Banks can use sports sponsorships to attract new customers by aligning their brand with sports that appeal to their target audience, creating engaging and exclusive experiences for fans, and leveraging the emotional connection people have with sports to build loyalty and brand recognition.
Key Strategies Banks Use in Sports Sponsorship to Attract Customers
- Targeted Brand Alignment: Banks choose sports sponsorships that resonate with their brand values and target demographics, such as tech-focused sports for innovation-driven banks or premium sports like golf and tennis to attract high-net-worth clients.
- Exclusive Offers and Services: Banks provide special financial products, credit card offers, discounts, or premium account benefits exclusive to fans or ticket holders, motivating sports fans to become customers.
- Engaging Fan Experiences: At sports events or digitally, banks create interactive experiences including ATMs at venues, giveaways, live contests, athlete chats, and digital activations that connect directly with fans and enhance brand engagement.
- Building Brand Equity and Loyalty: Sponsoring major events or teams boosts brand visibility and emotional association, which can translate into customer loyalty as sports fans tend to prefer brands that support their favorite teams.
- Community Involvement: Banks engage locally through sponsorship of regional sports and grassroots events, fostering goodwill and trust within communities, crucial for attracting local customers.
- Naming Rights for Long-Term Presence: Investing in naming rights of stadiums or arenas creates continuous brand exposure and signals strong community and cultural ties, helping banks stand out as reliable, committed partners.
- Digital and Social Media Activation: Modern bank sponsorships often include digital content, social media campaigns, and streaming platform engagements, which allow precise targeting and increased ROI in customer acquisition.
Examples and Impact
- Big banks like Bank of America and Barclays have seen significant increases in brand consideration and reputation through their sports sponsorships, including major events like the FIFA World Cup and Premier League.
- Sponsorship of premium sports like golf and tennis attracts affluent customers, with golf and tennis fans being 66% and 81% more likely to be high-net-worth individuals, respectively, making these effective for premium banking services.
- Community-focused sponsorships and events provide banks a platform to align with local values, establish presence, and build customer trust.
In summary, banks leverage sports sponsorships to connect emotionally with target audiences, offer exclusive financial benefits to sports fans, enhance brand equity through visible and long-term partnerships, and engage communities both locally and digitally to attract and retain new customers.
