Cleveland Business Connects

For immediate release (August 21, 2017)  Media Contact: Judy Abelman Email: abelmancommunications@gmail.com Phone: 440.725.8861...

Sponsorship as a Marketing Strategy

Miracle-120By Katherine Miracle

Sponsorship as a marketing strategy will pay for some of the expenses of a business in exchange for advertising or recognition. Or consider your company as a sponsor of an event or publication. Your brand equity will increase when you are the sponsor and that engages your target market.

Are you ready for an alliance? As a sponsor and when you secure sponsors please engage in a due diligence process to ensure this alliance will not risk your brand equity. Consider political, economic, environmental, social, technological, legal and innovation ramifications of an alliance between your company and the others involved.

Secrets of Sponsorship Success:

Ask yourself what benefits you can offer when entering a sponsorship. These can be things such as:

  • Impressions
  • Networking
  • Access to celebrities, honorees or a target market
  • A feeling of doing something for others
  • Connections
  • Advertising
  • Access to events and tickets
  • Tax write offs

The next part to becoming involved in a sponsorship is uncovering sources that can help you secure sponsors.

These sources can include:

  • Current vendors
  • Current clients
  • Target market
  • Supporters
  • Future target market
  • Database
  • Research
  • Referrals
  • Honoree database

Next, uncover the motivation behind your sponsor to engage them. Find out what kind of events and projects they sponsor. Search for connections between them and others. Discover how they’re connected to your clients.

Tips to help you create sponsorships:

  • Listen for the opportunity to create a sponsorship package for them.
  • Do they know other companies/people who may want to sponsor.
  • Make a great impression to build a bridge for the future.
  • Listen for exactly what they want out of a sponsorship.
  • Do they want a different benefit then you have in your package.

Consider sponsorship as strategic marketing:

Sponsorship helps with brand building and gaining recognition. When your name is displayed with another well-known and trusted company, you are also gaining credibility. This can increase sales and create positive publicity with your target market. Sponsorship also helps set your company apart from the rest of your competition. As an added bonus, sponsorship can help you gain powerful allies and branches out your network so you can meet new people and reach new markets.

Katherine Miracle is the president of Miracle Resources, an award-winning full-service marketing and training firm that helps clients increase revenue and awareness. She is a personal branding expert and the author of “Ignite Your Revolution.” Please connect with via email or Twitter.

 

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