham named as the new marketing chief. The focus has shifted towards brand storytelling and cultural moments, as evidenced by a new ad during the Grammy Awards for the Jordan Brand.
Hill’s vision emphasizes putting sport at the core of Nike’s strategy, with increased investment in bold marketing and sports moments. This approach aligns with the company’s renewed emphasis on large consumer events, generating excitement around upcoming marketing initiatives.
As Nike prepares to make its mark on the Super Bowl stage once again, all eyes will be on how this bold move impacts the company’s performance and market position in the competitive sportswear industry.
