Sports marketing and sponsorships are a dynamic field, continuously evolving with the shifting landscapes of sports, media, technology, and consumer behavior.
Sponsorship and Sports Marketing Trends for 2023
As we move into the second half of 2023, I want to share some important trends shaping the future of sports marketing and sponsorships that every marketing executive should be aware of.
1. Brand Activism & Purpose Sponsorship
In recent years, consumers increasingly want brands to stand for something. A study indicated that consumers' purchase intention increased by 35% once they became aware of a company's ethical responsibility initiatives. Engagement also grew by 15% on social media channels for the same sample group of consumers. This trend has extended into the sports industry, with organizations aligning themselves with brand advocates for humanitarian goals, environmental missions, or mental health messages. In the sponsorship realm, brands can elevate their standing by associating with a reasonable cause or promoting the recycling of their products at the venue.
2. Sponsors are Now Omni Channel
The concept of Omni Channel, which has been a buzzword in retail for over a decade, is now becoming integral in sports sponsorships. Brands can maintain conversations with their audience through activations, digital platforms, billboards, social media, and print. It's no longer just about event activations or venue tie-ins; sponsors should embrace the potential of reaching fans through various channels, creating tailored packages that include multiple touchpoints.
3. International Focus
With new technologies and a globalizing economy, sponsors' brand exposure leaks into new markets, potentially outside their original target audience. Therefore, sponsors need to cater their offerings to be more inclusive of the world economy, not necessarily offering products to all but considering the positive brand influence that can be achieved for future growth by presenting as an international brand.
4. Technology Changing the Revenue Landscape
Technology is drastically altering the sports marketing landscape. Fans now have universal access to all matches and events through web streaming and smartphone apps, leading to a fragmentation of sports content. This change challenges sponsors as it needs to clarify where fans will be watching. Sponsors need to embrace digital technologies in their campaigns and look at integrating themselves into the sport for a more lasting impression.
5. Measuring Results
With the digital focus of marketing campaigns, there's an increased opportunity for everything to be measured. Results can be presented to managers and clients in real-time, and an accurate return on investment can be predicted. Without a planned measurement strategy, critical information is lost between the moments of campaign execution and the quarterly report, as sponsors fail to watch and research their marketing impact.
6. Leveraging Fan Content
In 2023, recommendations from friends or family remain the most compelling motivation for customers to try a new brand. Sponsors can tap into user-generated content and associate themselves with the perfect fan moment that profoundly connects with fans. This approach helps create authentic experiences and strengthen the brand-customer relationship.
Considering these trends, marketing executives can add sponsorships to their marketing mix more effectively and strategically. As the landscape continues to evolve, it's crucial to stay informed and be ready to adapt to ensure your brand remains relevant and impactful in the sports marketing and sponsorship arena.