Name Awareness
Look and Feel Like a Winner

By Neil Bartlett

What's in a name? Potentially a lot – if it means your credit union's name is associated with positive activities that benefit the community served by your credit union.

One way some credit unions are doing that is to contract for naming rights to a stadium, rink or coliseum. According to Charles Gerena of the Federal Reserve Bank of Richmond, an estimated $4 billion in stadium deals have been signed in North America.

Of course, most credit unions aren't in the position to purchase major-league rights – but there are lots of other ways to get involved. Such strategies include sponsoring a team, sponsoring a portion of a ballpark or stadium, or sponsoring a "Credit Union Night."

Play Ball! Naming Rights in San Bernadino

In 2001, Arrowhead Credit Union, a $1.008 billion in assets credit union in San Bernadino, Calif., entered into a 10-year naming-rights partnership with San Bernadino Stadium. The stadium is home of the Inland Empire 66ers, a minor-league baseball team that is affiliated with the Los Angeles Dodgers. The Park is named "Arrowhead Credit Union Park."

"The partnership is helping us meet our mission on several levels," says Tracy Judy, Arrowhead's vice president of marketing. She says that the credit union wanted to help the city of San Bernadino's downtown-area revitalization – the stadium is located in the center of the city. "It also helps San Bernadino because it [the city] receives revenue from sales tax on each ticket sold," says Judy.

Stadium sponsorship is also a way for Arrowhead Credit Union to accomplish its mission of having an ongoing presence in the communities where its members work and live. "We strongly believe that helping members means more than just with products and services," Judy says. "It's helping the communities we serve become better places to live."

Judy credits its involvement in the stadium to CEO Larry Sharp. Instead of just getting the credit union's toe wet, he encouraged a full dive, signing the credit union up for a decade-long commitment. "He saw an opportunity," says Judy. "[In addition to] reinforcing the credit union's name, he saw it as a way to promote family fun and good values."

Sponsorship Creates Strong Synergies

Arrowhead Credit Union has received tremendous name recognition, says Judy, resulting in deepened relationships with members and community groups. The synergy that's resulted from involvement with the stadium and team has been tremendous, she says. For example, a local social-services agency that Arrowhead supports recently conducted a toy drive. Because of its relationship with a stadium advertiser that is involved with the toy industry, Arrowhead was able to donate a record number of toys to the agency.

"We believe our identity is our most important thing – it's who we are," says Judy. "Our awareness level continues to rise. Focus-group respondents almost always mention Arrowhead Credit Union Park."

Sponsoring a Kids' Area

EECU Credit Union in Fort Worth, Texas, has over 100,000 members in a five-county region – but with over 1.5 million residents in just one of those five counties, there's plenty of room for growth. Competition for members is fierce, however. "In the last year and a half, there have been 132 net new branches in this area," says CEO Lonnie Nicholson.

"We've got a whole lot of name recognition to address," notes Cindy Baker, EECU's chief commerce officer. To increase its name recognition, since 2004, the credit union has sponsored a large kids' section at LaGrave Field in Fort Worth. The field is home of the minor-league Fort Worth Cats of the American Association if Independent Professional Baseball.

It fits in well with the credit union's mission. "Because of our educational roots, we're committed to giving all youth in our area every opportunity to come and enjoy the games," says Baker. This summer marks the third year of the three-year agreement the credit union signed with the stadium.

"If you've ever been to one of the games, it's hard to describe, but they're very family oriented," says Baker. "The special things they do for kids at the games is huge."

Besides the baseball games, there are lots of other events at LaGrave Field that draw local families. Such events include 4th of July specials, concerts and a Halloween bash. "The Cats and the field have a long history here," says Nicholson. It's always been a family-oriented park, with families and kids involved all the time."

How Do You Measure Effectiveness?

It's not that simple to come up with a cost/benefit analysis for a sponsorship or naming-rights agreement, although there are some tools available. For example, Arrowhead Credit Union conducts a comprehensive series of member focus groups every three years. It estimates its name recognition has increased by 50 percent in the last six years. Judy says it would be inaccurate to attribute that rise entirely to its naming rights with Arrowhead Credit Union Stadium – but management is convinced it's been a significant factor.

At EECU, they take a laid-back approach. "We look at attendance records and we track the special nights for members," says Nicholson. "But the bigger question is: 'Are the Fort Worth Cats providing value to the community?' And on a more strategic level, are we providing value to the community? We know we're helping contribute on a wide scale."

Put the Pedal to the Metal

The most important factor in making naming rights or sponsorships succeed is to realize you're going to have to put muscle into it. "For us, having the naming rights is just a starting point," says Judy. "If your attitude is 'Here's some money – let's sign the contract,' you won't get the benefit. It's not about paying the money – it's about opening doors and making the partnership work so it helps the community, local organizations and the credit union."

"You have to be into it – you have to devote somebody to making it work," says Judy. "It has to be a solid commitment of time and resources, whether it's sponsoring one night, acquiring naming rights or something in between." CUB