Good PR strategy extends into any area that provides an opportunity for building brand awareness and trust.
When done well, sponsorship opportunities are a valuable way to promote your company name and products and also provide extra press opportunities. There are many ways a business can sponsor; it could be through supporting an individual such as an athlete, being a sponsor or partner of a charity or sporting event, a business conference or an awards dinner.
What sort of deal should you look for?
When looking for a sponsorship opportunity, it is important to consider the customers you are trying to reach. While you may reach a large audience by supporting a huge event, if you are looking to target a local audience, sponsoring your local football team may be a better option.
It is also beneficial to have an emotional connection to a potential sponsorship opportunity, as this means a genuine association. However, there needs to be a clear way to measure your return on investment so make sure this is a top priority when making your final decision.
Look out for the following:
- A certain number of articles or editorial mentions – you can measure return of investment by the reach of digital content and also check out your website analytics. Print advertising is most commonly measured by AVE (advertising value equivalent).
- An agreed number of social media posts and mentions.
- VIP networking opportunities and events.
Throughout the entire process, be clear of your values. In recent years there have been a number of situations in the news where companies have had to look at their sponsorship and whether they reflect the values of their organisation. The Science Museum previously came under fire and defended its corporate policies on climate change when receiving sponsorship from the oil and gas industry. https://www.ft.com/content/9aa5197c-b46c-11e9-bec9-fdcab53d6959
Great sponsorship has a genuine link to company values, the type of business and the interests and beliefs of the staff. Above all it needs to be recognised that a good sponsorship partnership is a two way relationship and needs care and attention to enable it to flourish.