Say yes to the sponsorship...or maybe NOT?

Sponsoring an event can be a strategic marketing and branding opportunity for businesses, but it also requires careful planning and consideration. I am sharing my top 3 things to consider when you’re approached for sponsorship and support. In addition, I have created a Sponsorship Assessment Tool to guide you through your evaluation and assess if any of my top three considerations will be met.

Here are my top three considerations when sponsoring an event, along with examples of successful sponsorships that have provided revenue for the sponsor:

1. Alignment with Brand and Target Audience:

   - Brand Alignment: Ensure that the event aligns with your brand's values, image, and messaging. The event should resonate with your target audience and fit within your brand's overall identity.

   - Example: Red Bull's sponsorship of extreme sports events, like the Red Bull Stratos space jump, perfectly aligns with their brand as an energy drink for thrill-seekers. This has helped reinforce their brand identity and attract their target demographic.

2. Return on Investment (ROI):

   - Clear Objectives: Define specific, measurable objectives for your sponsorship. Determine what you want to achieve, whether it's increased brand visibility, lead generation, or direct sales, and set key performance indicators (KPIs) accordingly.

   - Example: Cisco's sponsorship of the PGA Tour included a focus on lead generation through on-site activations and data capture. They achieved a significant ROI by generating qualified leads and increasing their customer database.

3. Activation and Engagement:

   - Activation Strategy: Develop a comprehensive activation plan that outlines how you will engage with event attendees and leverage the sponsorship for maximum exposure. This may include booth displays, giveaways, social media campaigns, or exclusive experiences.

   - Example: Coca-Cola's sponsorship of the FIFA World Cup involved extensive on-site activations, including interactive fan zones, branded merchandise, and social media campaigns. These efforts helped Coca-Cola maintain its status as a global beverage leader and saw increased sales during the event period.

Successful Sponsorship Examples:

- Nike's Sponsorship of the NBA: Nike signed an apparel deal with the NBA, becoming the official uniform provider. This sponsorship allowed Nike to showcase its products on the world stage and tap into the global basketball fanbase. It resulted in increased revenue from jersey sales and heightened brand visibility.

- Budweiser's Sponsorship of the FIFA World Cup: Budweiser's long-standing sponsorship of the FIFA World Cup has been highly successful. By aligning with the world's most-watched sporting event, Budweiser has increased its brand exposure, sales, and market share, especially in regions where soccer (football) is popular.

- IBM's Sponsorship of the Wimbledon Tennis Championships: IBM's partnership with Wimbledon goes beyond traditional sponsorship. They provide advanced data analytics and AI technologies to enhance the viewer experience. This partnership has not only elevated IBM's brand image but also generated new revenue streams by offering data insights to fans and businesses.

These examples illustrate how careful consideration of brand alignment, ROI objectives, and strategic activation can lead to successful event sponsorships that provide revenue and other significant benefits to the sponsor. Yes, they are all sport related and sports sponsorships capture a huge and varied audience, however the consideration process shouldn’t be different. (Perhaps dollar amounts are though, for obvious reasons, ROI.)

Get your Sponsorship Assessment Tool today, now available for a fraction of your sponsorship budget.