Understanding Sponsorship’s Evolution Will Help You Capitalise
28th July, 2015
Sponsorship is not a new concept. It originally dates back to 776 BC to the first Olympic Games held in Greece with wealthy citizens and local governments providing financial support to build awareness of their cities. Sponsorship continued in this way until 1984, when the Los Angeles Olympics redefined sponsorship to the world by selling the Olympic symbols to brands. With 43 major sponsors stepping forward, the Olympic Games made a profit of $225million and a new wave of sponsorship profitability ensued based on logo and brand recall.
Since then, sponsorship has undergone many shifts with partnerships becoming less about the logo and more about engagement. Without engagement, brand sponsorship fails to resonate with consumers who are constantly bombarded with messages in our digital revolution.
The three key shifts of evolution with sponsorship:
1. Sponsorship should be used by every organisation
When sponsorship is used with both creative and commercial objectives at the core, opportunities for this type of partnership benefit all organisations – no matter how big or small you are. Small businesses particularly benefit for sponsorship as the impact on maximising commercial revenue tends to be greater. However, the one challenge for small businesses undertaking or integrating sponsorship is not understanding their value beyond a logo. When identifying the partnership USP is so vital, it is crucial to understand what assets they have and are prepared to offer for their partners.
2. Sponsorship should not be seen as a monitory transaction in exchange for a logo
By uncovering your business assets correctly, you will be able to show potential sponsors what you can provide allowing you to approach sponsors by creating a business proposition rather than just awareness. Furthermore, looking at sponsorship benefits outside of logos can create partnerships with organisations you may not have approached before.
3. Sponsorship provides brands personality
Sponsorship gives life to a brand providing brand character and differentiating it from its competitors. By partnering with sponsors who share the same values as your brand you will expose your brand to a broader audience and leave a lasting impression with that audience.
David Verklin, CEO of Carat USA once said, “Sponsorship shows respect to a viewer by not taking advantage of something that they involuntary give up – their time and attention.”
Sponsorship continues to evolve and by keeping ahead of these shifting concepts ensures you will continue to add value to your sponsors and continue to secure sponsorship funding for your organisation. However, much of the information you can gather online is not as practically implementable or easily understood as it may seem.
By getting expert advice in this area, you can ensure you are not wasting time by trial and error. As such, Slingshot Sponsorship has recently launched a monthly sponsorship training event which provides organisations with the tools to approach sponsorship from a forward-thinking and creative standpoint. If you would like to become part of the evolution of sponsorship attend a Sessions at our Slingshot’s London head office. One of our senior consultants will provide you with all the tools necessary to capitalise on your commercial potential.
To find out more about our sponsorship sessions please click here or call the Slingshot Head Office: +44 (0) 20 226 5052.