Greg Hall, CMO of MoneyGram.
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My previous article highlighted how to find the perfect partner for a meaningful sports sponsorship. That’s step one. Step two is executing. As the adage says, “Tell ’em what you’re going to do and then do it.” It seems simple, but unless you deliver on your promise immediately and continuously, your stakeholders will fall back into their brand perception before the sponsorship. Developing a plan to execute quickly empowers everyone involved to experience the benefits.
It bears repeating that sponsorships in the sports world should not just involve slapping a patch on a jersey or a sticker on a car. They call for a purposeful approach to brand exposure and engagement with new groups of stakeholders who may not overlap with your traditional audiences and communications channels. This is a significant opportunity to attract new customers and partners.
But also ask yourself this question: Is this only to benefit our brand? The answer should be a resounding “no.” A rising tide lifts all boats, and if you are a truly engaged sponsor, you can set a positive tone for everyone around you. With MoneyGram now in its second year as title partner of the MoneyGram Haas Formula 1 Team, one mantra has made itself clear as we work to leave a lasting impression: “Tell ’em what you’re going to do, and then do it.”
Tell Them What You’re Going To Do
The first step is to secure buy-in from the team you’re looking to sponsor. Many people wondered what a fintech brand like MoneyGram was doing sponsoring a motorsports team (maybe less so now, with Visa and CashApp joining as co-title sponsors of a Red Bull-backed Formula 1 team, further supporting the value of fintech in sports). However, the key to forming a successful partnership is to look beyond products and align on the why. Our partnership isn’t primarily about racing or remittances but focused on technology and a commitment to innovation. For any team you sponsor, ensure that you understand their values and find commonalities, making the purpose of your sponsorship clear and beneficial for all.
Signing the contract is just the first move. Then it’s about building a partnership that thrives on mutual values and benefits. Any motorsports team needs money to fund racing technology, but approaching these conversations from a purely financial standpoint won’t boost both brands. In our case, everyone was quick to see how this partnership could enable more than financial gain. From the start, we were clear about our goal to bring fans closer to the sport and foster a more inclusive energy to the historically exclusive experience of F1 racing. The team was on board with our plans from day one, and they’ve been monumental in helping accomplish our lofty goals. When sponsorships are rooted in common ground, they become a force that propels both brands forward, cultivating a more unified community.
And Then Do It
Of course, talking the talk is one thing. Delivering on the position you’ve established is another. Sponsors must show their alignment with the team through the activations and interactions that foster relationships between the team, athletes, fans, media and other stakeholders.
In 2023, our first year as title sponsors, our strategy seamlessly aligned with the team’s overarching identity as two American brands with a global reach. A coalition of like minds that values speed and innovation in our respective industries on an international stage powered several engaging initiatives to take form.
One example was our “Drive Your Dreams to Vegas” promotion, a sweepstakes offering MoneyGram customers and F1 fans the chance to win a VIP trip to the Las Vegas race. The team was incredibly supportive, taking the time to help promote the campaign on their channels and providing the winners with what they went on to call one of the best weekends of their lives. Thanks to the campaign, we drove a massive uptick in subscribers to our app and a significant amount of fan engagement and buzz for the team—a victory for everyone.
After all, engagement is the lifeblood of a successful sponsorship in any sports circle. To truly connect with a team’s many stakeholders, brands must go beyond traditional channels to create memorable experiences, offer something unique and foster a sense of belonging.
Don’t Stand In For The Team
Being aligned with the team does not mean speaking for it. One of the worst mistakes to make is commenting on the team’s decision-making as it relates to the sport itself. Personnel decisions or on-track strategy should remain outside your wheelhouse to maintain boundaries with the fan base. Overstepping that boundary is a surefire way to attract the vitriol directed toward teams (a natural part of the sports world) to your brand.
Refer back to the focus on purposeful elements here. MoneyGram’s place is not making strategic or tactical decisions for the team; it’s about driving conversations around innovation and cross-border community building.
Why This Works
If a sponsorship strategy leads to new conversations and positive changes to brand perception, you’re on the right track. Fans can sense authenticity. When a sponsor and team have clear synergies leading to active community contributions, trust and integrity are built. These, in turn, strengthen the brand (and team) reputation and loyalty among the fan base.
In MoneyGram’s case, we have enjoyed increased brand awareness and a shift in perception since announcing the partnership—evidenced by a meaningful jump in both awareness scores and earned media impressions. Today, more conversations refer to the brand as a global fintech, reflecting the reality of our current business, which was built over decades as a traditional money-transfer provider.
A clearly defined sponsorship is a win-win-win situation—benefiting the brand, the team and the fans. It’s a powerful strategy that has the potential to bring new eyeballs and revenue streams to your business and unlock a broader customer base, all while educating new audiences and elevating the brand equity of your sports partners.
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