Benefits of Sponsorship

There are a few projects I’m working on that require me to generate sponsorship for a number of event. So this week I’m going to tell you about what is sponsorship, what are the benefits and what is involved in adding this tool into your promotional mix.

What is sponsorship?
Sponsorship can be defined as supporting an event, activity or organisation by providing money or other resources that is of value to the sponsored event. This is usually in return for advertising space at the event or as part of the publicity for the event.

What are the benefits of sponsorship?
• Sponsorship it provides a means of broadening your competitive edge by improving your company’s image, prestige and credibility by supporting events
• Sponsorship can help to enhance your company public profile
• Sponsorship can enhance visibility, image, differentiating the company from competitors, developing better and closer relationships with, customers – existing and potential
• Sponsorship can be strategic and well conceived. It can boost both short-term and long-term sales
• Sponsorship has a means of accessing a wide range of audiences and decision makers in business
• Sponsorship can heighten visibility due to positive publicity through media.

What’s involved in developing a sponsorship promotion?

• Analyse the current situation; look at which other businesses are sponsoring in the target area. Are competitors already doing this and is it providing them with an advantage?
• Define the sponsorship objectives: e.g. raise awareness of the brand; build an image; promote a product.
• Agree the strategy: how does the sponsorship fit in with other promotional activity?
• Develop the tactics: agree the details of what to sponsor, price, timing etc
• Define the target audience
• Consider what resources are needed to make the sponsorship a success.

If you are interested in sponsorship opportunities, please contact me at corporate@mistrymarketingevents.co.uk about the opportunities I have to offer and see if they fit in with your business and budget.