The Valuation & Consulting team’s Data Insights & Reporting division just completed its first survey focused on naming rights and sponsorship for the credit union industry. The genesis of this particular survey resulted from our work with several credit unions where we found that, despite the hundreds of credit union sponsorship deals, there is very little accurate information on trends and best practices in this sector. We worked closely on the questionnaire with a Steering Committee made up of executives from a select group of credit unions to ensure accuracy, relevance, and ability to make an impact. It is the first time that a company has taken an in-depth look at sponsorship and naming rights to help credit unions maximize their sponsorship investments and understand critical best practices when negotiating and executing partnerships.
Twenty-three (23) credit unions of various asset and member size completed the survey. The results provide meaningful benchmarking results, research and actionable insights to decision makers who support and influence future partnership marketing activities that had not been typically captured for this important industry sub-sector. It is clear that the rise in sponsorships and naming rights for credit unions is one of the fasting growing sponsorship categories in the U.S. It is even more evident that participants are continuing to look for metrics and qualitative/quantitative results to help them maximize their significant investments in sponsorship and naming rights as a percentage of their media/marketing mix.
Measurement continues to challenge credit unions who typically look at traditional media channels like digital, social, OOH, radio and TV/broadcast for data. More than 50 percent of credit unions indicated that they do not engage a study measuring the impact of their partnerships on members or plan to do so within the next 12 months. For the first time, credit unions now have a mechanism to value sponsorship similarly to these other media mix options by creating a custom model that quantifies how the different media/non-media assets drive revenue/profit.