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March 2007 online newsletter When you think of sponsorships, undoubtedly you think of logos displayed in the background at major sporting events. Or maybe you think of philanthropic giving to charity functions. In this day and age your organization has most likely participated in or been asked to participate in sponsorship marketing of some sort. You may have agreed, thinking, “What can it hurt? Sponsorship marketing gets our brand exposure in the community.” But when was the last time you asked, “What is the real value of sponsoring this event?” When was the last time you asked, “How does this sponsorship fulfill our strategic marketing plan?” How Do You Measure Success? Historically, the success of sponsorship marketing was measured by the amount of media exposure gained. If the value equaled or exceeded the amount invested, the sponsorship was considered a success. Unless your company is a new venture (less than two years old), current marketing strategies hold that media exposure is not how success should be measured. Displaying your logo with no messaging is of very little benefit to your company. Understanding your unique offering is a first step, prior to brand recognition. Think back to the last sporting event you watched. How many logos were you exposed to throughout the course of the event and how many can you remember? Logo fatigue is more and more recognized by the industry as a major problem. Unless you offer the viewers a way to connect with your company, they are most likely going to forget that they even saw your logo. And since they may not know what your company does, the logo is meaningless and not memorable. Some believe that an immediate increase in sales equals a successful sponsorship. This is true only in a very shortsighted or narrowly focused marketing plan. In a comprehensive strategic marketing plan that includes sponsorship, you should focus not only on increasing sales, but also on cementing internal and external loyalty and enhancing your brand’s image through target-specific audiences. To accomplish this successfully, you need to know your market. Research is an essential first step in a successful sponsorship marketing plan. Who Is Your Market and How Do You Reach Them? Sponsorship marketing is the most personally and emotionally connected of all marketing. You have to know your target. What is their self-definition? What is their current opinion? What motivates them to change behavior? Individuals at a golf tournament have an extremely different image of themselves than people at a stock car race. You need to know not only the demographics, but the psychographics of your market. Research is critical in understanding your target market; research done BEFOREHAND so you are fully aware of who it is you are trying to reach. Once you have defined your market, you need to know where to find them. Events are the tools you use to reach this defined market. You don’t want to choose a sponsorship based on your personal feelings or just because someone asked you to sponsor. You want to reach your target market by choosing an event that will showcase your company’s brand effectively. More importantly, you have to stand out from other sponsors. Some questions to consider when choosing a sponsorship are:
The most effective sponsorships are not just about the company’s needs. They are also about the needs of the individuals that you are trying to influence. Is there a way you can reach your targeted audience without getting lost in a sea of logos? For example, at a summer festival, a water company could sponsor the misting tent that individuals use to cool off from the heat of the day. Or an antacid maker could distribute its product for those that may have overindulged in the local cuisine. During the fall a home health care company could sponsor flu shots at senior related sports events. These sponsorships offer value to your market by providing an important service. This creates or strengthens the relationship between your product or service and your market. The most successful sponsorship finds a way to connect with its target. It finds a way to share the experience with its market. Connecting with people in a meaningful or creative way at events results in the long term goals of an enhanced image and brand loyalty. This, in turn, results in an increase in revenue and/or growth. By making informed choices that fit into a comprehensive marketing plan, sponsorship marketing can be a valuable and effective tool. Perhaps you would like to learn more? corecubed can help! For more information on how corecubed can help you conduct market research and create a successful, targeted sponsorship marketing plan, visit us online at www.corecubed.com, contact us at 1-800-370-6580 X 5, or email us at info@corecubed.com.
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