The fastest growing demo in the United States is the fifty and over market, a group, unless you are an ED medication largely is still missed by sports properties in the country, all looking to grab the younger demo as the fan for life. The reality is that those over fifty are living longer, have disposable income and are very brand loyal, so why they play second fiddle is still to be determined.
Now the middle ground for sponsorship regardless of demo is financial services and insurance, although that market is also looking for the early dollars vs a later investment, so it came as an interesting twist Thursday when the Denver Broncos landed retirement services company Empower Retirement for the naming rights to Broncos Stadium at Mile High, to be renamed Empower Field at Mile High a deal pilled together with the help of Endeavor.
Empower Retirement is the nation’s second largest retirement services provider, serving the retirement needs of 9.2 million Americans with $638 billion in assets under administration. They have 6,200 employees in 40 regional offices with 2,700 of those associates at their Colorado headquarters.
It is the biggest and boldest step for the company who has other professional and NFL team partnerships in major markets where Empower is represented with a large concentration of associates and customer bases, including with the Kansas City Chiefs, New England Patriots, and New England Revolution as well as some golfers.
Is it a sign of the changing economy to look longer term for sports deals, to an older demo who we know is tuning in and turning out to NFL games on Sunday?
We asked Stephen Jenks, Chief Marketing Officer and Senior Vice President for Empower Retirement to give us the scoop.
In a world where brands look to sports to engage a younger fanbase this seems counterintuitive. What is the overall goal for this as to how it will help the brand grow nationally?
Empower Retirement is relatively young company, having been formed just a few years back in 2014. Up until this point we’ve been mostly a behind-the-scenes player, serving American workers through their employers, so this represents a big opportunity for us to grow our brand visibility among consumers not only in Denver, but nationally. The NFL offers the largest reach of any sports marketing platform in the U.S., and the Denver Broncos are one of the most prominent NFL franchises with an extremely large and passionate fan base. This naming rights deal is a thoughtful expansion of our existing partnership with the team and investment in our hometown community that will also allow us to increase brand awareness nationally among a wider audience across key media channels, including broadcast, digital and print.
Are there ways you will activate against this to the demo you are trying to reach that might be different from what you have done in the past? If so what will we see?
In addition to the significant visibility that will come from stadium signage and mentions of our brand on national TV broadcasts and other media channels around Broncos games and high-profile events at Empower Field at Mile High, we are developing a strategic plan to bring our sponsorship to life in unique ways to further engage with Broncos fans, our associates and customers locally and across the country. This will include joint community initiatives in partnership with the Broncos to benefit important local causes, hospitality elements, as well as other activations.
The fastest growing demo in the US is actually 50 and older. Why do you think that brands around sports still overlook that active group to market to, and how will this help you expand market share?
I can’t speak to how other brands approach this demographic, but for Empower Retirement, we currently provide retirement plans for more than nine million Americans through some of the nation’s largest corporations, thousands of small businesses, as well as government entities and not-for-profits. Our customers are all across the country, representing various demographics. As we continue to grow our brand awareness, it’s important for us to structure and scale our marketing efforts in a way that will resonate with them and potential customers. Broadening our partnership with the Denver Broncos with a stadium naming rights deal and tapping into the popularity and reach of the NFL gives us that opportunity.
While it bring in more of those heading toward an active retirement because of an NFL activation? Stadium rights are a tricky thing, but in a competitive market for a group that has disposable income, Empower is betting that a bug deal can turn some of those slightly graying fans in ones who bring green dollars their way.
