Hi……and welcome back!<\/p>\n
I thought with this segment we should start right from the beginning and define what “Sponsorship” is.\u00a0 To many people, sports sponsorship is the first thing that usually comes to mind.\u00a0 There are many great examples of sponsorships in the sports industry, and sports is where sponsorship first took off.<\/p>\n
Sponsorship has really grown to include the music industry, television, movies, causes, non-profits, associations, municipalities and all different kinds of events, from festivals to conferences.<\/p>\n
But what exactly is sponsorship?\u00a0 Sponsorship is a form of partnership marketing that exists when a company supports an event, individual or another company, either financially or by providing a service or product.\u00a0 The sponsor in return gets certain rights, benefits and a unique marketing opportunity.<\/p>\n
In today’s world, the term “Strategic Partnership” is being used more frequently, and you will hear me using it, and sponsorship, interchangeably.\u00a0 I prefer using “Strategic Partnerships’ because when the process of securing a sponsor is done correctly, you are truly forming a long-term partnership with a company and their brand.<\/p>\n
Having a similar vision, goals, mission and values between the sponsor and property (artist, band, festival etc….) makes the sponsorship really effective.\u00a0 This is particularly important as you and the sponsor work together to create your objectives and what you want this partnership to achieve.<\/p>\n
There are many benefits that are afforded to a sponsor in this type of an agreement.\u00a0 Sponsorship can provide a company with entertainment\/hospitality opportunities, access to an artist or band, data collection, networking opportunities, community engagement, integration of cause marketing initiatives, and marketing and public relations opportunities.\u00a0 I believe there is no limit to creativity when you partner with a brand.\u00a0 Make sure to sit down with a sponsor and define and outline the benefits that will help make the sponsorship successful.<\/p>\n
In my experience, one of the keys to a successful sponsorship is having on-site activation.\u00a0 This creates an opportunity for the sponsor to connect with consumers and fans to start a conversation.\u00a0 This one-on-one interaction helps to facilitate learning, understanding and trust between a brand and a consumer.<\/p>\n
Sponsorship can mean many things to many brands and properties.\u00a0 Taking the time to do your research and having conversations with brands to find out what their objectives are will give you the insights necessary to build that long-term partnership.<\/p>\n
Be creative, honest, transparent, detailed and most importantly – have fun!\u00a0 You are building meaningful partnerships with not only companies and their brand, but with people.<\/p>\n
Kevin<\/p>\n
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