Is sport sponsorship any good at increasing business? Yes. Undoubtedly. But, companies who use sport sponsorship need to set realistic short and long term goals.
"Sharing the journey" is a great way to use sport sponsorship to grow business engagement, customer bases and ultimately sales.
What is sponsorship in sport and what do companies that sponsor individuals hope to achieve?
There is always a cost of entry for any marketing activity and specialist sponsorship opportunities are best for corporate partnerships. Sport sponsorship and sports marketing is no different in this respect. But, if you look to align your business cause with the right sponsorship opportunity you can manage expectations and budget effectively.
Where sport sponsorship has an advantage over main stream opportunities is how it can provide a "slipstream" for your marketing and communications efforts. Finding the best sponsorship rights opportunity in your marketplace is essential to meet your business objectives and comfortable investment levels.
What can companies offering sponsorship for sport help improve through sponsorship deals?
Increase awareness of your new services or products
Reach a broader audience more effectively
Re engage old customers
Explain how and where your products can be purchased
Up sell and cross sell products
Start and maintain loyalty and reward programs
Crowd source ideas for next generation products or service improvements
As a former Adidas sponsorship manager, why do I advise companies to use sponsorship consultants to create business sponsorship strategy?
In short, you will need to use a consultant or industry specialist to help identify and negotiate a sports sponsorship rights opportunity. A sponsorship consultant can co-develop suitable contract terms in conjunction with your legal counsel. Sponsorship definition will help you to decide the best companies for sponsorship consideration and, understand the advantages of sponsorship, so you can be clear on what sponsors get in return for their investment.
What are sport sponsorship "rights"?
"Rights", is the contract term used to confirm how, where and when you will be able to use your sponsorship partnership agreement. Your sponsorship contract "rights" cannot be altered without your consent and agreement throughout your sponsorship contract term. Sponsorship "rights" are separate to payment terms, intellectual property and payment schedules, which are set out separately as part of your overall sponsorship contract. Sponsorship rights are legally binding terms and, can be used to protect your investment if they fail to be delivered in line with your overall contract terms.
How long does my business have to commit to, if we want to become a sport sponsor?
You can decide to enter into a sponsorship contract term to suit your needs. Consider working on a tactical level to raise short term awareness, like a one off "sports event" that is relevant to your business and your customer base. Individual sponsorship and title sponsorship contract terms vary in timeframes and are agreed by the asset and the sponsor at the outset. Sponsors have the ability to negotiate sponsorship terms to suit their business needs. It is good practice to set goals and contract benchmarks for a sponsorship agreement at the outset to aid sport sponsorship performance management for new sponsors.Measuring sponsorship success can be achieved through a number of methods of evaluation. Sponsorship analysis software tools, commissioned research, brand tracking studies and sales are the most accurate ways to monitor and measure sports sponsorship performance.
https://sponsorship.org/specsavers-sign-on-as-surrey-fa-sponsors-for-renewed-three-year-partnership/
Comments