Using Sponsorship to help market your brand
Sponsorship is an increasingly popular marketing technique used by most businesses to gain a competitive advantage in the marketplace.
If done properly, sponsorship has the capability of assisting in generating consumer preference and making your brand to stand out in the crowded business environment.
Sponsorship refers to the financial or in-kind support of an event, a sports team, a charity organization, etc, with the objective of attaining certain particular business objectives.
Here are some reasons why sponsorship will assist in fostering your brand.
1. Image promotion tool
Usually, businesses search for ways of enhancing how they are perceived in the marketplace. As such, sponsoring activities that resonate well with the needs of the consumers is important for shaping buying attitudes and attracting business opportunities.
For instance, Coca-Cola sponsored the London 2012 Olympic Games with the intention of igniting a positive influence in the minds of their customers and influence them to buy their products.
This is why the company commonly provides sponsorship for activities they feel would influence consumer opinions.
2. Driving sales
Currently, traditional forms of advertisement that scream buzz words about the benefits of buying products are steadily losing ground in winning the hearts, and eventually the wallets, of consumers.
On the other hand, sponsorship is proving to be an effective alternative for driving sales. For example, most food and beverage businesses usually employ sponsorship strategies to encourage samplings and sales.
3. Creating positive publicity
If you sponsor an event, you will be aiming to get an extensive exposure in both electronic and print media.
A positive publicity about your company will lead to increased visibility about the products and services you offer to consumers.
Consequently, you will market your brand from the media coverage that otherwise may not have been possible.
For example, Vodafone, the multinational telecommunications company, has been providing sponsorship for Formula One racing teams to create heightened visibility of its brand.
4. Market your business inexpensively
Currently, the cost of advertising is above the roof for most businesses. You may have to bet your left kidney to be allowed to place an advertisement in a renowned publication for only one time!
However, you can use less money to sponsor an event or support a sports team and it will result in much greater return on investment.
If you appropriately leverage the event to your benefit, the new business opportunities you will gain will be limitless.
For example, Killik, a company that assists people realize their investment goals, is involved in sponsoring the game of rugby to promote their services inexpensively to the targeted consumers.
5. Motivate employees
It is of essence to mention that most of the advantages of sponsorship are realized within the company.
In addition to assisting a business gain the needed competitive edge in the busy marketplace, sponsorship also plays a crucial role in reassuring and encouraging employees to do their best at the workplace.
For example, when a company is taking part in some form of community sponsorship and it succeeds, employees will gain the morale to work even harder in assisting the company achieve its goals.