What is Sponsorship?

published by Mei Kuan
Introduction
Sponsorship is the financial or in-kind support of an activity, used to achieve business goals. Sponsorship is defined as a relatively recent promotional strategy is where a company creates a link with an outside issue in order to influence the audience by the connection (Rifon, Choi, Trimble & Li, 2004).
Benefits of Sponsorship
A company can get many benefits from sponsorship in many ways which is enhancing the business’s image or shaping consumer attitudes. Companies are often looking to enhance how they are perceived by their target audience. Sponsoring events are likely to shape customer buying attitudes and help to create a good reaction from customers. For example, Coca-Cola is always creating a positive influence of their products in the minds of their consumers and as such, they consider that regularly support events can influence consumer opinions (Susan Friedman, 2016).
In addition, one of the benefits of sponsorship brings to the business is driving sales. Sponsorship is related to driving sales can be a significant promotional tool. This purpose allows sponsors to showcase of their product attributes. Food and beverage companies often leverage sponsorship to encourage and boost the sales. For example, IEG’s Complete Guide to Sponsorship cites Visa’s fund-raising effort is around its sponsorship which is the Olympic Games and the U.S. Olympic Team. They do promotion to their association to make a donation to the team. American Express also used a similar tactic by donating which is carry out a "Charge Against Hunger" campaign. As a result, both companies got a rise in sales volume (Susan Friedman, 2016).
Besides that, sponsorship also helps with a good "Corporate Citizen" role. A powerful sponsorship allows companies to be viewed as a "good neighbor." It brings a lot of benefits to encourage the community and contribute the economic development and build a goodwill of a business. Sponsorship also can enhance business, consumer and VIP relations. For example, sponsorship can provide special exclusive networking settings like VIP receptions or golf tournaments so it opportunities to meet significant customers and solidify business relationships (Susan Friedman, 2016). 

REFERENCE
Rifon, N.J., Choi, S.M., Trimble, C.S., and Li, H. (2004). Congruence Effects in Sponsorship.  Journal of Advertising, 33(1), 29-42.
Susan Friedman. (2016). Sponsorship: A Key to Powerful Marketing. Available at https://www.thebalance.com/sponsorship-a-key-to-powerful-marketing-2295276

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