Sports Sponsorship Trends in 2023
The sponsorship world is experiencing unprecedented growth, fueled by myriad factors reshaping the marketing landscape. As more businesses recognize the power of strategic partnerships, there's an increasing interest in understanding what drives this expansion.
Here are some of the key reasons behind the growth of sponsorship:
1. Brand Activism and Purpose Sponsorship:
Sports fans and consumers increasingly want their brands to stand for something. A recent study showed that when consumers are aware of a company's ethical responsibility initiatives, their purchase intention increases by 35%, and their engagement on social media channels grows by 15%. This trend has seeped into the sports industry, where organizations align themselves with brand advocates for humanitarian goals, environmental missions, or mental health messages. A sponsor can elevate their brand by associating with a meaningful cause, enhancing their visibility and consumer loyalty.
2. Omni Channel Approach:
The Omni Channel concept has made a significant impact on the sponsorship landscape. Sponsors are still looking for more than event activations or venue tie-ins; they now see the unlimited potential of reaching fans through multiple digital, billboards, social media, and print channels. Tailored sponsorship packages now include multiple channel touchpoints and flexible rights for short-form content, offering sponsors a more extensive reach and engagement with fans.
3. Globalization and International Focus:
In today's globalizing economy, sponsors are experiencing a 'bleed' effect, where their brand exposure slowly leaks into new markets, potentially outside their original target audience. As such, sponsors must consider broadening their offering to be more inclusive of the world economy, potentially enhancing their brand influence for future growth and presenting themselves as international brands.
4. Technological Advancements:
The influence of technology has been a game-changer in the sponsorship domain. Fans now have universal access to matches and events through web streaming and smartphone apps, necessitating sponsors to adjust their strategies. This media rights fragmentation presents a challenge as the viewing points for fans are now more distributed, leading to less advertising at the venue's point of sale. Therefore, sponsors increasingly use digital technologies in their campaigns, integrate themselves into the sport, and move towards more dynamic and digitally intriguing assets.
5. Increased Measurability:
The digital focus of marketing campaigns has made it easier to measure results. Sponsors can now present real-time results to managers and clients and predict an accurate return on investment. This ability to measure the return on investment for a sponsorship initiative helps sponsorship leaders make more informed decisions about their strategies and investments.
6. Leveraging Fan Content:
The power of recommendation from friends or family continues to be a compelling motivator for customers to try new brands. Technologies like Brizi enable sponsors to tap into user-generated content and associate themselves with the perfect fan moment, creating deep connections with fans.
These trends are shaping the future of sponsorship, making it a dynamic, engaging, and increasingly effective marketing tool. As businesses become more aware of the potential sponsorship offers, their growth will continue.