Corporate Sponsorship Lessons From Allstate And Bank Of America
Posted: 8/19/2010 11:08:27 AM by
Lesa Ukman | with 0 comments
This is the fifth year I have taught in Northwestern University’s graduate program in sports management, but the first year I have integrated guests into the syllabus throughout the course, and it has been great.
For example, last week’s speakers—Tim Hadzima from Bank of America and Patrick Pierce from Allstate—were instructive and insightful. Key takeaways included:
Sponsorship works. Hadzima gave examples of sponsorship driving direct business, e.g., financing of Yankee Stadium, as well as relationship building. On the latter front, Chicago mayor Richard Daley is a great friend of the Bank of America Chicago Marathon, and when Bank of America bought LaSalle Bank and maintained ownership of the marathon, it jump-started access Bank of America would otherwise not have had as a North Carolina-based company.
Echoing the effectiveness theme, Pierce said that Allstate research reveals sponsorship increases consideration and retention among its target market.
Do Good. Dollars go further when you use sponsorship not just to build brand and financial capital but community capital as well.
For example, the Allstate/American Football Coaches Assn. Good Works Team generates increasingly valuable earned media for the insurer. In addition, the program has won over coaches and schools that might otherwise be unwilling to have Allstate’s Good Hands field-goal nets in their stadiums. “Allstate/AFCA Good Works Team is helping coaches recruit athletes,” Pierce said.
With more than 70 colleges and universities in its portfolio, Pierce revealed that his primary concern now is not having the Good Hands logo become wallpaper. To that end, Allstate is working to ensure that when the nets are visible to TV viewers, broadcasters tell the story behind them—that for each field goal and extra point Allstate donates to general scholarship funds at the participating schools.
While short on tangible assets, AFCA, like the National Assn. of Basketball Coaches, is a highly desirable partner for activating high school and college sports ties. Rick Jones’ FishBait Marketing is the master strategist for both.
Also noteworthy:
- Hadzima, Bank of America’s vice president/endurance program manager, global sponsorship marketing, said he is one of 35 full-time sponsorship executives at the bank. Bank of America is sponsoring more internationally now that it owns Merrill Lynch. Hadzima said the brokerage sponsors golf and Formula 1 in Europe.
- Pierce said the Hispanic market is the only a segment that is growing for auto insurance, and while Allstate does not do business in Mexico, its sponsorship of the Mexican national soccer team is a strong connector to Mexican-Americans.
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Filed under: financial services, marathon, college sports