Cleveland-based bank KeyCorp is counting on "other ways to drive awareness, and traffic to its branches, via expanded digital and social media offerings that are crucial parts of its partnerships" with two of the three major pro sports teams in the city, according to Kevin Kleps of CRAIN'S CLEVELAND BUSINESS. When sponsorship consulting and research firm IEG studied retail bank sponsorships last July, it "found that 38% of the deals were in the sports industry." But that rate "paled in comparison with the amount of money retail banks spent on sports sponsorships." KeyCorp subsidiary KeyBank Exec VP & Marketing Dir Tom Wennerberg said that the company's “official bank” designation with the Indians "resulted in an increase in spending on the Tribe, but there hasn't been a 'dramatic' change in Key's overall sponsorship expenses." Instead, the bank is "trying to up its game through digital and social promotions" with the Cavaliers and Indians. Key is "focusing on digital and social media campaigns aimed at improving in three important measures: awareness, branch traffic, and 'favorability and consideration.'" Meanwhile, Akron-based FirstMerit Bank "has partnered with the Cavaliers for the last 24 years." In addition to the Cavaliers, FirstMerit's "extensive sports partnership portfolio" includes the Browns, Bears, Lions, Packers, White Sox, Tigers, Brewers, Blackhawks and Red Wings, as well as Ohio State Univ. and the Univ. of Michigan. The Cavs are the "only member of the big three in Cleveland without an official bank." Both Wennerberg and FirstMerit Exec VP & CMO Julie Tutkovics said that their respective banks "have reaped plenty of benefits from their sizable investments in sports." Tutkovics said, "The sponsorship more than pays for itself" (CRAIN'S CLEVELAND BUSINESS, 7/13 issue).
