Taylor Swift, The Town: Bank uses show to attract customer – 07/16/2023 – Market

As part of the strategy of building customer loyalty and attracting new account holders, large banks have increasingly invested in sponsoring major concerts by national and international artists.

Creating good memories for fans during presentations and seeking, through advertisements and promotions, to associate that moment with the brand of the financial institution responsible for the sponsorship is the bet that has moved the financial sector towards the entertainment sector.

Santander has just signed a partnership with the global producer Live Nation to bring international names to the Brazilian stages. The first star of the line-up will be Canadian singer Alanis Morissette, but fans are already speculating on social media about the possibility that American star Beyoncé will be one of the next to come to the country.

Itaú, which has been sponsoring Rock in Rio in recent years, has also invested in its “cousin from São Paulo” The Town, while BB (Banco do Brasil) invests in sponsorships for events such as the João Rock festival, in Ribeirão Preto, the Turá , in São Paulo and Porto Alegre, and Primavera Sound, also in São Paulo.

Bradesco, in turn, has sought to rejuvenate the brand by sponsoring the Lollapalooza festival, while C6 has targeted singer Taylor Swift.

Partnerships between banks and artists usually involve an exclusive advance pre-sale to customers, who also have discounts and extended installments on their credit card.

Itaú offered customers an exclusive pre-sale of tickets for “The Town” and launched a promotion in which, for every R$100 accumulated in purchases on the card, customers compete for a pair of tickets for the festival.

Itaú’s marketing director, Eduardo Tracanella, says that this type of sponsorship is part of a larger, long-term relationship platform through which the bank establishes a connection with its customers.

“The return comes not only from the visibility and recognition that the brand conquers, but also from the affective memory that cultural events sponsored by the bank generate”, says Tracanella.

Sponsorship of major concert festivals allows not only a rational connection with the public, via the offer of products and services, but mainly an emotional one, says Itaú’s marketing director.

According to him, in the last edition of Rock in Rio, which the bank has sponsored for six editions, Itaú was the most talked about brand on social media in the first weekend, according to a survey by BrandWatch.

“With each project, we investigate how we can offer advantages that will help us in the mission of offering the best experiences to customers, thus, positive memories help us to create a perennial connection with the bank, which is sustained with access to an offer of benefits tangible results through our products and services that can be used in other opportunities, whether in a new music festival or day-to-day needs”, says Tracanella.

Along the same lines, the executive responsible for Santander’s experience and culture area, Bibiana Berg, says that the partnership with Live Nation seeks to bring gains related to the perception of the brand among the general public and to strengthen the relationship with the customer base, in addition to to attract new account holders.

“The shows attract different audiences and our idea is to bring names that vary a lot [o público-alvo]”, says Bibiana, without anticipating who will be the next artists to perform in Brazil because of the partnership.

Rumors on social networks indicate that the American singer Beyoncé would be one of the names brought by the duo, but Santander and Live Nation do not confirm.

In any case, even without official confirmation, fans of the artist have been posting on social networks in which they claim to be interested in opening a bank account for easy access to the tickets, which promise to be disputed.

The bank does not open the demand that has arrived due to the shows, but, according to Gustavo Santos, executive responsible for the customer experience area, the partnership actually ends up attracting an audience that until then had no relationship with Santander and that starts to have access to the financial products offered by the institution, in addition to increasing the engagement of those who are already customers.

“Our interest is not just in promoting a show, but in showing that our services provide other non-financial benefits”, says Bibiana. “It is very important to link the client”, adds the executive.

According to BB, the bank seeks to sponsor projects that express the cultural plurality, diversity and richness of regional manifestations that guarantee representativeness in its productions.

The bank says it works with all audiences and segments of society, generating business and “memorable experiences with the brand”.

“BB already gets effective results [de abertura de contas] based on its promotional marketing strategy and sponsorship of events and cultural projects. As we are in a fiercely competitive segment, we chose not to disclose this data to preserve our business”, BB informed in a note sent to Sheet.

Digital bank C6 also invested in sponsoring major concerts to attract customers by betting on performances by American singer Taylor Swift.

For customers looking to increase their credit card limit to purchase tickets, the digital bank launched an offer in which, for every R$1 invested in the CDB Credit Card at C6, the customer gained an additional R$1 limit.

The operation, however, generated a series of complaints on social networks by customers who complained that they had not been able to increase the limit after the investment.

Early access to tickets should be for a short period, says Idec

Lawyer and researcher at Idec’s financial services program, Fabio Pasin says that, in general terms, the jurisprudence in the Consumer Protection Code does not prohibit practices related to bank promotions aimed at customers to purchase tickets for concerts and cultural events.

However, the restriction to other consumers must be momentary and for a brief period, without harming those who are not customers when purchasing tickets.

“It is necessary to guarantee that everyone will be entitled to the same sectors, under the same conditions, without raising the price in relation to the pre-sale”, says Pasin.

Without going into specific cases, the Idec researcher adds that, if the financial institution induces the consumer to hire a service just to have access to a certain product, the action can be considered a married sale, considered an abusive practice by the Consumer Defense Code .