What are the benefits?
Raise your profile
Regardless of the magnitude of the deal, sponsorship should help increase brand awareness and visibility, as you will be promoting your product or service to a new, yet targeted, market. The level of awareness received is very much dependent on who you are sponsoring. Are they active on social media? Will they receive significant media coverage? Will there be physical coverage, e.g. online, on TV, or on promotional products? These considerations can significantly impact the success of the campaign
Sponsorship opens new opportunities for brands to receive publicity, which may not have been feasible before. Sponsoring a local team or event is a great way to increase online and offline presence as it’s likely that locals will be keen to share stories about startup companies contributing to a good cause.
Company Debt, an insolvency advice provider, has toyed with numerous sponsorships over the years. “Our sponsorships work to support our passions and promote a sense of well-being and excitement within our team,” says Piers Moore-Ede, head of digital at Company Debt. The company currently sponsors Bath FC, which has given it positive exposure within the local community. Moore-Ede adds: “For us, sponsorship is one of the most powerful opportunities a brand has to connect with the broader community and place the business within a meaningful context.”
Stand out from the crowd
In saturated markets, it’s easy for businesses to get lost in the noise. Not only will sponsorship help you stand out from the competition, but as your company becomes more widely recognised, sponsorship deals should begin to correlate directly with your sales fluctuations. Like all forms of marketing, the ultimate aim of sponsorship is to generate more money for a business.