We have all seen the signs. A banner at Little League Park stating “Tournament sponsorship by Company X.” A plaque on the town green stating “Flower planting sponsored by Company Y.” A page in the senior yearbook thanking the sponsors who made the book possible. While these seem like little items they do stay in the minds of the readers and get your name out there in a “good will” fashion. Let’s look at the benefits and types of this marketing tool known as corporate sponsorship.
What is Sponsorship?
Sponsorship is the material, financial or volunteer support of an event, activity or organization by an unrelated partner. For example the sponsors of the local farmers market might allow use of their parking lot and supply tents and tables to the vendors. In return they get their name and location out there as a “good neighbor” and hopefully a positive mark for their company brand. In a way, sponsorship is a form of advertising for a company looking to be associated with a certain event or group.
What are the Types of Sponsorship?
- Financial – A financial sponsor pays a set amount of money in exchange for benefits outlined in a sponsorship agreement. Benefits may include an opportunity to promote the company to the sponsored organization’s membership or audience; an advertisement or mention in official programs, newsletters or press releases; or signage or logos on promotional materials. (Chron)
- In-Kind Sponsors – This type of sponsorship involves a donation of goods or services rather than just cash. For example a web design company may donate its services to a school for design of their new sports logo.
- Labor Sponsorship – This type of sponsorship involves donating the time, skill, and talents of your employees. Examples of labor-sponsorship activities include providing tutoring assistance at a local school; helping conduct mock interviews at a job-training center; painting a recreation room at a senior center; or planting trees at a neighborhood park. (Chron)
- Media Sponsors – This type of sponsorship involves paying for or arranging for media coverage of an event. For example a Fire station construction event may be covered by local papers and media outlets as arranged by the sponsor.
Benefits of Sponsorship – Sponsorship is a growing form of marketing that gets the word out about your business all while linking it with a worthwhile cause or event. This building of brand awareness is one of the best benefits of taking part in corporate sponsorship. Other benefits can impact your bottom line by driving sales, heightening your company’s visibility and making connections that lead directly to maintaining loyal customers. If you are looking to stand out from the crowd, sponsorship may be a tool your marketing team may want to invest in!