How Bank of America Justifies Sports Spending
Yesterday, the New York Yankees and the Bank of America confirmed that theyare no longer talkingabout a big sponsorship deal at the new Yankee Stadium.
But that doesn't mean that Bank of America officials aren't satisfied with their return on investment from the sports world.
A Bank of America official told us that for every $1 they spend on sports marketing, they net $3. They also said that out of all the new checking accounts that were opened in 2008, 10 percent of those were attributed to their sports marketing programs.
Banks and Sports Spending
|PARENTING COMPANY||TOTAL 2008 SPENDING||TOTAL ON SPORTS||% ON SPORTS|
|Bank of America (BAC)||$137.9M||$43.8M||31.8%|
|Charles Schwab (SCHW)||$14.8M||$8.1M||55.0%|
|JPMorgan Chase (JPM)||$132.0M||$8.0M||6.1%|
|Wells Fargo (WFC)||$71.4M||$7.8M||11.0%|
|PNC Financial (PNC)||$21.6M||$5.9M||27.3%|
|Northern Trust (NTRS)||$7.9M||$5.3M||67.2%|
|US Bancorp (USB)||$17.2M||$5.0M||29.1%|
According to Nielsen, Bank of America, spent the most money among banks on television advertising in the U.S. during sports broadcasts in 2008. Here's a breakdown of how much money each bank spent on TV ads and what percentage of that came during sports programming.
Questions? Comments? SportsBiz@cnbc.com