Today I had the pleasure of attending a marketing seminar on corporate sponsorship, hosted by the Toronto Board of Trade. The speaker, John Doig of Scotiabank, spoke about corporate sponsorship. I’d like to share some highlights of his speech with you.
Why Sponsorship?
In the 21st century, consumers are bombarded by the media. Traditional advertisements are often passively received and easily ignored by the consumers. In contrast, sponsorship tends to be more engaging and relevant to the targeted consumer group. Besides, advancing a charitable cause gives you a warm and fuzzy feeling inside.
Differentiate Your Business Through Sponsorship.
To make your business standout, try differentiating it through sponsorship. The event being sponsored should be relevant to your customers. You should be able to explain to your customer in an engaging way why you are sponsoring the event. For example, the neighbourhood pizza joint may sponsor the local football team because they are welcome to hangout in the restaurant after practice.
Besides cutting the cheque, you should make sure that resources are available to promote the sponsorship properly. Otherwise, the sponsorship won’t give you much more than the warm fuzz in your heart. A small to mid-sized firm should have the means to produce items such as a press release, brochures, and retail signs – something to pique people’s interest.
When considering which events you wish to sponsor, you should also ponder whether the sponsorship is sustainable and not just a one-off opportunity. Repeated sponsorship generates better impression and signals commitment, while a one-time sponsorship may suggest opportunism. Your sponsorship efforts should not come and go with a single bang but rather trickle through the coming years.
