Snag Business Presents: Leveraging Sports Sponsorships for Business Development: A Comprehensive Guide
I'm Stephen Nagrant, a sports marketing and sponsorship expert and the owner of Snag Business, a marketing firm that specializes in harnessing the power of sports marketing and sponsorships to help companies achieve remarkable business objectives.
After generating more than $340 million in sponsorship sales in my career, from multi-year Little Caesars Arena naming rights to small local business partnerships, I now help companies of all sizes use sponsorships to reach their business goals.
As a dynamic and engaging platform, sports sponsorships allow businesses to connect with a broader audience, showcase their values, and ultimately drive growth. However, achieving multiple business objectives is not just about slapping your logo on a jersey or billboard. Marketers at sponsor companies and properties need to step their game up to really break through the clutter and create engaging experiences that add value to fans.
Here's how you can leverage sports sponsorships effectively for business development in 2023 and beyond.
Brand Activism & Purpose Sponsorship
Today's consumers crave authenticity and a sense of purpose from the brands they support. They want to see businesses taking a stand on issues that matter and contributing to the betterment of society. This trend has found its way into the sports industry, with companies increasingly positioning themselves as brand advocates for humanitarian goals, environmental missions, or positive mental health messages. Aligning your sponsorship with a cause that resonates with your brand's values can significantly boost consumer engagement and purchase intention. It's a win-win situation: you support a worthy cause while improving your brand's image and appeal.
Omni-Channel Approach
In an era where the digital and physical worlds are intertwined, businesses must embrace an omni-channel approach to marketing, especially in sponsorship. This means creating a seamless and unified experience for fans across all channels, whether activations, digital platforms, billboards, social media, or print. Tailoring sponsorship packages to include multiple channel touchpoints can significantly enhance brand visibility and reach, leading to more meaningful connections with your audience.
Globalization
The advent of technology and a globalizing economy has resulted in a 'bleed' effect on sports sponsorships. Brands can now gain exposure in new markets outside their original target audience. While this presents exciting opportunities for business expansion, it also calls for a more inclusive approach to sponsorship strategies. Showing your brand as an international entity can positively influence brand perception and pave the way for future growth in diverse markets.
Technology Integration
Technology has revolutionized the way we consume sports content, and as a business, it's crucial to adapt your sponsorship strategies accordingly. Fans now have universal access to matches and events through various digital platforms, and long-form content gives way to on-demand short-form content. By integrating digital technologies into your campaign, such as geo-fencing offers or co-branding with local partners, and creating platforms for engaging short-form content, you can connect with fans more personalized and impactfully.
Measuring Results
With digital marketing comes the ability to measure everything. Accurately tracking the return on investment of your sponsorship initiative can provide valuable insights into what's working and what's not, enabling you to optimize your strategy for better results. Real-time data can also help communicate the financial impact of your sponsorship investments to stakeholders, making it an essential component of your sponsorship strategy.
Leveraging Fan Content
User-generated content is a powerful tool for creating authentic connections with your audience. By tapping into fan content, you can associate your brand with memorable fan moments that resonate on a deeper level. New technologies make this more accessible than ever, allowing sponsors to seamlessly integrate user-generated content into their marketing campaigns.
Summary
In conclusion, leveraging sports sponsorships for business development is not just about visibility – it's about making authentic connections, aligning with values, and engaging with fans meaningfully. By incorporating these elements into your marketing strategy, you can hit a home run in your business development efforts.