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FOX Business Channel's Liz Claman talks with Citigroup CBO Dermot Boden about Olympic investments, sponsorships and more.
Automatically Generated Transcript (may not be 100% accurate)
Welcome to this summer games technology and fitness -- blocking by Scott trade. -- just be able to slap your logo anywhere near the Olympics. Can cost up to 100 million dollars for the top sponsors absolutely very expensive. But you know what for city group it was time to finally take the plunge for the first time they said. What's going here let's be his spots and they're doing other smaller scale for the US Olympic Committee and today. We went to the USA house where all the athletes hang out and we went to find out just how even in tough economic times. It was money that city group feels as well spent and how they feel it's already pay off. We've got great feedback from from in market research which indicates that our our advertising is very effective put it in terms of the appeal. Breakthrough. Some grey advertising's particularly I think I think original and an unusual for an Olympic campaign has an edge and people are seeing it. A marketing engaged by it RR campaign of every step of the way this is effective people are excited about that and that's allowing. The American public to engage with the athletes in a very unusual and creatively and digital way now this is the first time city has been a sponsor. USOC US Olympic Committee made a 500000 dollar commitment. And then how much more money are we talking about here but this is a significant investment for us and it's the first time he -- as you said. And so we are putting quite a lot of money behind this campaign it's important to us. But we're seeing the results -- ready and I think that's very exciting we're seeing successfully put us from the product went to your round went to view and even. Almost as important internally within city we're seeing colleagues than 90000 colleagues in the US really engage -- get captivated by the campaign while. Things I noticed back in the states because on the city client every time I went up to what does that ATM machines. Not only did I just see hit -- five Olympics where it -- but I saw specific athletes stories. Which I thought was an unusual and an almost more connected way of using this type of partnership. But let's get down to that the dollar signs here from this partnership and you guys want more points you want some business here you want people to say I wanna be a city person. Of course of course we're looking we're looking obviously to strengthen our brand but also of course to bring you -- and hard to have our current clients to engage even more with us. That's going to be a critical consequence of the campaign we anticipate. And we'll measure that through the next few months we don't have that data today but we are seeing being gauged in that we hope will lead to that. It's good PR -- for his for critics are hard to come by these days what with the line -- -- manipulation scandal stress test etc. as you look at this -- you said. We wanna get. Well for what's what it's -- touchy -- good feeling about Citibank and city group. Tell me sort of took the response that you've seen as it pertains to everybody out there. I think we're seeing a very strong response I'm very happy with the response look we're sitting here standing here right now in front of these footprints. And this marks the signature steps of the thirteen athletes that we be partnering with through this program. Some some really truly profound great athletes paralympics to paralympics two very important to us because we think it's -- it's a real way -- engaging with the community. And we we have a -- Philosophy. Of supporting people on the journey from ambition to achievement when you've got that at the uniform. Story which is. Pretty powerfully -- profound that with with a with a wonderful lady. Harry Miller who's who was in the military in the United States in Iraq came back to that states. A tragic accident and lost her legs and now here she is competing for America she puts it in in our commercial. With another uniform. The uniform of the US paralympic team it's a very powerful. -- one that she really was very engagement. -- big chunk of money sponsorships the city doing these days vs back in the day. Well back in the day I'm not sure exactly how many -- I know today we have two or three very important partnerships for example to the field with with the -- There other programs that we have around the world that are important to us but getting more judicious than we are we we are trying to be selective we want to part with with. With with people and and assets that are consistent with operandi not run values that's -- these thirteen athletes were very important to us that's why partnering with the US Olympic Committee was important to us they represent the things that we want to instill into city and instill into. It into the equity that we build with our clients and with our customers consumers. Believe us city is very sensitive to the fact that the financial crisis has put -- in about life in some cases they are as I said being very judicious about the money they spend it. They are nowhere near one of the top sponsors when it comes to spend a lot of all of these types of fancy pants and -- they do of course as you know -- city feel they're going to do -- tennis tournament in Washington DC but they're keeping it to about three or four big events. And that's just the way they want to. Thanks for tuning in to this summer games technology and business report brought to you I've got train here on Frontline they. 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