10 Oct What is Marketing Sponsorship
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A marketing sponsorship is a strategy in which one business promotes an event or organization led by another. Support often involves financial contributions or publicity. A sponsorship may be the result of a relationship between two organizations. Companies’ contributions through marketing sponsorship can help them with their PR and brand strategies. Here are some examples of events and organizations that companies can sponsor:
- Charities: Companies may sponsor charities in exchange for advertising opportunities.
- Trade Shows: Sponsoring industry trade shows can allow companies to demonstrate their values and gain exposure.
- Community Events: When companies sponsor community events, they can gain publicity and connect with potential consumers in their communities.
- Virtual Events: Another opportunity for corporate sponsorship is virtual events, which companies can fund in exchange for advertising opportunities.
For example, suppose a doctor’s office agrees to financially sponsor a charity walk to raise money for cancer research. In that case, the centre may use the doctor’s office logo for advertising the event. This can help the doctor’s office gain exposure and a positive reputation in your community while contributing to a good cause.
Types of Marketing Sponsorship
Marketing sponsorships’ benefits may depend on the type of sponsorship the company provides. There are some types of support in marketing:
- Media Marketing Sponsorships: A media company, such as a social media platform or a local television network, could offer media coverage to an event. The event receives media coverage, and the company gets free advertising opportunities.
- Financial Marketing Sponsorships: Companies can donate money to an event or organization through financial marketing sponsorship. Event coordinators can place a poster with the information of the sponsoring company at the event.
- In-Kind Marketing Sponsorships: With in-kind marketing sponsorships, a company can provide goods or services free of charge to sponsor an event or organization. An example of in-kind sponsorship is a restaurant that donates food to a charity event.
Benefits of Marketing Sponsorship
Here are approximate of the benefits of marketing sponsorships:
Promote brand awareness: When companies sponsor marketing sponsorships, causes or events from organizations in exchange for advertising, this can promote brand awareness in your local community.
Improving the public image: marketing sponsorships to charitable causes can help companies improve their general appearance or maintain a positive public image.
Shaping consumer behaviour: marketing sponsorships can help businesses gain consumer confidence and build relationships with their ideal customers, encouraging them to buy the company’s products or services.
Increase sales: Companies that use marketing sponsorships to connect with consumers can use their increased trust and public image to drive sales.
Differentiate from competitors: Companies can use marketing sponsorships to show consumers how different they are from their competitors.
Communicating values: A company can use marketing sponsorships to communicate its values and ideals.
How is sponsorship marketing done?
Now, coming to the sponsorship marketing part, this is done to reach people. In this situation, the company is trying to look for profit. And is not too interested in the arrangement of the event. It plays a role for the company to know who they will be visible to and the kind of profit they are likely to make.
It remains also done in several ways. Read ahead to find out what they are and also get a glimpse of how they are performing well these days on social media, as digital media is the latest buzz in the marketing world and highly significant in this era of technology, computers and smart phones.
One of the most common sponsorship categories is banners. It is where you get the chance to put up giant posters. These can be placed right at the entrance for maximum engagement. The moment people enter, it is evident that they will look around, and the size is known to be a factor in instantly attracting attention.
- Logo prints: Logo prints refer to the printing done on invitations. It may be a category you will have to pay a little more for, but this is definitely worth the investment because your logo plays an essential role in helping people recognize it and create an instant partnership. While you already have a team of experts who designed your logo in the first place to represent you, you should use it first to your advantage.
- The table holds the small flags you see on the table. These tables can be in a restaurant as well as an event. The idea here is to put the bleachers so that when people sit at the table, you can see their eyes. They are obliged to read it out of curiosity. Even if they don’t read it and only manage to see its logo. It will remind them that you just saw yourself in the invitations. This way, you get the opportunity to leave a lasting impact on people’s minds.
Sponsorship marketing is a low-cost but high-potential strategy that more businesses should employ. It has many benefits and opportunities for both large corporations and small businesses.