Sponsorship is one of the fastest growing areas of marketing. There are many different types of sponsorship, and what you really need to do, prior to undertaking any sponsorship, is find out what's right for you and what benefit you’ll get. There are some points below which will aid you when making a decision on sponsorship.
Sponsorship is the support of an activity; this may be financial support or in-kind support. In accordance with IED’s publication ‘A complete guide to Sponsorship’, "Sponsorship should not be confused with advertising. Advertising is considered a quantitative medium, whereas sponsorship is considered a qualitative medium. It promotes a company in association with the sponsee."
What’s expected from a sponsor?
What’s expected is dependent upon what it is that you’re sponsoring. For example if you’re sponsoring an awards ceremony, you may be asked to judge a category within the awards, you may be asked to present that award, have your photograph taken with the winner, etc. Alternatively, you’re sponsoring a product or a sports team for example, you may just be asked for financial support with no form of involvement.
What benefit will I get if I sponsor?
- Enhanced brand image
- Increased sales
- Creating positive publicity
- Differentiation from competitors
- Help with corporate social responsibility goals.
What markets will I then have access too?
Once again, this is dependent on what it is that you’re sponsoring. You need to do your research and look at what meets your requirements. When deciding what to sponsor, you should consider the geographical location and what will best meet your company requirements. Sector specific, if you work within a certain sector, then you need to find something more focused upon that sector.
What do I need to do to get the most out of being a sponsor?
Whatever it is that you’ll be sponsoring will create publicity for you. However, you can always do more! Use social media to let people know that you’re sponsoring. Let your clients know and invite them along to the event or product launch. Also, ask who you’re sponsoring, for copies of everything they are sending out, and then you can promote your activities.
It’s not surprising that sponsorship is one of the fastest growing marketing areas. Sponsorship can really benefit a company with so many different options to choose from. You initially need to do your research and decide what will work best for you.