Sponsorship can be a powerful part of a brand’s overall marketing mix. In North America, many brands allocate as much as 25% of their total marketing spend to various local, regional, and national sponsorship activities.
Each sponsorship is different but they can often be an effective one stop shop for brands. Value can be generated through:
- Print or digital media
- Product sampling opportunities
- Or in the case of sports properties, brand integration on/in the field of play
More than ever, brands are seeing success with targeted and measurable sales initiatives for new customer acquisition. If your brand is seen to be supporting something that truly matters to fans or participants, research shows that they will be as much as 70% more likely to try your product or service.
A sponsorship built on shared values and strategic alignment can provide a strong platform for an organization’s marketing and overall corporate objectives in areas such as sustainability, inclusivity, innovation and employee engagement. As an example, 91% of millennials would switch to a brand that champions a cause they care about, and sponsorship can be an important and authentic way to demonstrate that commitment.
In certain situations, sponsorships can also become the best case study you have, providing the opportunity to prominently showcase your brand’s products or services on a regional, national, or even global stage. In Canada, 20% of all sponsorship rights fees are delivered through in-kind products and services.
If approached properly, a sponsorship can often deliver direct business results. Whether revenues are driven through the sponsorship property itself, their fans or participants, there can be immediate bottom line benefit. A properly integrated sponsorship should be both a marketing and a business partnership.
If you haven’t considered sponsorship as part of your marketing plans, you’re missing the opportunity to engage with your customers, or potential customers, at their true point of passion.
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