The Key for Company Growth in 2019
Gaining brand visibility has been the proverbial thorn-in-the-side of businesses for decades. Even if you work for a company that is a house-hold name, you probably have heard inner rumblings on how to implement more effective strategies to reach a wider market and attract new users.
There are a number of different marketing methods that businesses are turning to in 2019. However, If you are a person with a degree of in-house sway — or if you are looking to become that person — you’d be wise to bring up the power of corporate sponsorship at your next team meeting.
In the last several years, corporate sponsorships have been a billion dollar industry, and that number is continuing to grow. Even more noteworthy is the fact that sponsorship opportunities are diversifying.
While concerts and sporting events continue to dominate the landscape for brand promotion, other venues and platforms are becoming more abundant each year. Additionally, these novel opportunities are proving to be hugely successful not only for highly-established brands, but for smaller companies as well.
Sponsorships, of course, may offer different benefits depending on the company, but regardless of what type of business you are working for, there are definitive ways that taking the leap on sponsorships can help your business.
Attention Please!
As I was describing in the very beginning of this post (please take your time to scroll up and review… we can wait), visibility has been at the crux of brand success for years. Why? Simply put, the more eyes on your brand, the greater the chance your company’s product is likely to be purchased.
Companies that are buying slots for corporate sponsorships are in effect paying to widen their reach. Unless the event you sign up for is a complete disaster, your company has a chance to impact thousands (maybe even tens or hundreds of thousands) of new and diverse potential customers.
In the eye’s of these hypothetical customers, they are getting their first glimpse of your brand on a notable and widely seen platform. In a metaphorical way of thinking, instead of fishing with a rod, you are casting a wide, effective, and very strong net.
Within this casting of your wide net, you are also reaching people who you normally aren’t being targeted with other marketing strategies. Since sponsorships can often be seen as partnerships, you as a business are dipping into the customer space of the identity you are partnering with.
Teamwork = Trust
All great leaders know that they can’t succeed alone. Growth and positive results far more often than not is the product of working effectively with others.
Sponsorships act in much the same way.
Given the opportunity to place your company alongside other major brands allows audiences to see you as a credible collaborator. by placing your name next to other strong companies means that you are able to do business at the same level as the best in the industry.
“Teamwork” on this level in addition alleviates the stress users often encounter when deciding on whether to trust a product or a business. The visibility created by the sponsorship allows the business to appear reliable enough to be on a major platform. As opposed to a social media campaign — for example — the need for the customer to seek out validating statements is more easily eliminated when placed in a larger setting.
By establishing trust, your business is greatly increasing the chances for a positive ROI. The hand-in-hand nature of wide visibility while solidifying trust is another reason why companies are placing much greater investments in sponsorships.
Long Term Connections
Beyond the immediate relationship you build with the company you are sponsoring, you are also sowing the seeds of long-term connections with other businesses involved with the event.
These new relationships may not represent the immediate value that event attendees offer, but they do open up new doors to further branding opportunities. Once again, you are presenting yourself with an entirely new pool of potential customers, and you are now creating a positive-feedback loop.
This cycle of positive business is the exact reason companies are investing in sponsoring events. While the investment can often be large, the possibility of a high ROI often outweighs other marketing techniques.
Everyone Wins
Many people may assume that sponsorships are only an option for larger, well-established companies. This is flat out false.
Even for startups, the chance to make a large gains is available. By aligning with larger companies, startups are putting their foot in the door to greater business opportunities.
Smaller companies, comparatively, can make greater strides with corporate sponsorships than their larger competitors. Due to the fact that they may be less well known, reaching these new audiences can be the establishing factor for a young brand.
The main point here, however, is not who stands to earn the most, but rather that everyonestands to gain positive returns.
A Worthy Investment
There are very few guarantees in the world of business. Uncertainties will inevitably pop up, and re-thinking strategies will often be necessary. However, one thing that you can be very confident in is that putting your business in front of a large audience will be good for your company.
Sponsorships check all the boxes for what marketers are trying to achieve. Furthermore, with a world that is quickly connecting at every corner, the options to highlight your brand are increasing by the day.
This article was originally published on The Product School blog. We teach product management, data analytics, coding, digital marketing, UX design and product leadership courses in 20 campuses across the US, UK and Canada and the world. To learn more about our upcoming courses and how to apply, visit our course page. Have any comments? Tweet us @ProductSchool!
