In the past, only large corporations could afford to sponsor cause-related marketing. Today, however, even small companies are able to spread goodwill and further market their businesses, sponsoring everything from fairs to volleyball games. Here are some steps you can take to make sure that you are properly utilizing sponsorships to their maximum capacity:
- Choose Intentionally. Corporate sponsorships can shape the opinion your customer has about your business, so make sure that whatever event you choose to support will influence the way your company is viewed in a positive light. Make sure that the event is in line with your corporate image or product. Establish whether there could be any negative image resulting from the event. Does the event have a clean, classy image, or is it less than what it should be? Avoid associating with any event until you have answered this key question.
- Know where the Money Goes. Make sure you establish in advance what exactly you are sponsoring and where exactly the money is going. Also make sure you establish what obligations you will have as a sponsor.
- Heighten Visibility. Sponsorships allow your brand to sometimes reach demographics that your traditional marketing efforts do not reach effectively. Expand your existing media campaigns into your sponsorship efforts to cohesively communicate with consumers.
- Maximize on Business Enhancement Opportunities. Some sponsorship opportunities come with added perks that can lead to networking that can grow the business. These networking opportunities may come via other sponsors, or they may come via your association with the event or cause. Evaluate the sponsorship opportunities carefully to establish which will yield the most benefits long term.
Sponsorships are an important way to spread awareness of your brand or company. Even here at the American Marketing Association of Tampa Bay we are lucky enough to receive sponsorships from generous members. Take a moment to see who helps us build our business.