The secret to a lasting partnership? Never phone it in.
BY CHRISTOPHER CASON, JOURNALIST & CREATIVE STRATEGIST COVERING SPORTS, BUSINESS, AND LEADERSHIP
Photo: Chase
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Sixteen years is a long time to be in business with anyone. A lot has changed since 2010. Social media has transformed consumer behavior. Athletes have become entrepreneurs and media brands, and customers have more choices than they ever have. Through it all, JPMorgan Chase and the New York Knicks have maintained a partnership that has evolved alongside the business of sports.
That longevity raises a unique question for any business: How do you build a relationship that remains valuable when almost everything around it changes?
“I think for us, it’s doing that work upfront to align to organizations so that we have a lot of shared vision that allows you to create a partnership that is built on an incredibly strong foundation,” said Kate Schoff, head of sports and entertainment marketing at JPMorgan Chase.
For Schoff, the secret isn’t finding a formula that works and tracing over that. It’s knowing what should never change while remaining willing to reimagine everything else.
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The best partnerships start before the deal is signed
Companies often enter partnerships keyed in on what they’ll receive. These factors are important, but Schoff believes the more consequential work begins before the agreement is finalized.
For Chase and the Knicks, New York provides that common ground. Both organizations have deep connections to New York. This gives them opportunities to collaborate beyond what happens inside Madison Square Garden.
That shared identity also gives them room to change. Early in the relationship, Chase’s community initiatives included rebrushing basketball courts and building playgrounds. As the bank expanded its focus on financial health, the partnership evolved to include financial literacy workshops at community branches.