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A new sports sponsorship is about to take flight: On Monday, the Baltimore Orioles announced asset management company T. Rowe Price as their first-ever jersey patch sponsor.<\/p>\n
The multiyear deal means T. Rowe Price\u2019s branding\u2014the company name and its logo of a bighorn sheep named Trusty\u2014will appear on the sleeve of the Orioles\u2019 uniforms beginning with Tuesday\u2019s game against the Braves at Camden Yards in Baltimore, where T. Rowe Price is also based. The asset management company has done a bit of sports marketing, including a recent deal with the Atlantic Coast Conference, but nothing of this scale, according to Head of Global Marketing Theresa McLaughlin.<\/p>\n
\u201cWe\u2019ve been working on a brand refresh for about a year now, and this was just the next step for us, making sure we\u2019re really clear on telling our story and our messaging,\u201d she told Marketing Brew. \u201cSponsorships play an important role in doing that.\u201d<\/p>\n
Will they, won\u2019t they<\/h2>\n
The deal was a long time coming for the Orioles, and the team took its time to find its ideal match<\/del> patch partner in T. Rowe Price, Orioles SVP and CRO T.J. Brightman said.<\/p>\nWhen Major League Baseball first announced that teams would be allowed to take on jersey-patch sponsors in 2022, Brightman said the Orioles immediately started exploring opportunities but that the team also wanted to \u201csit back and observe\u201d the earlier movers in the space before making anything official. They had conversations with multiple companies over that time but, based on learnings from other teams, ultimately decided a local brand would be the best fit, Brightman said.<\/p>\n
\u201cWe were very conscious of the company that was going to be on our uniform,\u201d he said, later adding that \u201ctraditionally, these types of deals attract a lot of interest from companies outside of your market.\u201d In the early days of MLB jersey patches, there was some blowback from fans who did not exactly love the new addition to the uniforms (looking at you, Yankees supporters), but Brightman said by now, more people are used to the concept.<\/p>\n
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The sponsorship makes T. Rowe Price the exclusive wealth management and investing partner of the Orioles and includes real estate beyond the jersey, such as branding in the outfield, on the scoreboard, behind home plate, and at the Orioles\u2019 spring training facility in Sarasota, Florida, as well as involvement in joint community events.<\/p>\n
McLaughlin and Brightman declined to share the value of the deal or its specific length.<\/p>\n
\u201cThis is really a multifaceted program,\u201d McLaughlin said. \u201cWe\u2019re not interested in just doing the patch. While we think that\u2019s great\u2014we love that it travels with the team\u2014it was important for us to look at this more broadly.\u201d<\/p>\n
Hard to get<\/h2>\n
With some jersey-patch deals rivaling the cost of stadium-naming rights, aka hundreds of millions of dollars over the course of many years, T. Rowe Price didn\u2019t immediately bite when the Orioles came calling. First, McLaughlin said she and her team analyzed ROI and the other \u201cintangibles associated,\u201d like the potential for the deal to impact the brand\u2019s role in the Baltimore community.<\/p>\n
Ultimately, it \u201cjust made sense\u201d on both fronts, McLaughlin said. Plus, who can resist the allure of a team on the rise? The Orioles had their best record in 40 years last season, winning 101 games.<\/p>\n
Ideally, McLaughlin said the partnership will lead to increased brand awareness, consideration, and favorability for T. Rowe Price in Baltimore in other target markets for the company where the team plays, like New York, Toronto, and Boston. Her team has baselines for those metrics and plans to continually re-measure them, beginning as early as the start of the partnership, she said.<\/p>\n
The patch goes live Tuesday, more than a month after the start of the MLB season. Once the Orioles\u2019 recent ownership change went through, she was eager to get involved for the rest of the season\u2014which she\u2019s optimistic about, to say the least\u2014rather than waiting until 2025.<\/p>\n
\u201cThey\u2019re going to go all the way,\u201d she said. \u201cThey\u2019re going to be in the World Series, and so why wouldn\u2019t we want to take advantage of that?\u201d<\/p>\n<\/div>\n
Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"A new sports sponsorship is about to take flight: On Monday, the Baltimore Orioles announced asset management company T. Rowe Price as their first-ever jersey patch sponsor. The multiyear deal means T. Rowe Price\u2019s branding\u2014the company name and its logo of a bighorn sheep named Trusty\u2014will appear on the sleeve of the Orioles\u2019 uniforms beginning […]<\/p>\n","protected":false},"author":1,"featured_media":21256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[78],"tags":[],"class_list":{"0":"post-21255","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-marketing"},"yoast_head":"\n
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