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In the fast changing times, where one day you’re ahead of your business, and the next you’re struggling to make ends meet, the key to knowing how to stay on top of things is of the utmost importance. You’ve heard of partnerships, mergers, business benefactors and the like, but do you really know what they are, and which will be a good add-on to your business?
Having know-how on things will always be to your advantage. Getting on top will require ample amount of information and use of tools that are essential to product/service development and marketing. One marketing tool that has been around for a long time, but only recognized just recently over the years is corporate sponsorship.
Endorsements are a type of support that is considered to be a very powerful way to get ahead in the business world, and one of the best ways to utilize this support is through corporate sponsorship. This form of sponsorship is a two-way relationship between two business institutions where the schema has one who gives money (financial backing), and the other advertises the name.
Whether in a large or small-scale dealing, corporate sponsorship helps business names and their particular product or service to be exposed. Good examples are the advertising of sports labels through endorsing athletes to use the labels products.
Brands such Nike, Adidas, and Fila partner with either a star athlete or team, giving them products to use which will in turn expose the brand name to the public when commercials are aired or when there are games broadcast on television and the internet.
It’s important that these sponsorships are related businesses. You can see that endorsing an athlete for an athletic shoe or clothing company, makes sense. The athlete wears the clothing and promotes the brand.
Typically, most corporate sponsorships are tied to a specific event. These events are diverse and may include trade shows, marathons, basketball games, academic competitions, tournaments, etc. and all of which offer big opportunities for corporate sponsoring.
Corporate sponsoring does not only include financial or product backing on the sponsee, but entails a few other things that should be considered. One is the relevance of the sponsor and sponsee whether or not a potential partnership is good for both parties.
A potential sponsor should have a corporate culture that is like that of the event. Mismatching events with sponsors will only confuse the public and often not a good image result between either of the two parties. For example, you can’t have an Animal Welfare organization support an event that promotes the use of fur. To do that would be contradicting, financially wasteful, and overall a suicide on both the organization and the event.
Look carefully at the event and the potential sponsors to ensure that there is a good fit.
Most business organizations consider and apply corporate sponsorship due to sole fact that it exposes their business name and purpose. This exposure is considered to be far reaching compared to other forms of advertising and the percentage of cost is usually smaller to those of other tool use.
When a sponsor and sponsee are the right match and deal under the right circumstances, the overall result will always benefit both parties. Both will be given good exposure, and the name that is advertised will be broadcast far and wide in every aspect.
Having corporate sponsorship also emphasizes that a certain individual or organization is serious in its dealings and is committed to its chosen field. The fact that a business went for sponsorship makes it know that it wants to excel and be known to the public so that it can propagate in the best way possible.
Donna Price is a strategist, working with entrepreneurs to increase profits using the 7 Profitability Accelerators. Create your system for success.