CA Notice at Collection Races & Places earlier this month marked the end of ING’s 10-year relationship with the storied race—and the end of the financial service firms' marathon sponsorship in general. The Miamiand HartfordCA Notice at Collection.
Races - Places, The Courant, poses the question many have been asking in an article this week: “If you have an established firm with a brand-new name in financial services, and you’ve spent more than a decade building positive recognition with three huge events that attract the upscale crowd you need to reach, why drop out?” writes Haar.
There is no simple answer. A company spokesperson tells Haar the move was a strategic marketing decision and that ING will now focus its resources on financial literacy projects.
Financial literacy projects don't appear to compare to high-energy, high-profile events like the marathon--you don't just reach runners, you reach entire cities and their visitors--but V Kumar, a business professor at Georgia State University suggests the move has merit. He tells Haar that ING is not a bank in the U.S., that it is only interested older clients if they have profit potential, and that the people who make the decision to use its services are not individuals, but employers and financial advisors.
Frankie Ruiz, co-founder of the Miami Marathon, said he was "mind-boggled" by the sponsorship suspension. But it appears the firm is doing what it can to ensure a smooth transition. Hartford race director Beth Shluger told the Courant in an earlier article that four companies were interested in assuming title sponsorship and that ING officials had been participating in calls with potential new sponsors.
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