Sponsorship can be defined as supporting a person or entity in one way or another as part of a business strategy.
Sponsorship can achieve the following business goals:
- Image enhancement.
- Customer loyalty.
- Brand awareness.
- Lead generation.
- Increased sales.
- Creating positive publicity and heightened visibility.
Keys to successful sponsorship:
- Clearly define your objectives - what are you trying to achieve? It could be brand awareness, the opportunities to display their logo, extra sales, or networking. Sponsorship is a long-term relationship that works best with repetition, and as such many of the benefits come in the long term.
- Know your audience and ensure your partner is aligned with your brand - small businesses should focus on local sponsorship such as sponsoring the local football club, neighbourhood art gallery, or a nearby suburban school event. The ideal sponsorship opportunity is a target audience of people that you could sell to (i.e. potential new customers), not people who you currently sell to
- Value what you bring to the table - what can you contribute to the sponsee apart from money?
- Having a 'no brainer' offer that will make leads immediately want to sign up is extremely important.
- Look for ways to activate the sponsorship across all channels.
- Measure results and calculate the ROI. According to Eventbrite, most brands want to see a '2:1, 3:1 or even 4:1' return on their event sponsorship investment.