Sponsorship provides a great means of broadening your competitive edge by improving your company's image, prestige and credibility by supporting events that your target market finds attractive. In recent years, corporate sponsorship has become the fastest growing type of marketing in the United States.
Part of this growth can be attributed to the increasing numbers of small and medium-sized businesses involved. Previously, only large businesses could afford to sponsor cause marketing, for instance, as a way of boosting profits as well as establishing goodwill. However, now smaller companies are sponsoring as an effective method of boosting their visibility in their community. Irrespective of the size of the company, however, experts in the field tout a broad spectrum of benefits that can be gained by sponsorship aside from enhancing visibility and image. These experts go on to say that when sponsorships are strategic and well-conceived, they can boost both short-term and long-term sales.
Event Sponsorship Benefits
Sponsorship of events in particular can be especially effective as a marketing tool because it provides opportunities to gauge customer response to products immediately. Events allow business owners or executives to relate directly with their customers, while they give customers the opportunity to try out the products of a company firsthand. In comparison, marketing research methods such as focus groups are usually costly and may not focus on the right kind of people, while market surveys or questionnaires usually do not allow prospective customers the opportunity to try out products.