After Citizens Financial Group absorbed a collection of local banks two decades ago, including the Philadelphia Savings Fund Society, Girard Bank, and Norristown’s Commonwealth Federal, CEO Bruce Van Saun needed to figure out a way to get the company’s name out in metro Philadelphia, writes Joseph N. DiStefano for The Philadelphia Inquirer.
As a firm believer in pro sports marketing, he pledged to pay Philadelphia Phillies $95 million for the naming rights to its stadium for 25 years. The move was a huge success, and the bank now plans to extend the deal past its expiration in 2028.
“We love the Phillies,” said Van Saun. “They will always be our Number One.”
Citizens Bank has a system on how to determine if its stadium sponsorship works.
“We measure the impressions and mentions we get in social media,” said Van Saun. “It’s called ‘top-of-funnel impressions’ that direct people to your name and your links, and you hope they will do business with you. It doesn’t translate directly to purchases. But there is a correlation: If your activity at the top of the funnel shrinks, your sales go down.”
Read more about Bruce Van Saun and Citizens Bank in The Philadelphia Inquirer.
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