As part of a new advertising campaign, the Massachusetts Port Authority has signed Portland, Maine-based Banknorth Group as the lead sponsor for the Tobin Bridge in Boston.
The state has found a new way to generate expressway revenue without increasing tolls for taxpayers: sign up sponsors.
Which is exactly what the Massachusetts Port Authority did when it signed Portland, Maine-based Banknorth Group as the sponsor for Boston’s Tobin Bridge in an effort to increase revenue for Massport without increasing tolls. As a bonus, Banknorth gets advertising rights at the Tobin’s tolls, reminding consumers that the bank is making its way across New England.
Massport announced a three-year contract with Banknorth to sponsor the Tobin Bridge’s FastLane program. As a result, motorists using the Tobin Bridge will soon see signs displaying the Banknorth name. The Tobin’s first corporate sponsor is the result of Massport’s efforts to seek additional business and marketing opportunities on the bridge.
The revenue from Banknorth will help fund planned projects including beautification of exit ramps and new, easier-to-read signs.
In 2002, more than 24 million vehicles crossed the Tobin Bridge.
Jose Juves, a Massport spokesman, said the three-year sponsorship deal will bring in over $190,000 and “the money will go into improving ramps and the beautification of the bridge and will also fund improvements to the drivers.”
The Banknorth signing marks the first ever Massport bridge advertiser in the Tobin’s 53-year history, and Juves said that type of partnership could be essential in helping state revenue.
“As part of an authority-wide effort to make it through tough financial times, [Massport] has been looking at alternative sources of revenue. Our potential clients were at Logan [International Airport], The Black Falcon cruise terminal and the Tobin Bridge,” said Juves.
‘More Visibility’
In October 2003, Massport selected Travelers Marketing, a Wellesley-based firm, to design, develop and manage the Tobin Bridge advertising program. Banknorth is the lead client signed by Travelers Marketing under the initiative.
“[Massport] hired Travelers Marketing in October of last year to handle the advertising opportunity specifically for the Tobin, and Banknorth struck a deal that benefited both parties – the bank establishes name recognition with north-of-the-city residents that commute in … and we will get $192,000 a year in all non-toll revenue,” said Juves. The funds will go directly to Massport from Banknorth’s marketing budget.
With more than 30,000 inbound cars a day on the toll plaza, Banknorth Group is sure to generate bank awareness with the bombardment of signage in the toll booths, as well as a behemoth of a Banknorth sign that is scheduled to be assembled over the entire toll booth plaza early in 2004.
“We thought the bridge was a great opportunity because we are strong in Southern New Hampshire and on the North Shore of Massachusetts, but there are a lot of commuters into Boston so it was a good opportunity to increase awareness,” said Brian Arsenault, Banknorth spokesman. “I think it [the sponsorship] was more geared to where the bank is now and exposing folks to more visibility of us.”
Arsenault said the extensive signage above the tollbooths and in each of the toll windows highlighting the bank name and special offers and products will be advertised.
The increased sponsorship activity on the part of Banknorth is in part due to its ambition to grow its market share in Massachusetts.
While the bank currently holds 20 percent of the market share in Connecticut, Vermont and New Hampshire, Banknorth only represents 5 percent of the market in Massachusetts and Arsenault said more publicity will bring spread awareness of the bank.
“Specifically in Massachusetts, we have grown a great deal in the last three years. We have purchased banks and have a wider geographic region, so it’s a wider region overall for us to grow in,” said Arsenault. “We want to continue to grow in all states, and also increase the 5 percent market share we have in Massachusetts, so we are putting a lot of effort into advertising and sponsorship deals within the Massachusetts marketplace. You’ll see us more aggressively advertising, partly in the Boston market … and the coming of Bank of America is going to create some customer disruption, so is a good time to get out there and let costumers know we are available to help them.”
Farther north on Interstate 95, Banknorth also signed a multi-year agreement with Oxford Plains Speedway in Oxford, Maine, to be the new title sponsor of the Banknorth Oxford 250.
In its 30-year history the race, which is Maine’s largest auto racing event, has seen future NASCAR legends such as Jeff Gordon, Dale Jarrett, Darrell Waltrip and Bobby Labonte compete.
On July 18, the Banknorth Oxford 250 will cap off an entire weekend of racing.
Close to 20,000 spectators are expected to visit the 3/8-mile oval during the Banknorth Oxford 250 weekend of events.
“People travel from throughout New England and upstate New York to attend the Oxford 250 in Maine every summer,” said Rick Dempsey, executive vice president of marketing for Banknorth, in a prepared statement. “As New England’s hometown bank, we saw this as a great opportunity to support a well-regarded sporting event that has a strong local following in many Banknorth communities.”
“The popularity of auto racing in this country is well documented – the previous sponsor decided not to proceed, so we came in,” noted Arsenault. “It draws fans from all over New England and is a great opportunity to heighten awareness.”
Ultimately, the sponsorship opportunities throughout New England will promote Banknorth in each state. Whether it’s auto racing or toll paying, customers will constantly be reminded of the growing bank’s presence.
Melanie Nayer may be reached at mnayer@thewarrengroup.com.
