By Ray Birch
SAN JOSE, Calif.—One credit union contends that sports team sponsorships are good investments for CUs, as long as the marketing efforts match the culture of the membership.
That’s why $17.3-billion First Tech FCU is now backing multiple sports teams in the Portland market.
"First Tech has recently finalized sponsorships with Portland Timbers, Portland Thorns and WNBA Portland,” said Mairi Burns, vice president of brand marketing at First Tech. “And this adds to our existing sponsorship program with the Blazers, Oregon International Air Show and Hood To Coast.”
Burns said these kinds of efforts must begin with a great deal of research.
“We went back to the drawing board and our strategy development,” she said. “We are building out our brand, so we wanted to ensure we are taking the right path. Our members are our North Star. So, we started with trying to better understand them through research—what do they care about and what are their passions. It turns out sports is one of their top passions. These sponsorships are a great way to be able to meet them in their fandom.”
The newest agreement is with the Timbers—a three-year deal.
“It's a very different program from how we've approached sponsorships in past in that it was built with great intentionality to serve distinct constituents across our base,” Burns said. “This was very purposefully built so our members could be at the center of it all.”
While not disclosing cost, Burns emphasized First Tech carefully ran the numbers and determined it was a “great way to invest in experiences for our members. That's the number-one driver in this. Through this sponsorship deal, our members are going to have exclusive access to things at the stadium and special experiences. For example, there's a VIP line at Providence Park in which members just have to show proof of membership and they get into that queue. And, in that line, we’ll have surprise and delights—we’ll pick people out and offer them new experiences.”
Brand Engagement
Burns added that research indicates sports sponsorship can effectively spark brand engagement. But she reiterated the credit union has to be very clear about what its objectives are going in, and that the deal fits the member base.”
“That is the most important thing. And from our research we found that sports was the number one interest of our tech audience,” she said. “We’re finding a way to be part of their fan experience—really gives us that extra boost with them.”
First Tech has the naming rights to the Suites Levels at Providence Park.
“There are a couple of different levels of suites used by season ticket holders. We can share access to a new First Tech member lines that will be open to any member,” Burns said. “We have a big part of the stadium. So, not only can you get to a First Tech VIP line and have quick entry, but then you'll also be able to use the facilities of the member lines, which again are open to any member. It's really meant to be an open and inclusive experience for all our members to enjoy.”
In a period in which credit union sports sponsorships are coming under greater fire from bankers, First Tech, which is merging with the $12.6-billion Digital FCU in Marlborough, Mass., believes such scrutiny is unfounded.
Thoughtful Investments
“This is not a sponsorship to provide lots of jollies for executives. We always look to be thoughtful about how we are investing in our members. We’re always trying to find the most efficient way to get our story out to the market. This sponsorship is really built with great intentionality for the member. Everybody gets access to that VIP treatment,” she said. “Everybody gets access to special tickets or events.”
The sponsorship also connects the credit union with Timbers players.
“They have a lot of international players that come over and we have really great relocation services,” Burns said. “We'll have the chance to share our services with Timbers players, as well as the chance to share financial wellness and literacy programs with them.”