American consumers love sports and therefore so do businesses, which have tapped into the craze with sponsorships galore. Every time a new stadium is built, some company pays bucks, big or small, to plaster its name on the side of it.
One company that uses sports as a marketing tool in a huge way is New York Life Insurance Co. The company started with Southeastern Conference football on CBS in 2009 and has since made deals with major league baseball teams, the NHL, NFL, college basketball and even Little League baseball.
The insurance company employs a variety of methods—ads, logos projected on the field of play, sponsorships—to associate its name with college and pro sports teams and leagues.
To get all that, the company spends $5 million to $7 million a year, Chris Sorgie, corporate vice president of New York Life, told AdvisorOne. One might wonder if the sponsorships are worth it and what, exactly, N.Y. Life or other companies get for their money. Sorgie sees a few benefits.
"Our brand tracking results indicate that this strategy has helped increase New York Life's brand awareness and positively enhanced our perception," he says.
And not just name recognition, the sponsorships have produced tangible results, as well.
"The sponsorships have helped generate sales leads for our agents and we receive tremendous bonus coverage when our brand is shown on sports highlight shows," Sorgie says.
Here's a look New York Life's sports sponsorships.
(Also see AdvisorOne's Top 10 Best & Worst Sports Business Deals.)
1. NHL
The insurer has deals with four teams, the "hometown" Rangers and Islanders among them. Rounding out the roster are the New Jersey Devils and Boston Bruins. Besides broadcast and arena advertising, N.Y. Life sponsors all game overtime periods. Fans see a Selfless Gift ad before the extra period starts and then see play uninterrupted.
2. Major League Baseball
3. Little League
4. UConn Basketball
5. SEC Football
6. NFL
