Sponsorship opportunities allow businesses like yours to promote themselves in new ways to new audiences. Below, 320 Digital’s marketing experts explain how to get the most out of your corporate sponsorship strategy.
What is Corporate Sponsorship?
Corporate sponsorship is a form of branding and marketing in which companies pay to associate themselves with a project, program, or organization. In return for your sponsorship, the beneficiary will display your logo or business name, mentioning that you’ve provided funding or support.
Corporate sponsorships help build brand identity and form customer perception of your brand. Leveraging your corporate sponsorship strategy will enable you to make the most of your branding and marketing efforts.
The Key to Getting the Most from Your Corporate Sponsorships
Branding and promotion strategy is crucial to your success, regardless of the size of your business. Corporate sponsorships show individuals and other businesses within your community that you value more than simply increasing your profits.
When choosing who or what to sponsor, remember that multiple factors determine the optimal partnership for your business. Effective corporate sponsorships happen when you consider multiple factors in your decision-making process. Your sponsorships must be strategic to provide the results you’re hoping for.
The team at 320 Digital has outlined our top tips to help you get the most from your corporate sponsorships.
Matching Demographics with Sponsorships
Your sponsorships must reach the correct demographic. Even partnerships with little in common can benefit if the target demographic matches.
As you evaluate potential sponsorship opportunities, consider how your role as a corporate sponsor will allow you to reach your ideal demographic. Base your sponsorship choices on whether the target audience for the sponsored project aligns with the base you’re trying to reach.
For example, if your company is trying to reach parents of young children, consider sponsoring a youth league sports tournament. Regardless of your brand’s affiliation with sports, you can engage with your target demographic by sponsoring events that are meaningful to them.
Aligning Values and Purposes
The project you sponsor must have the same values as your business. When you become a sponsor, your brand will be linked to that project, so it’s important that you align with their values and agree with their mission.
This is true on both the personal and professional levels. Identify the beneficiary’s core values and goals. Do you support and agree with those goals? And are you ready to align your brand with those goals? Once you become a sponsor, audiences, consumers, and other businesses will associate you with the project you’re supporting.
Consumers want to shop with brands that stand for something. One study found that 68 percent of consumers expect brands to be clear about their values. And when they are, they reap the benefits of a loyal customer base. Creating a corporate sponsorship strategy empowers you to present your brand as one that cares about causes and allocates resources to see those causes succeed.
This bodes well for you and the project as long as your values and purposes align with theirs. Make sure you can confidently say that you support every aspect of the project before committing.
Authenticity is a hot word in today’s marketplace. Consumers want brands and leadership to be genuine. Sincerity breeds trust and confidence in a brand as well as in those representing the brand.
Authenticity is today’s top marketing and branding strategy. Brands should strive for authenticity in their campaigns, their business relationships, and, of course, in their corporate sponsorships.
Your role as a corporate sponsor is to not only support a worthy cause but to market your brand. In doing so, you connect with potential customers, network with other businesses, and showcase your company’s values.
For these reasons, choosing authentic partnerships is key. Consumers are smart and can easily discern if your corporate sponsorships are authentic or if you’re simply throwing money at a cause to earn publicity. If the latter is true, you’ll taint your brand’s reputation and dismantle the trust you’ve worked hard to build.
Choose corporate sponsorship opportunities that support your brand’s authenticity. You’ll solidify your integrity and trustworthiness, which will only help you grow.
Corporate sponsorships allow you to promote your brand while doing good. You contribute to a worthy cause, and your business benefits from branding and marketing opportunities that go hand in hand with these partnerships.
By strategically choosing your corporate sponsorships, you can make the most of branding opportunities while giving back to projects that you believe in.