Effective sponsorships are a key component to a powerful marketing strategy. Today, sponsorship is the fastest growing form of marketing promotions.
Unlike marketing your brand in the media, sponsorship marketing is a more cost-effective option with a higher return on investment, and is affected by fewer rules and regulations. It allows you to be more creative about how your objectives can be met and if the are negotiable. But this is only possible if you manage your sponsorships effectively.
Here are the benefits of sponsorship marketing in more detail:
1) Sponsorships enhance your brand positioning
Sponsorship programs can easily improve brand awareness even before the event begins. Indeed, the event will be marketed in many ways. Your brand will obviously get recognition during the event. Above being able to target the exact audience that will meet your brand’s needs, sponsorships give your brand an opportunity to build a rapport with your ideal customers.
You will be able to increase your reach to the next level when promoting the event because it will be promoted on multiple platforms and multiple locations hardcopy and digitally. How you sponsor will set you apart from your competitors and you will be remembered for that experience you gave to your audience during the sponsorship.
2) Sponsorships are cost-effective
The boost to brand awareness that brands get from sponsorships can exceed their investment. Even if your target audience isn’t attending the event being sponsored, they would still see your brand on advertisements and in the media. Sponsorship as a form of marketing isn’t the most costly and has many more benefits than other, more costly ways of building brand awareness.
Take media advertisements as an example; they don’t target your direct target audience who are more than likely to be your potential customers. Instead, they target anyone who clicks on the channel and stays on it during the break of a show. The outcome will not be as successful as when you are able to reach your target audience directly and make a difference to their experience through sponsorship activity.
3) Sponsorships engage your target audience efficiently
Unlike any other type of brand awareness, sponsorship allows you to choose exactly who you want to target and you can craft exactly how they would feel about your brand through the sponsorship by giving them an unforgettable experience.
If you were to spend a limited amount on driving brand awareness but would like to target your potential customers in as many ways as possible, sponsorship is your way forward. Learn about how sponsorship management has evolved in recent years and get the ball rolling on your own sponsorship program.
Work with the right sponsorship management software
If you're not sure about where to start, how to implement your program and which tools to use, you should start with a good sponsorship management software. A good solution provider will even give you advice about every single step of your program.
If you'd like to learn more about using Optimy to manage your sponsorships, get in touch today!
(This blog was originally published on September 4, 2022 and was last updated on August 1st, 2023)