Finance brands’ love affair with tennis, explained

Finance brands flock to tennis like bees to honey—or perhaps a Honey Deuce.

American Express and JPMorganChase have been US Open partners for decades, and at least one other finance brand, Morgan Stanley, is advertising around the tournament this year. At other tennis events and throughout the calendar year, financial services companies are similarly prominent.

Why? At first glance, it might seem obvious: Tennis has a reputation for being somewhat of a premium experience, and tends to be a passion point among the target audience for financial institutions, several marketers told Marketing Brew. But one of the main draws for finance brands is that it’s not as exclusive as it once was, especially the US Open, which has a fairly wide-ranging audience that is only growing: Last year’s tournament saw more than 957,000 fans, a Grand Slam record.

“I think that the US Open fan, the audience demographic, is broadening,” Kate Schoff, managing director of sports and entertainment marketing at longtime US Open partner JPMorganChase, said. “You have a real core tennis fan, but the majority of people, I would argue, that attend the US Open, are actually not your true, core tennis fan, or that typical demographic that you associate with that core tennis fan. It is so much more. It’s an entertainment event.”

With multiple brands playing the same game—and even the same tournament—capturing audience attention might be about as hard as winning a Grand Slam. Here’s how a few of the companies marketing around the US Open are trying to pull it off.

Are you not entertained?

The US Open isn’t like the other Grand Slams, marketers pointed out. Shiz Suzuki, VP of global brand sponsorships and experiential marketing at American Express, a US Open partner since 1994, said “it’s almost like a food and wine festival on the grounds” rather than solely a tennis tournament.

“All the Grand Slams have their own personalities, and the US Open is the spectacle,” Schoff said. “It’s the entertainment event with a side of tennis. It’s about the loud nights under the lights. It’s about the food and beverages…It’s about so much more than tennis.”

“The US Open,” she added, “just embodies the whole spirit of New York City, and it comes to life in the context of a tennis event.” Maybe that’s why the brand activations at the tournament aren’t looking very demure.

American Express “shows up in some of the biggest and loudest ways at this event,” Suzuki said, including hosting “glow tennis” games, collaborating with Ralph Lauren on exclusive merch, and partnering with Van Leeuwen on a limited edition Match Point Mint Chip x AmEx ice cream.

JPMorganChase, meanwhile, teamed up with Pier 17 in lower Manhattan, a subway ride away from where the US Open is hosted at the USTA Billie Jean King National Tennis Center in Flushing Meadows, Queens, to offer its Sapphire Reserve cardmembers a chance to book courts on the rooftop venue or take a clinic with 2003 US Open men’s singles champ Andy Roddick, Schoff said.

While Morgan Stanley is unable to sponsor the US Open due to the tournament’s existing agreements with other finance brands, according to CMO Alice Milligan, that doesn’t mean it can’t advertise around the event. This year, it’s wrapping the 7 train, which goes to Flushing Meadows, in an ad that’s part of a campaign with brand partner and 2021 US Open women’s singles finalist Leylah Fernandez, Milligan said.

Morgan Stanley’s work across tennis, including as an official partner of the Women’s Tennis Association and the presenting sponsor of the ESPN docuseries In the Arena: Serena Williams, has meant that “the firm is appealing to a much broader audience,” including Gen Z, Milligan said. It’s also not hurting with “high net-worth tennis enthusiasts,” she added.

Tough competition

With multiple financial institutions tying up with the US Open and tennis in general, it can be tricky for marketers to help make their brands stand out.

The JPMorganChase team tries not to be swayed by what competitors may be doing, Schoff said, instead sticking to its own brand values and trying to find common ground between those and the US Open. The company tries to meet attendee needs by providing things like mobile chargers for everyone on the grounds and an air-conditioned space, The Chase Lounge, with complimentary food and drink for its customers.

American Express’s approach is more focused on aligning with New York culture, Suzuki said, which includes being big and loud and offering something for everyone, even non-cardmembers. Its 20,000-square-foot American Express Fan Experience, which includes the aforementioned glow tennis and a ball customization station, is open to everyone, although the second level is reserved for card members.

“At the end of the day, I want people to leave an incredible event and experience like the US Open and say, ‘Wow, that experience that I just had was even better because of American Express,’” Suzuki said.

For Morgan Stanley, Milligan said she hopes the subway ads are visible and unique enough to stand out. Plus, the company is active in the tennis space year-round, trying to gain favor with fans of the sport by hosting community service events, investing in the women’s game, and showing up at tennis tournaments around the world.

“Tennis is a very significant platform for us,” Milligan said. “For us, it has been a big investment, a big commitment, but we feel it’s an important space to play in.”