Whether you follow college basketball or not, it’s hard to avoid March Madness. According to Fortune.com, the American Gaming Association estimated that $9.2 billion worth of bets would be made on this year’s basketball tournament. This includes all bets from Nevada sports books to office pools and illegal offshore sites. Add in advertising dollars spent on every game in every form of media, and you have an event that some say is as large as, if not larger than, the Super Bowl. With so much money invested into one event and so many eyes on the games, it’s no wonder marketers jump on board. In fact, joining the “madness” is a completely sane decision. Companies can choose to sponsor the tournament in a number of ways, from running ads during games to hosting official watch parties and events. Becoming an official sponsor of the tournament may cost more than your budget allows, but you can still learn a lot from the marketing strategy behind it.

Create Your Own Competition

One of the biggest takeaways from the March Madness statistics? People love friendly competition. Many who create a March Madness bracket don’t even follow the teams they choose, they simply like to play along. Promoting a simple contest or sweepstakes can help you increase brand awareness and traffic to your store, social media pages and/or website. If you want people who are genuinely interested in what your brand offers, create a competition that takes a bit more effort and skill (ask them to create something: a poem, a recipe, a new logo for your upcoming event). If you’re interested in simply generating excitement, a simple “enter to win” format can work.

Give Branded Prizes

Whatever style competition you create, your prize should reflect your brand or campaign. Even if the main prize can’t be branded (a trip or cash), you can incorporate branded elements into runner up prizes and the grand prize package. If you’re giving away a tropical vacation, for example, runner up prizes can include branded beach towels, sunglasses and flip flops. The grand prize package can included branded passport holders and bags. While the main purpose of the contest is to generate traffic, you want people to be interested in your brand and remember it in the future.

Encourage Sharing

Office pools are common for sports competitions. They help build community in the office and generate additional excitement for the event. There are many ways to encourage sharing of your competition, too. Offer additional entries for shares or referrals on social media to grow your following. If you’re hosting a contest, you can hold a raffle on the side for those who are less interested in creating an entry but still want to follow the action.

Generate Extended Buzz

March Madness excitement lasts for weeks because of the format of the tournament. Your contest or sweepstakes can generate the same type of buzz. Ask your fans to vote for the winner and announce finalists weekly or hold smaller drawings on a weekly basis and the larger, main giveaway at the end of the month. Whatever deadlines you choose, stick with them. Push for more entries just before the deadline to give your efforts one final boost.

No matter what kind of sweepstakes or contest you run, remember to thank all participants at the end. A participation reward such as a special offer, coupon or branded keepsake will encourage those who did not win to continue to support your brand now that the contest has ended.