Since the dawn of time, athletics and sports marketing sponsorships have always been part of the success of brands and athletes. But now that things have become more competitive in the sporting industry, the value, and importance of sponsorships for both parties have changed.
Athletics & Sports Marketing Sponsorship Strategy
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Sponsorships have always played a critical role in the success of several brands and athletes.
Just take a look at what Michael Jordan and Nike did to their respective careers! And while it seems like not much has changed when it comes to sports marketing sponsorship, the increasingly competitive environment of the sporting industry is affecting it.
How can use sports marketing sponsorships?
So, in the hopes of assisting businesses and athletes, we’ll be looking at how you can use sports marketing sponsorships to your advantage, beginning with an understanding of their importance to both sides!
Depending on who you ask, the value of sports marketing sponsorship may vary. Some businesses might say that it doesn’t matter as much as other digital marketing strategies like SEO or web development. On the other hand, some brands might say that the right sponsorship could lead their business to greatness.
Sponsorships can make or break a professional athlete’s career. Why is it important that both parties recognize the value of sports marketing sponsorships from each other’s perspective?
Underestimating the value of sponsorships
Underestimating the value of sponsorships is a common mistake made by most brands, whether they’re businesses or athletes.
When you don’t know the value of what you’re offering a potential partner, it’s difficult to strike a good deal that benefits both parties. And failing to strike a good deal can result in shattered relationships. You must learn how to put yourself in the shoes of athletes and other businesses if you want to improve your relationships.
Understand why they want sponsorships and what it could do for them. How can they help you and how can you help them? At the core of everything that makes sports marketing sponsorship the golden opportunity that it is, is a fruitful partnership. Whether you’re an athlete hoping to work with a business or vice versa, learning how to find a middle ground for both of your needs is key to success!
Finding middle ground
Finding middle ground Like what we’ve mentioned earlier, the key to securing lasting sponsorships is knowing how to carve a middle ground for the needs of the parties involved in the deal. And how do you do that? By finding something that you both relate to — like the advantages that sponsorship offers you!
Brand awareness: the most of your attention
Brand awareness is one of the leading reasons why most brands invest in sports marketing sponsorship. Whether you’re a personal brand or not, free publicity is always a good thing. Brands access new audiences by partnering with an athlete.
The athlete may use or wear their products or they could even talk about them on their social media accounts — that’s free exposure. And the same thing applies to budding athletes. When a brand offers them a sponsorship, they’re being offered exposure to a wider audience beyond the playing fields. Opportunities like these matter to athletes who want to explore other industries once they retire.
Brands now have the opportunity to expand their reach thanks to increased awareness on their side. Businesses that have yet to reach out to audiences outside of their target market can now do so. Athletes who want to grow their fan base can now do so without fear. When a deal considers both parties’ needs, they’ll be able to grow almost simultaneously and this is what healthy relationships should look like.
Increasing Business reputation
Your business reputation matters when building a brand. You need to reinforce a positive reputation for your brand. And while this often takes years to accomplish, sponsorship speeds things by linking a business to another well-known and widely loved brand. This is what happened when Nike first landed their deal with Michael Jordan.
During that time, Jordan’s career in the NBA was taking off. And on the other hand, the sportswear giant was slowly working its way up. Nike saw a significant increase in sales and overall growth after being associated with Jordan’s great performance.
They’re now seen as a brand that cares about the performance of their athletes. And anyone who wants to invest in clothes that give them the performance of a professional player should stick with Nike.
Now that you have access to a wider audience, you’re given more room for growth! Businesses can start expanding their range of products and services. On the other hand, athletes can slowly start to branch out of other industries. Just take a look at Dwayne The Rock Johnson. Johnson has gone through various industries in his career from NFL to professional wrestling and now, acting!
Johnson was able to do this with the help of the right sponsorships. On the other side of the coin, there’s Nike. Nike started with just sports shoes. However, today’s sportswear behemoths provide everything an athlete could possibly require, from the proper footwear to the appropriate jerseys.
Issue of Branding
Last but not least, there’s the issue of branding. Building a brand takes time and effort. To successfully develop a brand, you must go through a lengthy process of positioning yourself in the minds of consumers and building a solid reputation as a company.
Sponsorships make this much easier to accomplish. When a brand collaborates with a reputable entity, they get to bask in the goodwill that their collaborator has bestowed upon them.
As the saying goes, you are the company you keep. Audiences form opinions about you based on the people with whom you associate. It’s a recipe for success when great athletes come together.
HOW TO PLANT FRUITFUL RELATIONSHIPS
Now that we’ve unearthed a middle ground for both parties, how can they turn sports marketing sponsorships into fruitful relationships?
1. FOCUS ON THE BENEFITS
Whenever they’re negotiating sponsorship deals, both parties should focus on the benefits of their partnerships. As we’ve mentioned earlier, sponsorships should be beneficial for both parties. The balance should never be broken and both parties should strive to keep it intact. They need to find a way of developing a fruitful relationship with another by learning how to compromise with one another. This is the key to long-lasting business relationships in the sporting industry.
2. FIND THE RIGHT FIT
Similarities matter to these partnerships. So, if you’re planning to find someone to sponsor or hoping to find a sponsor, look for someone that shares the same values as you do. This makes finding a middle ground for your deal easier. And while it’s important that you find ways to reach new audiences, this doesn’t mean you should stray away from what you are as a brand. Keep in mind that consistency still matters. Furthermore, finding people and organizations that share the same values as you make your brand even more authentic in the eyes of audiences.
3. LoOK BEYOND MARKETING ASSETS :
Sponsorships shouldn’t be about placing logos and other marketing assets. It should be about engaging different sets of audiences and curating an experience that both of them can enjoy.
4. UNDERSTAND YOUR SPONSOR
We’ve said it earlier and we’ve said it again, understanding how sponsorships can benefit the other party matters. Knowing how you can help them and how they can help you put you into a position wherein you can offer better deals with them instead of presenting an unbalanced deal.
If built on the right foundations and taken good care of, sponsorships can bring wonderful things to both parties. It doesn’t matter if you’re the sponsor or you’re the one being sponsored, learning how you can help one another will elevate your relations with one another. We hope you guys loved today’s video and if you want to learn more about great solutions that can change the game, don’t forget to subscribe and give us alike! And we’ll see you next week!