Much of the increase can be attributed to the expanded visibility and reach sponsor messages have today thanks to digital advancements and the social media boom. In a 2020 report from Deloitte, researchers determined that $65.8 billion was spent on sports sponsorships around the world in 2018, compared to $37.9 billion in 2007. The mortgage industry’s focus on sports reflects global marketing trends. Sport sponsorship allows mortgage brands to become household names that come to mind easily,” she said. “The expansion of online mortgage services, where the consumer initiates the lending process, makes top-of-mind brand awareness important.
Rocket Mortgage’s introduction of a start-to-finish online mortgage shopping experience in 2015 changed the rules of marketing for the home-loan business.Īs mortgage lending began shifting from one-on-one meetings in local offices to an increasingly online experience, pressure to be part of the ‘‘’evoked set,’ or the set of brands that come to mind when one thinks of the product category,” turned marketing into a higher priority, Cornwell said. Bettina Cornwell, professor of marketing and academic director of the Warsaw Sports Marketing Center at the University of Oregon’s Lundquist College of Business, in an email to National Mortgage News. “The ascending interest in sport sponsorship by mortgage companies is related to their evolved marketplace,” said T. All are following the lead of Guaranteed Rate, which has been a partner of the Chicago White Sox since 2016. More recently, Rocket Mortgage inked a deal with the Detroit Tigers in March just before the season commenced to become its exclusive mortgage sponsor. In addition to its connections with MLB itself, loanDepot signed on to become the sponsor of the Miami Marlins, while Union Home Mortgage and Fairway Independent Mortgage teamed up with the Cleveland Guardians and Milwaukee Brewers, respectively. The mortgage connection to baseball goes far beyond loanDepot’s league-level involvement, with several of the largest companies touting official team partner status in recent years. Mark Brown/Photographer: Mark Brown/Getty I
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