ReportsandReports - Financial Services and Sports Promotion Case Study: Playing the Field
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The 2010 football World Cup placed a spotlight on the potential for event driven promotions and a tighter relationship between Financial Services providers and the sporting community. Future major sporting events such as the 2012 Olympics provide substantial opportunities for appealing to the connectivity trend amongst consumers.
Scope
- Highlights the presence of FS companies at the 2010 World Cup and other major sporting events
- Analyses the advantages that this strategy can bring in terms of boosting reputation as well as the highlighting some of the dangers of this strategy.
Major sporting events provide a catalyst for brand strengthening and sales empowerment via opportunities for themed promotions. The world cup saw the release of a number of innovative strategies, some tying in the performance of various financial products with the results of national football teams whilst others launched themed marketing campaigns.
Bank of America claim their sponsorship of sporting events is driven by an appreciation of the power of sport: “This rich heritage is grounded in our belief that sports can bring individuals, communities and nations closer together”. FS providers can look to enjoy benefits associated with recognition of a relationship between sport and their brand.
Reasons to Purchase
- Gain insight into the methods used by important industry players to give them a competitive edge
- Identify the implications of changing consumer behaviours and priorities
- Capitalize on the knowledge of experienced companies when entering a new niche or market
DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
ANALYSIS 2
Introduction 2
Improving the broader brand of the FS industry is key, and sport can play an important role 2
The role of FS companies in creating the financial crisis and resulting global recession has led to a collapse in brand value 2
Financial Services companies had a strong sponsorship presence at the 2010 football World Cup 3
The 2010 World cup saw the release of a number of FS product promotions focused on the event 3
FS providers in the UK released a number of world cup linked promotions 3
UK providers are not alone in offering World Cup linked products 4
Close connections to sporting events provide an array of possibilities for FS providers 5
The United Kingdom provides an example of the profusion of sports events sponsorship by FS companies 6
In approaching consumers through shared interests FS providers are tapping into the potential of the connectivity megatrend 6
Involvement with sport at a grass roots level provides a fantastic opportunities for FS institutions 8
Grass roots associations go far to promote the brand with parents and the community at large 8
Associations with sport could prove effective at targeting younger, less engaged FS customers 9
Young adults are less enamored with the prospect of developing a strong relationship with their financial services provider and yet are those with the most potential 9
Building brand awareness with the younger generation will reap benefits in the longer term 9
Connections with sports events, teams and individuals are not without some risk 10
Less fortunate organizations have come to appreciate the dangers of aligning their brand with sports figures 10
State owned enterprise must be careful to avoid public backlash for using public money in sponsorship deals 10
UK FS companies should learn from successes and failures of their promotional campaigns in preparation for the Olympics in 2012 11
Lloyds TSB are engaging consumers with a well thought out Olympic marketing strategy 11
Lloyds are reinforcing their claims of genuinely aiding consumers through supporting talented athletes at a community level and school children 11
Lloyds are also emphasizing the potential for businesses to take part in the Olympics 12
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