Definition Of Brand Sponsorship
Brand sponsorship is a marketing strategy in which a brand is supporting an event, activity, person or organization. Everywhere we go we can witness sponsorship investments: music festival, football games, beneficial events and so on. Sponsorship allows big, medium and small brands to partner with other companies as well as event agencies in order to generate a relationship that aims to economically gratify both the sponsor and the sponsee. But how does it really work and what is the expected return?
Breaking Down Brand Sponsorship
A well-known scenario is when a global brand (let’s think of Coca-Cola) spend a lot of money to become official sponsor of the World-Cup.
What are the benefits coming from this investment?
- Increase brand awareness/visibility: whether you are a newborn brand or a well-established company, sponsoring is an activity that can help you gain awareness or increase your visibility addressing a broader target.
- Increase your sales/acquire customers: this is the ultimate goal for every business. Getting to the top of the mind of new or existing customers not only increase awareness but can also directly drive sales, according to how the sponsorship is coherent with your marketing plan.
- Gain publicity: can you imagine a startup that get to be the sponsor of an important event or sport club? Seems like a natural consequence that media will talk about this. Furthermore, people will share news on social networks. As a result, you can gain good exposure – all this for free!
- Differentiate from the competition: if you find yourself in a very competitive and profit-shrinking market, being the sponsor of a big event or organization can give you the chance to stand out as a leader in your field
- Increase brand loyalty/premium prices: true especially for sport sponsorship. In fact, it is statistically proven that, for example, fans of a particular team are more willing to buy from the sponsor than from its competitors. This leads to brand loyalty, which leads itself to customers being less sensitive to premium prices
- Increase your CSR reputation/brand image: finally, sponsoring a charitable event or a foundation can enhance your brand image as a caring company. As a result, you will be able to witness a profit increase in the long term.
Should you need tips on how to streamline your sponsorship process, Optimy is there to guide you every step of the way. We’ve actually even made an article about the topic so keep on reading here.
With Optimy’s tool, a multi-branch corporation can improve its workflow in every step of its sponsorship process. You no longer have problems with standardizing the sponsorship process across different offices and locations. All sponsorship requests are collected, selected, managed, and reported via Optimy, making the process 5 times faster than when tracked with excel.
According to a Sponsorship Manager with offices in several locations, Optimy is a game-changer: “Now, our staff feels empowered to make data-driven decisions with Optimy. I’m a big fan of the tool. Optimy is clean, organized, and easy to use. It’s a solution that can be used by any company, big or small.” Wondering in which other ways Optimy can help your organization?