Eight Benefits of Brand Sponsored Events
The 81st Annual Mount Gay Round Barbados Race is getting ready to set sail this month. From humble beginnings, the yearly regatta now boasts hundreds of competitors, spectators, and local dignitaries.
Brand sponsorship, such as this one with Mount Gay Rum and the Barbados Cruising Club, is one of the most effective marketing tools and the benefits are numerous.
- Increase Brand Awareness – This goes without saying. Having your business and brand attached to an event is an effective way to increase awareness with customers and potential customers.
- Reinforce Brand Image & Build Brand Equity – It is important to have the right type of sponsorship because doing so can reinforce the image your business promotes and the one customers have of your brand. This, in turn, can help build and improve your brand equity.
- Demonstrate Brand Attributes & Company Values – Another reason the right sponsorship is very important is because it can also demonstrate your brand attributes and company values. Sponsoring an event, organization or individual that contradicts your brand and company values can be a costly mistake.
- Increase Consumer Reach – Sponsorships can help increase your consumer reach and get your brand in front of a new target audience, particularly if the event or organization you are sponsoring appeals to a particular niche market.
- Differentiate Brand From Competitors – Sponsorships can help differentiate your brand from competitors. Think Nike and its sporting event sponsorship, athlete endorsements, etc. That symbiotic relationship between Nike and the sporting world is a key driver behind its being far more than an athletic company and instead a lifestyle to many.
- Free Positive P.R. – Sponsorships of events and organizations also often means free and more importantly, positive coverage in the media, which is always a good thing for any business.
- Brand Enhancement – Aligning with an organization, individual and/or event with a very positive brand image can only help your business’ own brand image and potentially enhance it.
- Increase Sales – Perhaps the most significant benefit of brand sponsorships is an increase in sales and your business bottom line, whether directly or indirectly. This can be achieved directly by selling and promoting your products at an event or indirectly, through the increase in brand awareness, loyalty and more that comes from your sponsorship efforts.