Every business needs promotion and visibility and this is the reason a lot of businesses now look out for different platforms, ideas, methods or strategies to achieve brand promotion.
Engaging sponsorship seems to be one of the most veritable and efficient tools in promoting brands in any clime.
This strategy aside presenting a wide opportunity for brands to easily and truly connect with their target audience also has a high potential for return on investment if utilized properly.
In order to accelerate visibility both online and offline, brands need to leverage on sponsorship as a marketing tool to reach their audiences and equally grow fast.
Brands who have engaged in the sponsorship of events and initiatives in the past can attest that it has helped create more market awareness as well as keep their names in the hearts of both prospective and existing consumers.
Most corporate organizations have been able to identify this magic wand in the marketing of their brands and they are leveraging the spotlight thereby enhancing credibility and boosting the image of the brand.
To explain further the concept of corporate sponsorship, it is when a business or organisation supports an event, activity, person or other businesses, through the provision of finance or products and services.
While sponsorship can deliver increased awareness, brand building or purchase propensity, it is also worthy to know that audiences are actually looking forward to what activities your organisation supports.
A corporate brand may not only be taking up corporate sponsorship projects mainly for sales but to also ascertain their customers perception, actively get involved in corporate social investment or for the sole purpose of lead generation.
It can be very difficult to get into some sponsorship for just the sake of it, but its a business strategy that can help boost brand visibility. A brand can also create a sponsorship event to partner with other brands that may be interested and are not competition.
Here are five ways a brand can benefit from corporate sponsorships:
Brand Image: A good reputation for your brand is what keeps you in the market. A brand without a good image will not portray well in the face of its consumers. The brand of any business is the perception it has created to its consumers and how they carry along with the recall. Sponsorship goes a long way in maintaining a positive brand image for any business. In portraying a good brand, the organization will experience growth in its profit and favorable public opinion from its audience.
Competition: Being ethically compliant or committed to your environment gives a big opportunity for your brand in the faces of the target audience. This is because people tend to rely more on companies that care about them than other brands. Since Sponsorship helps to develop new relationships with current and new consumers, other brands might see it as a threat. As a brand in a more competitive market, sponsorship makes you stand out amongst your other competitors. This helps generate more sales and shifts the attention of your audience to your own brand.
Cost Effective: Brand sponsorship is not as expensive as advertising. It is free publicity in another form. It is direct engagement and for a brand in an event or a show, it gives easy awareness and ways through which that product can be used. It makes it easy for an audience to connect with the brand without having to go through the regular advertising process that costs a lot in placing in publications.
Brand Awareness: Creating brand awareness is one key thing in promoting a product or service and increasing the rate of customer loyalty. Sponsorships can emotively appeal to consumers and they tend to trust such brand more so it sticks, the picture about that brand sticks.
Brand Recall: Sponsorship brings awareness, and should be able to stick in the minds of consumers. By sponsoring another brand or an event, everything about your brand or product is associated with that brand.
Consumers will tend to remember your brand long after the event, since the brand was associated. And this can be as a result of promotional materials, giveaways or how well the brand was able to merge with the event.
If you have not tried it before, why not give it a shot.
If you are in need of Media support PR ideas, feel free to get in touch.
Osaze Isesele is a Media & Communications Practitioner with passionate interest across corporate communications, marketing communications and digital communications.
He is passionate about helping organisations achieve their corporate goals by developing and delivering top notch internal and external communications strategies and campaigns.
He is the Founder of Mediaville Pro (Home to The Media Awards and Mediaville Academy).
You can find him on twitter and instagram @theosazeisesele