Quicken Loans Billion Dollar Bracket Challenge A Major Publicity Win

Although no one will take home the $1 billion from the Billion Dollar Bracket Challenge, there is a clear winner: Quicken Loans. “Quicken Loans scored a giant win first by partnering with the incredibly respected Warren Buffett and next by launching a thrilling marketing campaign,” FD Parker & Associates public relations consultant Farrah Parker told Benzinga. Quicken has had an estimated 1 billion social media and PR impressions since the contest began, president and CMO Jay Farner told USA Today. Brand awareness for Quicken also increased 300 percent. The bracket challenge enticed many non-Sports fans and allowed Quicken to expose its brand beyond just the college basketball audience, Parker said. “As a result, the public relations team behind the challenge cast a wider net, which may result in a greater market share for Quicken Loans,” she said. Parker said public relations experts are already scrambling for the next competitive concept that will demand the world's attention in Quicken's remarkable fashion. Related: Warren Buffett's Basketball Bracket Madness Ends Twice Although the odds of winning are incredibly slim -- 1 in 9.2 quintillion, to be exact -- it played on the hopes of those who dream of winning a huge grand prize. “Whether you enjoy competitive sports or not, an extraordinary percentage of the population thrives on the idea of winning an amount of money that would seemingly erase every problem they may have once held,” Parker said. Other winners Parker said the undeniable winner is Warren Buffett, who solidifies his title as one of the most respectable financial figures in American history. The bracket challenge may have also boosted television ratings for March Madness. The NCAA championship is experiencing its highest viewership in 21 years. In its opening week, the tournament averaged more than 9.2 million viewers, a four percent increase from the same period last year, according to Turner Broadcasting. The bracket challenge draws the attention of NCAA fans and those who might have never tuned in to watch March Madness, Parker said. “However, there are many factors that may contribute to increased interest. NCAA has altered the way in which it broadcasts games, specifically by airing games across multiple channels,” she said. “Furthermore, the accessibility of live Internet streaming produces yet another boost to ratings.” BIA/Kelsey senior vice president and chief economist Mark Fratrik said the bracket challenge certainly added excitement. Fratrik, himself, filled out a bracket. But he said there are a number of other factors that could lead to more hype surrounding the tournament. “There isn't any really one clear favorite,” he said. “There's a lot of really good teams.” Cold weather in the east could also be keeping people indoors more, Fratrik said. Other concerns The bracket challenge's success also brings up the issue of whether college athletes should be compensated. “Considering the 2013 tournament drew more than $1 billion in advertisement revenue with 2014 projectoins to be even greater, the NCAA must eventually address the growing disparity between what the association earns and what the athletes who drive the revenue earn,” Parker said.