Does Your Business Include Sponsorship?
2 min read
Sponsorship is a financial or support in kind activities. Businesses will normally sponsor events, trade shows, groups and charities to achieve their specific business goals. This will also increase their competitive advantage in the industry.
Eventhough sponsorship is a marketing tool, it is definitely not the same as advertising. Advetising attempts to persuade customers to buy their products by sharing specific information about the product.
Sponsorship will not be directly promoting a company or a product. Instead the company will be supporting a specific event in interest. In return, the business will be associated event. An example in Malaysia, when Petronas is sponsoring automotive racing events, the company or brand is associated with racing events.
How does a Sponsorship work?
In Malaysia, most large events will utilise sponsorship for support in return for better organised events despite at higher costs. This is due to the fact that sponsorships will absorb the costs.
Apart from large events, smaller and local events such as sport teams or charity drives will offer less brand and product awareness but will definitely be reaching a certain targeted audience.
What are the benefits of Sponsorship?
Well, strategic sponsorships can definitely help build your business achieve various marketing goals all in one go.
- Sponsorships can help shape consumer attitudes towards your brand.
- It can also build brand awareness. Comparing to cost effectiveness, Sponsorships which involves products in kind, are far more cheaper than traditional advertising.
- Sponsorship will drive up sales. When there is a brand awareness campaign such as sponsorships, will eventually increase your sales.
- Sponsorship will increase brand or product reach. Potential customers will have an interaction about your brand when attending your sponsored events.
- Get more media exposure. Going it alone is going to be costly especially when it involves the media. When you sponsor an event, the cost is shared with other sponsors but the media exposure similar to going solo.
- When you sponsor an event, you will be differentiating yourself from the competition.
- Customers will likely perceive you as a corporate citizen since you are contributing to the community. This will eventually crate goodwill and positive links towards your brand or your business.
- When sponsoring into events, you will be creating new business leads. You will have the opportunity to connect with consumers whom require your business or services.
- Events will offer special opportunities to sponsors to exclusive business networking. This will definitely enhance business, consumer and VIP relationships.
If you are thinking of enhancing your business and taking it to the next level, get in touch with us here. Alternatively, you can contact us directly at +6.011.395.11.377
