A golf lesson with Tiger Woods? Today's savvy marketers are experimenting with ways to get more out of their sponsorship dollars by adding on events that offer customers unique, memorable and highly coveted 'experiences.'.

• Author: Murphy, Rob
• Position: Sports sponsorships

Imagine if your bank extended one of the following invitations to you:

* To attend a meet-and-greet with your favorite band before the concert.

* To receive a private golf lesson from a professional golfer prior to a Professional Golfers' Association (PGA) tournament.

* To attend spring training with your favorite Major League Baseball team.

Sound impossible? Not at all. It's happening now in the new world of bank sponsorships.

From sporting events to concerts to cultural happenings, sponsorships are playing an increasingly pivotal role in bank marketing. In fact, in the corporate world in general, it has been the fastest-growing form of marketing over the past decade. According to SponsorClick's Sponsorship Marketing Global 2004 Report, brand marketers worldwide spent $37.8 billion on sponsorships in 2004 and that figure will close in on $50 billion by 2006--this in comparison to a mere $4.3 billion in 1990.

Given these rapidly escalating spend levels, it is critical for banks to ensure that their sponsorships are not only cost-effective, but also that they support and enhance their brand strategies. In other words, banks need to ask themselves whether or not they are truly getting the most "bang" for their sponsorship dollars.

Sponsorships have traditionally been viewed as advertising vehicles used to drive awareness and brand recognition. Marketers, however, are now beginning to leverage sponsorships in more innovative and impactful ways. They are analyzing sponsorship opportunities from both a "marketing" and a "customer experience" perspective-looking at unique ways to truly capitalize on the assets that specific sponsorships have to offer.

Consider this example: In 2004, Citizens Bank, which has its headquarters in Providence, R.I., signed a major sponsorship deal with the Philadelphia Phillies. Citizens operates in 13 states, including Pennsylvania. In addition to securing naming rights for the new baseball stadium and guaranteed radio spots, the company also considered ways to leverage the sponsorship to strengthen relationships with its most valuable customers. The result: In addition to the traditional naming and advertising opportunities, Citizen's also secured seats on the team plane and private tours of the dugout and locker room for its best customers.

Countrywide Financial, Calabasas, Calif., which first entered the world of golf sponsorships in 1997, now sponsors a host of annual tournaments: The Nissan Open, the Frank...