Top 5 Tips On Maximising Sponsorship At Your Next Event
8th April, 2016
Sponsorship is not only important for generating financial resources but also is crucial in creating credibility, brand experience, audience engagement and goodwill. Which begs the question, why don’t more events or platforms bring sponsors on-board? A recent survey in Admap magazine showed 86% of sport fans welcome brand interaction as they believe it will improve their experience.
One issue experienced within the event industry is that brands rarely maximise the ROI from the events they integrate with, as such they dismiss many opportunities whilst squandering their marketing budget on archaic forms of promotion such as logos badging instead of recognizing the real benefits that lay within sponsorship.
- Monetary Benefits
Sponsoring events that have your target audience provides brands the opportunity to:
- reduce marketing budget spend through the efficient use of marketing budget and integration
- increase direct sales
- gain PR content through involvement and activation
- Brand Experience
Sponsorship of an event offers organisations a platform to access their target audience – creating meaningful brand experiences. This enables the brand to let the audience become part of the brand and product. The experience is always dependant on the product’s interaction capabilities, but a successful brand experience is always more engaging than a logo. Through this criteria the engagement becomes measureable and transparent for the brand as it allows real-time feedback from their consumers.
- Increasing the Halo effect
A company who integrates with a charity event as a sponsor to meet their CSR targets is able to improve their public relations and any other CSR goals set. Through integration they have the opportunity to create a positive impact on their social environment. Pro bono and charity work has long been part of company’s ethos and sponsorship also offers this to all brands. In addition, it allows employees to engage with the charity and align with brand values.
- Audience Engagement
Sponsorship offers brands a great opportunity to engage their target audience, offering meaningful and lasting investment resonance. Brands need to uncover their own assets within the event’s rights and increase the overall event experience of attendees.
- Reputation Improvement
A corporate relationship with an event can provide an enhanced reputation of a brand and also secures a competitive advantage to rivals in business. An event which aligns to the image of a sponsor has the potential to further strengthen credibility.
When BP’s catastrophe in the Gulf of Mexico occurred, sponsoring the Olympics was a quick and fairly easy way to manage their global reputation crisis – supporting their sustainability credentials.
With the vast and significant benefits that sponsorship of events offers brands – it would be fatal to not include it within the marketing mix.