Companies marketing themselves in connection with Taylor SwiftB次元官网网址檚 future swing through Toronto might feel an afterglow that outlives the pop starB次元官网网址檚 handful of shows in the country B次元官网网址� but such brands also face several risks in tying themselves to the hotly anticipated tour.
ThatB次元官网网址檚 the message marketing experts had as tickets to SwiftB次元官网网址檚 six nights in Toronto next November B次元官网网址� backed by Rogers Communications Inc. and Royal Bank of Canada B次元官网网址� went on sale Wednesday.
Telecommunications giant Rogers has been marketing itself as the presenter of SwiftB次元官网网址檚 Toronto stops at the Rogers Centre stadium, while RBC is listed as an official partner and will offer an exclusive allocation of tickets to its Avion members next week.
Days before announcing its ticket allocation, RBC opened up the Avion program to Canadians regardless of what company they bank with or hold credits cards with.
B次元官网网址淲hether someone would switch bank or card allegiance due to access to a Taylor Swift concert is debatable, but (it) is B次元官网网址榚yes on the prizeB次元官网网址� and certainly there will be a lot of eyes on this event as we get to November 2024,B次元官网网址� said Richard Powers, national academic director of the Rotman School of Management at the University of Toronto, in an email.
The Eras tour, which kicked off in the U.S. in March and will span at least two years, has become one of the most lucrative shows in history.
Online research company QuestionPro said in June, ahead of SwiftB次元官网网址檚 Toronto announcement, that fans had spent an average US$1,300 per show. About 70 per cent of the 596 people it surveyed said the money was worth it because the experience was so rewarding, while 91 per cent said theyB次元官网网址檇 go again.
Despite ticket-holders paying more than they budgeted, QuestionPro said the Eras Tour achieved a Net Promoter Score B次元官网网址� a metric measuring how likely someone is to recommend a brand or product to a friend B次元官网网址� of 68, putting it on par with retailer Costco and tied with tech goliath Apple and the Ritz-Carlton Hotel chain.
QuestionPro estimated that if the current spending pace continues through the end of the tour, Swift will have generated an estimated US$5 billion in economic impact.
B次元官网网址淭hese numbers are pretty incredible,B次元官网网址� said Dan Fleetwood, QuestionProB次元官网网址檚 president of research and insights, in a press release.
B次元官网网址淚f Taylor Swift were an economy, sheB次元官网网址檇 be bigger than 50 countries; if she was a corporation, her Net Promoter Score would make her the fourth most admired brand, and her loyalty numbers mimic those of subjects to a royal crown.B次元官网网址�
Such findings likely contributed to a cost-benefit analysis Powers suspects companies completed before getting on board with the tour and devising Swift marketing plans.
While RBC has long offered customers an exclusive inventory of tickets to Live Nation Canada shows, the Avion tie-in is more unique.
B次元官网网址淚t goes after a different demographic,B次元官网网址� said Powers, meaning parents purchasing tickets for their kids.
B次元官网网址淭he Avion card targets a higher income demographic that they compete for every day with the other big banks.B次元官网网址�
RBC has already seen B次元官网网址渋ncredible momentum and interestB次元官网网址� from Avion members since the Swift promotion began, B次元官网网址渟ignificantlyB次元官网网址� accelerating plans to B次元官网网址渃reate inimitable brand attachment,B次元官网网址� said Fiona Anderson, the bankB次元官网网址檚 senior manager of brand communications.
B次元官网网址淭his is also a once in a decade opportunity to distinguish our brand and the Avion Rewards program in the ultra-crowded loyalty space,B次元官网网址� she wrote in an email.
For Rogers, the connection may be as much about driving customers as it as it about goodwill. The company is still working to repair its public perception after a daylong outage last summer that garnered international headlines.
Rogers did not immediately respond to a request for comment.
However, Powers said, B次元官网网址淐oming off their recent connection problems, this is a feel-good story for them.B次元官网网址�
B次元官网网址淐onsidering the target market B次元官网网址� younger fans looking for better priced mobile packages B次元官网网址� expect to see other parts to this sponsorship, specifically targeted to that demographic,B次元官网网址� he added.
But Joanne McNeish said that younger demographic will make it harder to capitalize.
B次元官网网址淎 common mistake that brands make today is that if you put your name in front of young consumers who canB次元官网网址檛 currently purchase your product or service they will remember you and purchase at another point in time,B次元官网网址� said the associate professor of marketing at Toronto Metropolitan University in an email.
A bad experience could also backfire on the brands.
Fans who have a hard time getting tickets, as has become customary for the tour, could also mean customers sour on brands, said Powers.
Her show slowed TicketmasterB次元官网网址檚 systems significantly in November, leading to U.S. Senate hearings and politicians promising to take action.
While SwiftB次元官网网址檚 shows have soldiered on, the ticketing process now relies heavily on verified pre-sales where fans sign up in advance for a chance to buy ducats. However, demand often outweighs supply, leaving many unhappy on the waitlist or turning to scalpers.
B次元官网网址淭his opportunity comes with risks,B次元官网网址� Powers said.
B次元官网网址淓ven Taylor Swift can get sick, cancel dates. The big sponsors also bear some of the risk of an unforeseen issue causing a cancellation or postponement of concert dates.B次元官网网址�
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