In this digital age where competition is immense with all the economic and social crunches, marketing is everything, and creating a positive and friendly image is crucial for any brand or business.
Moreover, it is not easy to compete with bigger and renowned brands and well-established companies. Companies invest heavily in marketing strategies and activities, digital and non-digital, to reach out to potential customers.
What is Event Sponsorship?
Most potential customers are online. It provides a unique and broad opportunity and can certainly eliminate the need for billboard or radio ads.
This is where Event Sponsorship comes in.
What is event sponsorship, you ask?
It is a way to support an event for achieving objectives and to raise awareness and acknowledgment. It is an ingenious way to advertise organically. It guarantees direct exposure and access to all the attendees of that event which was otherwise not possible.
The sponsors assist in the event in finances, products, and services. Event sponsorship is ideal in the sense that it is personal, cost-effective, and seamless. An ideal example of event sponsorship is Office Depot. Not only do they support non-profit organizations, but they also make a conscious effort to reach out and create awareness for social causes like education and world hunger.
Benefits of Event Sponsorship
How can event sponsorship help your brand?
There are numerous reasons that companies opt for event sponsorship, but we will be briefing you on the top 10 benefits:
- Brand Awareness /exposure
It is probably the most common way to give exposure to your brand indirectly to a new audience. Event organizers use multiple platforms to advertise their event, which includes press, print, and electronic media, as well as social media. In these event advertisements, your brand name will most likely be mentioned everywhere.
Attendees can also be given promotional giveaways to increase awareness, making them prospect clients.
A sense of authority and achievement can be derived from sponsoring an event and can be very beneficial for the credibility of a brand. The audience and attendees can be indirectly influenced when they see the sponsorship throughout the event.
High-profile events are the best way to go. People more than likely, often assume a brand is reputable and reliable when they see your brand name sponsoring a high-profile event.
The younger generation prefers a brand that is more actively involved in corporate building as well as social building. When your brand is backing up a social cause or mission, you are likely to create an instant, strong and positive connection to the target audience and modern consumer.
A positive image of the brand can easily be generated by sponsoring an event that revolves around social causes and can substantially increase your influence in the market.
Valuable insight can be gained through event sponsorship. Knowing consumer preferences is an ideal opportunity for any brand, and a particular target consumer can easily be singled out.
It can also be a learning experience to gain knowledge about the newest industry trends and business ideas and enables you to strategize in a way that attracts new and more customers.
- Return on Investment (ROI)
It’s the best way to start a strong relationship between the brand and consumer. The goal can be set to attract more and more customers to your brand. The publicity that has been done efficiently through event sponsorship can substantially increase new customer inflow and which then brings a solid return on investment.
- Beating the Competition
There is a huge possibility that your competitors haven’t thought about doing event sponsoring, and that can turn out to be one of the biggest intangible benefits to gain that head start that your company needs.
You can utilize this option to be the first one in the market to do such a thing. This is bound to get you the much-needed attention to attract consumers towards your brand.
- Increasing Reach
People attending an event and having a positive interaction with your brand will encourage marketing through word-of-mouth as well. When your brand is on every possible advertisement platform of an event, it will automatically compel more people into looking up your brand, thus increasing reach.
- Communicate Promotional Offers
Another way to use this platform is to communicate the launch of new features, products, or services, creating awareness about the upcoming promotional offers, highlighting any change in existing features, etc.
If you announce a campaign that shows bundling, promo/discount codes, buy-one-get-one offers, or any other incentive-driven offers on your social media platforms, you are guaranteed to expect more users.
- Brand Positioning
Event sponsorships are a terrific way to build prestige, credibility, and authenticity in the market. With the correct team of people, the right blend of strategic brand management, and associating the brand with the right events, you have the perfect avenue for earning admiration and respect from others.
- Building Knowledge and Resources
With such events, a lot of work is put in by the marketing and advertising teams. These teams have experienced members who are accustomed to organizing such events. Having good terms with these people will not only be informative but may also present you with promising future collaborative opportunities.