BofA CMO: Sports An "Important Aspect" Of Bank's Business Strategy
Bank of America CMO Meredith Verdone was a featured Q&A on Day 1 of the Octagon Sports Marketing Symposium, where she delved into how sports ties are an important aspect of the bank’s business strategy for connecting with clients and customers. Verdone believes BofA’s connection to sports gives it the ability to have a broad appeal in any given market and differentiate itself from competitors. One of the ways that BofA has sought to connect both locally and nationally with fans is through deals with MLB and a number of its teams. Verdone explained that clients who are aware of BofA’s MLB deal tend to have a higher favorability rating of the bank (79%) than those who do not (62%). “Favorability is something that really matters to us,” Verdone said. “We’ve done a lot of work to understand the economic value of a client who has higher favorability with us. We can show that they are more likely to do more business, … so this data point is so important for us to put the value on the relationship.”
REWARDING LOYALTY: BofA is in the second year of a leaguewide MLB pact, and the brand has partnerships with seven of 30 clubs. This season, BofA wanted to do something different with MLB that would help it stand out. “What we know is our customers want to be valued and appreciated, and one of the ways they express that to us is to say they want to be rewarded for their loyalty. They also want to feel special in a way that gives them access to things other people can't get.” With that in mind, the company rolled out Bank of America Extras alongside MLB, a program that provides customers with “discounts and exclusive access to one-of-a-kind baseball experiences.” One of those experiences includes discounts when using your BofA credit or debit card at the online MLB Shop. “We came out with an idea around Extras to say our customers want to get more, they want to get ‘extra,’” Verdone said. She reiterated that the purpose and goal of the program goes hand-in-hand with the company’s vision of connecting with customers at the local level. “It goes back to understanding what are we doing with our communities, what are we doing with our employees, and what are doing with our clients,” Verdone said.