Originally Published on Sports Business Journal
Combine all the disparate entities under financial services/fintech and its easily the biggest sponsorship category. A recent study from L.A.-based Innovative Partnerships Group suggests that credit unions may be the red-headed stepchild within this large sector.
Consider that around 135 million Americans now belong to a credit union. Half of the credit unions with naming-rights deals surveyed by Innovative Partnerships Group said category exclusivity was not crucial to them, along with a greater need for branding than the large legacy financial services that have traditionally invested in sports marketing.
And it gets even more interesting.
"Credit unions are the best-kept secret in the biggest sponsorship category," said Innovative Partnerships Group CEO Jeff Marks. "They've been growing considerably since the 2007-2008 financial crisis and have a need to differentiate, which sponsorship can serve well. And they don’t have to create a community platform -- credit unions are community platforms. The trend we’re seeing is that legacy banks have gone to fewer bigger sponsorships, and fewer naming rights. That’s left a void we expect credit unions will continue to fill."
Click here to read a summary of our findings
On this episode of The PlayBook Podcast, Host David Meltzer sits down with two brilliant business minds - Len Komoroski, CEO of the Cleveland Cavaliers, and Jeff Marks, CEO of Innovative Partnerships Group. They chat about the keys to building successful partnerships and give listeners insight on how to create revenue through the emotional aspects of sports.
Listen Here: The Key to Building Successful Partners
Marks and Komoroski also look forward at the future landscape of sports partnerships. They discuss how, as sports business and technology evolve, properties can adjust their approach to building sponsorships and, in turn, better create sustainable revenue streams. They then provide predictions for changes sports marketers can expect in the coming yea
