Programs like Morgan Stanley’s partnership with ESPN for “In The Arena: Serena Williams” empower banking brands to communicate core values as they connect with diverse audiences
While sports sponsorships are nothing new for financial brands, most partnership deals involve large stadiums and naming rights, allowing banks and credit unions to show up in their communities (and in media) in a big, bold way. “Every time you see our name associated with a sponsorship, you will find traces of participation,” according to Francesco Lagutaine, chief marketing officer at M&T Bank, as outlined in American Banker. The regional bank has naming rights for the NFL’s Baltimore Ravens’ home stadium and prides itself on prominent placement. “Participation in community rituals is how we measure our success.”
As competition heats up for banks and credit unions in the sponsorship game, brands are looking for new and novel ways to affiliate themselves with the excitement and engagement of sports. Some are fusing their commitment to equity into sports marketing programs, like Ally Financial’s equal spending on men’s and women’s sports and their premiere partnership with the National Women’s Soccer League. Others use sports to appeal to Gen Z. “Gen Z consumes sports content unlike any previous generation,” says Mark Beal, author of Engaging Gen Z. Partnerships with their favorite brands like Nike can yield fruit for banks looking to connect.
Morgan Stanley has recently taken sports sponsorships to the next level by teaming up with ESPN on “In The Arena: Serena Williams,” an eight-episode docuseries that debuted on July 10. The company says the sponsorship represents part of their brand promise. “We’ve spent a good amount of time since late 2022 to early 2023 really focused on and looking at how to lift up women’s sports,” says Morgan Stanley CMO Alice Milligan, in Banking Dive. “How do we as a firm change that and move the needle on something we believe in that represents our core values?” The partnership is part of a broader initiative to modernize the 90-year old brand.
“We launched a campaign last year called ‘Old School Grit. New World Ideas,’ and Serena is a living example of grit and vision,” says Milligan in Banking Dive. “It seemed like a natural fit with what we were doing with our brand marketing, as well as our core values of giving back, lifting up and helping women and young girls.” The brand has prioritized inclusivity with its marketing. “Expanding into younger generations, diverse audiences and women was a really important [part of] our marketing strategy: how do we start to bring to life the benefits of doing business with a firm like Morgan Stanley, because there’s benefits for all, not just for a select few.”
If you’re a banking leader looking for ways to connect with customers and communities, get in touch with the experts at Adrenaline. And, don’t forget to subscribe to Believe in Banking to stay up to date with the latest news impacting the banking and credit union industries.