Finance and payments are integral to nearly every aspect of daily life, whether commuting, dining, or enjoying leisure activities. While this highlights the high costs associated with living, it also presents numerous opportunities for companies in the financial sector to market their brands and products.
These opportunities come with various benefits, and one that has recently gained popularity is sports sponsorship. The sports industry is vast, and by collaborating with different sports, leagues, and clubs across various regions, companies can reach a diverse range of audiences.
Speaking to Insider Sport, Stephanie Wilks-Wiffen, Director of Marketing, UK and DACH at eToro, stated that it simply ‘makes sense’ for companies like eToro to use sports sponsorship to connect with a broad audience.
eToro is a social trading and multi-asset investment company with clients in 75 countries worldwide. Through sports sponsorship, eToro can leverage the global popularity of sports while also connecting with specific local communities, allowing them to reach targeted audiences effectively.
Wilks-Wiffen said: “Our presence continues to expand in Europe and wherever we see strong growth potential, we will include sponsorship within a broader marketing approach and seek out sports partners, which share our values.
“We aim to sponsor teams in markets where we have a presence and where we feel there is a thriving retail investor community with significant growth potential.”
Recently, eToro has partnered with several football clubs such as West Ham United, with a particular focus on its women’s club. This partnership was strategically sought after due to the trading platform saw an increase in women trading on the platform, which it wanted to grow further.
Unsurprisingly, these sponsorship deals aren’t made lightly, given the high costs involved, especially when partnering with major sports teams like West Ham. For this reason, eToro invests considerable effort in evaluating the success of these partnerships after a deal is made, ensuring their initial expectations and projections are met.
Wilks-Wiffen also explained that there is a natural synergy between eToro and sports, as both are community-driven. Like any strong relationship, this partnership is mutually beneficial. Many financial companies aim to maximise the value of such deals by offering hospitality tickets and product-focused activations, creating opportunities to engage with fans and enhance the partnership’s impact.
“Determining the worth and measuring the success of sponsorships is not a simple task but there are a combination of metrics that we would consider,” she continued.
“These might include measuring brand awareness over a set period, looking at new user sign-ups in localised areas relevant to the teams we sponsor, and measuring engagement levels on certain activations that we do with partner clubs. We often look to bring sponsorships to life with creative original activations with shareable quality.”
Although eToro is an ‘early mover’ in the sports sponsorship space, the firm isn’t alone. Payment giant Visa illustrated its opinion on sponsoring sports, partnering with the 2024 Paris Olympic Games, just one of its many deals in the sector.
However, Wilks-Wiffen believes that despite big-name firms utilising sports there are still mental barriers to entry.
“Many financial services firms with retail audiences talk about the need for better financial education, but many neglect to make use of the largest platforms with the widest reach such as sports and entertainment,” Wilks-Wiffen concluded.
“This is because of the harmful notion that money and investing as something that should ‘sit above’ day-to-day life and be delivered in the most serious way possible.”
To hear more insights from Stephanie Wilks-Wiffen, Director of Marketing, UK & DACH at eToro, check out the full interview on Insider Sport.
