Sponsorship as a Marketing Tool
When used effectively, sponsorship can have numerous benefits for your business. However, it is important to consider what you want to gain from being a sponsor. Making the right choice when it comes to what to associate yourself with can have positive and sometimes negative effects on your brand image, sales and many other aspects. Here are some factors to consider when selecting and planning your sponsorship choice.
Objectives - What do you want to gain from this sponsorship?
Customer attitudes - Ensuring you have a positive brand image is vital in attaining new customers. Through careful choice of sponsorship, you can shape consumer attitude and become an attractive brand.
Publicity and Visibility - Becoming a sponsor can be a good way to increase awareness of your product.
Differentiating from competitors - Having the edge over competitors is what every business aims for. Sponsorship gives your brand the opportunity to stand out above your competitors.
Corporate citizenship - Corporate citizenship has become more and more important to consumers over recent years. Partnering with a charity can be an excellent way to become a better corporate citizen.
Synergy - The most successful sponsorship campaigns are about building relationships.
Drive Sales - Sponsorship as a promotional tool is extremely effective as it allows a business the platform to showcase its attributes and drive sales.
All in all, the benefits of sponsorship can have a huge impact on your business. Therefore, it is worth taking the time to find the right sponsorship opportunity for you. Ensuring a mutually beneficial outcome will likely result with clear objectives, strong two-way communication and commitment for at least three years to see a return on investment.