KB Financial's Kim Yuna, Hana Financial's Son Heung-min
Dynamic Brand Image Building Effect
Secondary Financial Sector Also Flooded with Golf, Volleyball, Billiards Sponsorships
On the afternoon of the 2nd, Son Heung-min attempted a shot during the men's national football team friendly match between Korea and Brazil held at Seoul World Cup Stadium. [Image source=Yonhap News]
[Asia Economy Reporter Song Seung-seop] A fierce competition in 'sports marketing' is taking place in the financial sector. This is because they can enjoy extensive promotional effects by employing top stars, as well as build a positive and vibrant corporate image. The number of financial institutions engaging in social contribution projects by sponsoring less popular sports is also increasing.
According to the financial sector on the 4th, Hana Financial Group and Hana Bank have been employing soccer player Son Heung-min as their promotional model since 2018. The advertisement featuring Son Heung-min, titled "Together is Strength, Hana is Strength," recorded 10 million views on YouTube. This is the shortest record among advertisements produced by financial institutions.
Hana Financial Group has been an official sponsor of the South Korea national soccer team since 1998. They have hosted the national team's A matches and taken on the title sponsorship of the FA Cup. In March, they even formed a consortium and expressed their intention to acquire Chelsea FC, a prestigious club in the English Premier League.
On the 2nd, the friendly match between the South Korea and Brazil national soccer teams was also led by Hana Financial Group. Tickets were sold through their own banking application, Hana One Q, which reportedly saw a significant increase in daily users and installations.
KB Financial Group actively supports athletes in less popular sports and promising young talents rather than stars. A representative example is their sponsorship of figure skater Kim Yuna, which began in 2006. At that time, KB Financial Group noticed Kim Yuna's outstanding skills in figure skating since middle school and signed a sponsorship contract. Swimmer Hwang Sun-woo, who set an Asian record at the Tokyo Olympics last year, short track speed skater Choi Min-jung, and skeleton athlete Yun Sung-bin are also examples of athletes who grew with KB Financial's support.
KB Kookmin Bank uses athletes with a good image among financial consumers in their advertisements. Figure skater Kim Yuna personally appeared in ads for the '9To6 Bank,' which extended branch operating hours until 6 p.m., and the 'K-Bee Zone' project aimed at restoring the bee ecosystem.
There are also cases where an entire sport is sponsored. Shinhan Bank enjoys promotional effects through the Korea Baseball Organization (KBO) League. Shinhan Bank entered sports marketing by signing a KBO sponsorship contract worth 24 billion KRW over three years starting in 2018. After the contract expired, they extended it and continue to participate as the title sponsor. The monthly MVP is selected by combining votes from the Korea Baseball Writers Association and fan votes conducted through Shinhan Bank's mobile application, Shinhan SOL. The selected player receives prize money and a Shinhan Bank gold bar worth approximately 750,000 KRW.
On April 2nd, 2022, at KINTEX in Ilsan, Lee Won-duk, President of Woori Bank, is taking a commemorative photo with the winning team T1 after the '2022 LCK Spring Finals'. Photo by Woori Bank
Sports marketing targeting the MZ generation (Millennials + Generation Z) is also gaining attention. Woori Financial Group actively supports eSports, considered a niche market. Since 2019, they have been the official sponsor of the popular game 'League of Legends (LoL) Champions Korea (LCK).' In March, they signed an official sponsorship agreement with the Korea eSports Association national team participating in the 2022 Hangzhou Asian Games.
Sports marketing is also active in the secondary financial sector. SBI Savings Bank launched the SBI Golf Team in 2018 to discover and nurture promising golf players. OK Financial Group operates the 'Utman Pro Volleyball Team,' achieving consecutive championships for two years. OK Financial Group Chairman Choi Yoon was also appointed president of the Korea Rugby Union last year. Additionally, Welcome Savings Bank supports professional billiards and golf, while Pepper Savings Bank supports women's professional volleyball and golf.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
