Bank of America's sponsorship deal with NASCAR — inked for a reported $20 million — is not only helping the bank to market itself to potential customers but also to reward its clients, employees, and incentive winners.
BOA has developed a Champions Club — a “high-end mobile experience that travels from track to track,” as described by Joe Goode, corporate spokesman for Bank of America, Boston, to entertain associates who win incentive programs. Top salespeople and clients get up close and personal with NASCAR drivers during meet-and-greets before the race and tours of the garage area. During the 10-month NASCAR season, Champions Club travels to Bank of America's 10 sponsored tracks around the country.
Bank of America has also developed a special experience around its Bank of America 500, a NASCAR race hosted annually at Lowe's Motor Speedway in Concord, N.C. At its inaugural race last October, BOA launched NASCAR's first club-level seating section at Lowe's Motor Speedway, called the “Turn 4 Club,” an exclusive 800-seat terrace. BOA awards some of these exclusive seats to its associates who are recognized through its incentive and recognition programs.
Goode says BOA is finding that NASCAR delivers a solid ROI as a reward. “The affinity our associates have for NASCAR is very strong. These events are pretty strong motivators.”
Bank of America is no stranger to sponsorships. The bank holds the title “The Official Bank of Baseball” through exclusive sponsorships with Major League Baseball, and is official bank sponsor of the 2008 U.S. Olympic team, along with many football and PGA sponsorships. Under the five-year deal as the Official Bank of NASCAR, it has the rights to use NASCAR marks in marketing and advertising through 2011.