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Sponsorships are among the most storied and trusted marketing tactics. It’s been around for decades, with sponsoring an event or team immediately unlocking exposure to large groups of people and even earning goodwill for the brand. Back in 2011, sponsorships suddenly boomed, making it a $3.4 billion market that continued to grow over the next several years. Now, with the internet offering even more platforms for events and teams to engage with patrons, sponsorships can be even more far-reaching.
What It Means to Be a Sponsor
The most basic way to look at sponsorship is that you, as the business, are offering to fund all of or a section of an event or team’s expenses in exchange for brand exposure and association. Due to this form of marketing being so widespread, you won’t find it difficult to encounter a group looking for a sponsor. Just about anyone who’s looking to run a successful event or organization will be on the lookout for a sponsor as it’s a clear-cut way to fund the venture even before it gets going. However, as a business on the lookout to be a sponsor, you need to make sure that there is plenty of value to your brand through marketing with them.
For this, you need to look beyond the advertising element that comes with having your brand on shirts, pens, or billboards. If done well, sponsorships can essentially be investments. The key is that sponsorships are best thought of as business-to-business applications as you’re looking to see how marketing with this other entity will help them as well as promote your business. From here, you look into what the potential consumers are interested in, building from the assistance being lent to the event or club towards the true target audience of your sponsorship arrangement.
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