Branding the World of Sports

Posts Tagged ‘Bank of America’

Bank of America is making money off sports marketing

Posted by ZA on March 16, 2009

Why all the fuss about Bank of America spending on sports marketing? People have been complaining about BOA’s spending on sports endorsement deals and sponsorships because BOA took government bailout money.  They took TARP money, but Bank of America is making money from their sports marketing deals.  Let me repeat that, Bank of America is reporting that they are MAKING MONEY from their sports marketing deals.  So it appears those that criticize BOA’s spending, might not really know all of the facts; perhaps they should have listened to the BOA CEO before passing judgment.

Bank of America CEO, Kenneth Lewis, says they make “Ten dollars ($10) in revenue and three dollars ($3) in earnings” for every one dollar ($1) they pump into sports marketing deals.  Lewis went on to say that the money Bank of America spends on sports marking “is not wasted money.”

I don’t know much about how Bank of America runs their business, but it does appear their support of sports has been lucrative for their business.  They are making a 300% ROI (profit) from investing in sports, which you take every time in the advertising world  So perhaps the politicians in Washington will refrain from wagging their tongues on the matter, until they at least have some facts to support their criticism.

Bank of America’s Sports Sponsorships

* Major League Baseball
* Nascar
* PGA golf
* US Olympic Team

Read more on BOA’s sports sponsorships on their website.

Posted in Sponsorship Deals, Sports Marketing | Tagged: , , , | 4 Comments »