Truist Financial will serve as presenting sponsor of Wake Forest's women's sports teams
The GIST: Truist Financial is banking on women’s sports. Yesterday, the bank holding company called on audible on its partnership with Wake Forest University’s football team and redirected its support towards the school’s women’s athletics program.
The details: The company will now serve as presenting sponsor of Wake Forest’s women’s sports teams, and will launch a weekly digital series dedicated to them. Truist will also support all Demon Deacon student-athletes with financial literacy education and produce several digital content series.
- The bank was previously the naming sponsor of Wake Forest’s football stadium, which has been called Truist Field since 2007. The school intends to announce a new name for the stadium today. Hut hut hike.
The context: Wake Forest is creatively generating revenue despite the financial uncertainty of conference realignment, and the effort wisely includes boosting the profile of its women’s sports teams. In 2021, the school launched a campaign to celebrate the 50th anniversary of its women’s athletic program, raising $17.7M from donors so far.
Zooming out: From Gatorade’s focus on female athletes and Ally’s reconfiguration of its NWSL deal, brands are finding unique ways to invest in women’s sports. Truist leveraged its longstanding relationship with Wake Forest to enter the women’s sports space and build digital relevance — NCAA women athletes dominate the social media game.
- Truist’s pivot also provides key benefits for Wake Forest. The school scored new money by selling its women’s sports inventory, took one of its hottest sponsorship packages to market, and will cash a shiny new paycheck. Not too shabby.