By Tom Gent, Co-Founder & Head of Creative, Founder Creative
Very few events can give you the kind of exposure a sporting event can. With the 2024 Olympics alone being streamed a record-breaking 218 million times according to the BBC, that presents a significant opportunity for brands to get in front of consumers.
People don’t just watch major sporting events though, they also interact on social media to share their experience. It’s this exposure, reach and psychological connection that should be of interest to finance brands.
But many don’t know where to start and struggle to find an initial inroad into sport.
By being authentic with their marketing, finance brands can use sport to create that long-lasting connection with their customers that translates into results on and off the pitch.
Pick your partners wisely
When everyone is swept up in the moment, major sporting events have a global reach that caters to both the core and casual sports viewer. For finance brands looking to enter the sporting arena, this means their target audience becomes an incredibly broad spectrum of society.
Sport can reach the young, the old and everyone in between.
And with reams of positive sentiment, record-breaking achievements and emotional stories surrounding sporting events, it’s great for brands to be attached to something that draws people in and inspires them.
That doesn’t mean investing in sport is without pitfalls, however.
It’s vital for brands to ensure that whatever sporting event, brand or athlete they are partnering with aligns with their values as well.
It goes without saying to avoid a governing body or association that has, for example, been involved in a corruption scandal. Partnerships have to be squeaky clean and representing your brand in the right way to stand any chance of success.
In the case of athletes for example, it has to be the right personality to be associated with, as your brand and their personal one will become closely entwined.
The rise of social media has provided athletes an outlet to express themselves, so you have to be careful that whatever is being said on there – after all, it aligns with your brand ethos whether you like it or not.
On the whole, it’s about being extremely selective with your partnerships and ensuring that you have confidence in the athlete, brand or governing body.
Once you’re associated with something, it’s out there forever – good or bad.
Think far and wide
Getting involved in sports via social media is an achievable way for brands to join in the conversation.
Leveraging creators’ and influencers’ skills and reach can be really beneficial. Even if you aren’t sponsoring a major sporting event, you can still be a part of it and create some captivating content to get your brand out there.
The beauty of social media is that it can be more cost-effective than traditional forms of advertising while simultaneously allowing brands to target a wide demographic.
Platforms like TikTok generally allow your brand to communicate with younger users, while others like Facebook and X give your brand access to a different audience. This presents the opportunity to create targeted content that will reach everybody.
When interacting with sports fans, it’s important to not get carried away. Don’t think that just because you have a large budget you will hit all the targets in your marketing strategy.
It goes without saying that you have to be mindful of how you are coming across – particularly when dealing with a complex, delicate subject like personal finance.
You need to speak to your audience in a way that feels authentic and tied to the brand. Don’t just come in with a heavy-handed financial message.
Take the success of cryptocurrency exchange platform OKX as a good example.
They’ve done a superb job in making interesting content that draws on the star power of the brands they are sponsoring, McLaren and Manchester City.
Whilst their messaging isn’t especially targeted, by being associated with reputable, respected brands, they’re resonating with a massive pool of potential customers.
With sports, it’s easier to pick something that feels relevant to the brand in some way. A software brand teaming up with a football team to analyse data makes obvious sense, for example.
If there’s an angle where a brand can build a narrative around why that partnership makes sense, that’s generally a good starting point. It makes it easier to join the dots and build that connection with the partner.
There is a wealth of opportunities for finance brands to engage with sport. By thinking outside the box to tap into the market authentically, they can create a long-lasting connection with sports fans – regardless of their budget size.