17 Mar Bank of America defends sports sponsorships
Posted at 14:38h in Digest, Economy, Marketing 0 Comments
At a time when consumers are increasingly questioning companies that invest big dollars in sports sponsorships, Bank of America has defended its sports marketing activities.
Multimillion-dollar sports marketing deals are worth the investment because for every dollar spent on sports marketing, the company gets $10 in revenue and $3 in earnings, Bank of America Corp’s CEO Kenneth Lewis told the Chief Executive Officers Club of Boston, writes Reuters.
The bank spent nearly $125 million on U.S. sponsorships, including sports deals, in 2007, according to IEG, a unit of WPP. That was the last year IEG provided estimates for individual companies. BofA does not disclose how much it spends on sponsorships.
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