5 simple ways to re-think sponsorships
We all know that sponsorships are a common means for brands and companies to connect with other brands to increase brand awareness, as well as to reach and engage with new audiences from a marketing perspective.
What can be surprising is that not all sponsors take a strategic approach to whom or what the sponsor.
Here are five simple ways to re-think your sponsorships to maximise value.
1. It’s all about the fit
Your sponsorships need to make sense to your brand story. You will see improved outcomes when it is clear to all why and how your brand is involved with a particular event, sports team or community engagement.
You need alignment when it comes to your company’s culture and the culture of your partners. Not only will this improve negotiation periods and provide clarity on desired outcomes, it can improve perception of your brand through its involvement in the right areas and with the right demographics for your company.
2. It’s all about the mutual value
Sponsoring an initiative, an organisation or an individual can mean so much more than just handing over a cheque in return for brand placement or exposure. It’s about connecting with key audiences and markets. It’s about adding value for all stakeholders.
Agree to be specific about return on investment and deliverables. Look to leverage the partnership in ways the prospective sponsoree or property holder hadn’t considered. Be clear about forming a relationship that aims to deliver on your marketing objectives for any of your applicable brands.
You can implement accountability by integrating performance hurdles or measurements within your wider marketing strategy.
3. Aim for relationships
Relationships come with time. Where there is mutual value and clear measurement of successes, the right relationship will deliver compounding results for your company.
4. Create experiences for your customers and staff
When you partner with event providers, you can find ways to leverage opportunities and create unique experiences. When the events you sponsor are embedded into your marketing strategy, creative opportunities will arise to engage current and prospective customers. Get your business development and sales teams involved. Find ways to create a meaningful and valuable experience at the event which go beyond just your logo in a program or banner in a foyer.
Work with you HR team to engage with staff. Provide opportunities for staff to enjoy and participate in the unique experiences, while connecting them directly to your marketing strategy. Engaged staff will act as natural brand ambassadors at sponsored events.
5. Review and monitor your sponsorships
Keeping a close eye on the performance of your company’s sponsorship portfolio will increase the value you get from your investment over time. Regular reviews will support your deliberate decision making it comes to shaping and improving the portfolio year on year. It will identify which sponsorships are over- or under-performing
The outcomes of your review may result in opportunities to extend the geographic reach of your spend or the timeframe of sponsorships. You may decide to simplify your portfolio by streamlining or consolidating to deliver bigger results in key demographics. This will enable you to negotiate or renegotiate key sponsorships at mid-term or at time of renewal.
Maximise the value you get from your sponsorship portfolio
Contact us to discuss how you and the leaders of your company can use strategic sponsorships to engage and build deeper relationships with the audiences which matter to you.