Let’s Figure This Sponsorship Thing Out!
Marketing strategies have, over the years, evolved into an arena of different tactical methods in promoting products that range from people to things. One such method, which has been growing at a rapid speed, is sponsorship.
Although its still in what we may consider in its infancy stage, numerous companies have adapted the use of sponsorship as one of their major promotional tools. But what exactly is this tool? And could it work for a product or service that you offer?
Below are the basics of this marketing strategy a run down of what sponsorship is and what it encompasses.
The low-down of sponsorship
Basically, sponsorship is a business connection or relationship between two parties, wherein one provides support for the other. These parties may be an individual person, a group of people, or a whole organization. Applicable terms to designate the nature of each party may be termed as sponsor and sponsee or rights holder.
The word sponsor simply indicates a person or organization willing to represent and vouch for a certain thing, individual, or group. Relatively, to sponsor would mean to give support. The sponsors support may be through providing funds, products, or services to the sponsee.
The sponsee’s role, on the other hand, creates itself as the representative of the sponsor. Their main duty is to promote the name of the sponsor, be it a large company or individual. Their exposure would usually be through advertising and media avenues, and in turn promote the sponsors name and the product or service they provide.
This business relationship that is created is a partnership between the two parties and is naturally aimed to be in the long-term. The longer the business relationship lasts, the greater the benefits and value that can be acquired by both sponsor and sponsee.
Kinds of sponsorship
Marketing extensively spans throughout every business venture and because of this there are many kinds of sponsorships available to individuals and organizations. The following sponsorships below are business areas that popularly make use of sponsorships in their promotional strategies.
Sponsorship in education can take on several types of support by a third-party individual or organization that wishes to partner with an educational institution. The forms of sponsorship in education can be through supporting a students stay within the school providing books and educational materials for students sponsoring for uniforms, equipment and the like and so on.
Sports sponsorship may be considered as one of the most popular and media-covered kind of sponsorship, in which it allows large companies or corporations to support athletes or a sport organization through a variety of services. These services include sponsoring major events andor games, providing athletes with necessary equipment, gears, nutritional needs, etc. All these bear the sponsors name, which in turn benefits them by letting their sponsees advertise for them by wearing or using their name.
Sponsorship in the arts may not be as well known or media-covered to that of sports sponsorship, but rather attract a specific type of attention. Sponsoring for art events are for organizations that hold a certain image or brand. These are often upheld for brand exclusivity and/or luxury, independent of popularity ratings.
An organization or individuals funding for television and radio programs is making use of media as their avenue for being known or recognized. Sponsorship of this kind reaches a lot of potential consumers, clients, and even sponsees to cater to the sponsors services or products.
As you can see, there are many types of sponsorship that your company could provide or obtain. How can you use sponsorship to benefit your company?
Donna Price is a strategist, working with entrepreneurs to increase profits using the 7 Profitability Accelerators. Create your system for success.