How top financial institutions are leveraging strategic partnerships
- June 3, 2022
- SponsorPulse Staff
When it comes to corporate sponsorships, big banks are leading the charge across all industries. Sports, entertainment, lifestyle, you name it. Financial institutions utilize sponsorships as a mechanism to position themselves alongside the properties that their audiences love, with powerful results.
Here’s how big banks are using sponsorships to their advantage:
Supporting Causes that Count
In a hyperconnected world where social justice issues are top of mind, brands and properties have a unique opportunity to support the causes they care about while connecting with their audience. Our data shows that 59% of Americans who are considering switching their bank have also engaged with social justice & inequality organizations.. In addition, of those considering a bank switch, 23% state that a positive sponsorship would increase their chance of purchasing from a brand.
Enter Bank of America. This financial institution is both a Founding Member of the National Museum of African American History and a partner of the Smithsonian's National Museum of the American Indian.
This is a multi-pronged, data-driven approach. In securing these partnerships, Bank of America acts as a steward of arts and culture while partnering with exhibits that highlight social issues like racism and colonialism. Furthermore, since engagement with social justice organizations is 57% higher among non-bank of America customers, there’s ample opportunity for the institution to connect with and convert new customers if they leverage the proper channels.
Riding the Bandwagon
The professional sports world is one characterized by passion that can border on rabid fandom. With this in mind, it makes sense that brands associated with sports teams are held in high regard by fans.
In its naming rights deal with the Golden State Warriors, Chase Bank secured the attention of the championship winning team’s legion of devoted fans. As a result of the strategic partnership, 38% of Warrior fans are more likely to purchase Chase products. Plus, in California, the team’s home state, 40% of residents that are engaged with basketball believe that the partnership is an innovative move. However, while branded jerseys and events are an excellent way for companies to increase their visibility, they’re far from only the avenue marketers can take.
Read our full NBA Naming Rights report here.
In its role as a WNBA changemaker, US Bank is creating a financial wellness program for players, and provides helpful resources for current and former athletes to assist them in achieving success beyond their days in the league. With 48% of US bank users also engaging with the league, this sponsorship has the potential to drive greater favorability among their customers.
At the end of the day, partnerships that explore the intersection of sports and community are poised to garner immense support, as they tug on various audience passion points at once, making a lasting impression in the process.
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