Thursday, October 25, 2018

How to Create A Winning Sports Sponsorship Strategy

There’s no disputing the sports sponsorship industry is alive and well. Spending on the four major professional leagues reached a total of $3.5 billion for the 2016-17 season, which was up from $3.3 billion the previous season. But, as sports sponsorship spend continues to increase,  don’t be fooled! It’s no longer a fact that the brand that spends the most automatically wins. So, let’s explore a few ways that brands can create sponsorship strategies that will have fans on their feet for more than just the game.

First and foremost, there are two important cornerstones to any brand partnerships: first, there is an authentic willingness to collaborate from both sides, and second, there is potential for genuine growth on both sides of the partnership.

Once those two things are established, here are a few things to keep in mind:

  1. To be effective, brands thinking about sports sponsorships first need to be crystal clear about their objectives. Well thought-out sponsorships will deliver a better return on investment.
  2. Keeping in mind market segmentation, determine your target audiences and be intentional about finding partners who can help reach those audiences.
  3. Understand the brand equity of potential partners.
  4. Strategize your activation method to help enhance fans’ experiences and capitalize on their enthusiasm.

Sports sponsorships have proven to be a powerful tool for brands to raise awareness and build loyalty among a captive audience of excited fans. Brands that develop clear objectives, work with the strategic partners, and keep up with fan expectations and work to enhance their overall experience are sure to win with sports sponsorship.