From Darren Rovell:
A Bank of America official told us that for every $1 they spend on sports marketing, they net $3. They also said that out of all the new checking accounts that were opened in 2008, 10 percent of those were attributed to their sports marketing programs.
In other words, the fallout on the Yankees deal was political, not business.
That estimate seems a bit much, but I wouldn’t be surprised if sports marketing yields a higher return than most traditional forms. I also wouldn’t be surprised if that ROI is dampened by wasteful spending, which inevitably will come when companies are rubbing elbows with jocks and other assorted famous people.
CNBC had Casey Wasserman on to discuss the merits of sports marketing (to no one’s surprise, he’s bullish, but he does a decent job of selling it). And to celebrate CNBC’s long-awaited launch of embeddable videos, here you go:
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