Bank of America Cashes in on NASCAR Sponsorship
Bank of America is cashing in on its sponsorship of the inaugural Bank of America 500 NASCAR race with a promo that lets fans jockey for the chance to say four words to be broadcast round the nation—Gentlemen, Start Your Engines!
The promo, dubbed the Bank of America 500 Honorary Grand Marshal contest, pits 25 fans against each other to audition their best “start your engines” command before a panel of judges at Lowe’s Motor Speedway in Concord, NC.
Then on Oct. 14 at the Lowe’s Motor Speedway in Concord, NC, before 180,000 die-hard NASCAR racecar fans and a national TV audience, the Honorary Grand Marshal will perform the winning announcement.
To enter, fans were prompted to call into Sports Radio 610 AM WFNZ or WSOC FM 103.7 in the local Charlotte market from Sept. 6-12. Two winners were chosen each day by each radio station to compete in the contest. Consumers can also register to win a contest spot on-site at Lowe’s Motor Speedway on Sept. 14 where the judging will take place.
“The bank recognized that NASCAR has some of the most loyal fans in sports and certainly we want to have a relationship with those fans,” said Jill Gregory, senior VP racing platform at Bank of America (BOA). “A lot of NASCAR fans are Bank of America customers and we wanted…to be more of a part of the NASCAR environment and talk to those fans.”
Additionally, Lowe’s Motor Speedway’s proximity to Charlotte-based BOA made the bank’s title sponsorship of the race and the regional promotion a natural fit, Gregory said.
Prizes awarded to the 25 contestants include tickets to the race and branded T-shirts. Apart from making the announcement, the winner and a guest will receive VIP treatment including pit passes, seats in the Bank of America Turn 4 Club—an exclusive fan section that provides access to a private food court, food and beverage vouchers—and a gift pack of Bank of America 500 racing merchandise.
“We wanted to develop a marketing program around Bank of America that delivers to consumers and fans unique NASCAR access,” Gregory said. “This program gives fans the opportunity to start the Bank of America 500 and that’s something they can’t get through other sponsors.”
Radio spots, print ads in the Charlotte market, and p.r. efforts support. Bank of America handles in-house with Charlotte-based GMR Marketing.
This isn’t the bank’s first foray into the sports arena. It holds the title of the official bank of baseball and is an official sponsor of the 2006-2008 U.S. Olympic Teams. The bank’s nationwide sponsorship portfolio also includes professional golf, football and motor sports.
Sponsorship is a growing part of our marketing mix at the bank, Gregory said.
“What sponsorship allows us to do is unlike traditional advertising,” she said. “It allows us to connect more emotionally with consumers who show affinity for a team, driver or sport. What we’re doing is…tapping in with their emotional affinity with a team and sport and transferring that affinity to the Bank of America brand.”
