5 Ways to Make Your Sponsorship Work in a Down Economy
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Let’s agree that the current state of the US Economy is a very mixed bag depending multiple factors: where you live, how old you are, the industry you work in or even if you work at all.
Let’s also agree that we are also in varying degrees of recovery from COVID-19 and there exists an uneven recovery across different sectors and groups of people.
The disparities in employment and income levels among different demographics, with women, minorities, and low-wage workers being disproportionately affected. When you add housing/real estate boom/bubbles, discussion of interest rates, increasing unemployment/layoffs and trying to understand whether we are headed to/or recovery from a recession, it is fair to say some of us are living through/could experience a down economy in 2023.
We thought it would be a great time to remind everyone how your company can make sponsorship work in a down economy no matter how its impacting your company or the customers you are trying to influence through sponsorship.
Here are five ways to give your sponsorship "impact" in a down economy
1. Virtual Events:
The pandemic influenced how all of us thought about in-person events. The shift to virtual events still has merit and many of our clients have shifted their sports sponsorship activation to virtual events. Whether you are a brand or rightsholder, organizing online events such as webinars, digital conferences, online Q&A sessions, and virtual races will help you to reach a wider audience and engage with fans in a cost-effective way. We have also noticed that it is a great way to bring in new and young participants to your company. Clients are to better leverage their sponsorship (and brand equity) by creating custom branded backgrounds, sponsor logos, and other virtual branding assets.
2. Social Media Campaigns:
Social media platforms offer a cost-effective way to engage with fans and generate buzz around your sports sponsorship. And if your company (works for both rightsholder and brands) is already engaged in this activity, sports sponsorship provides a fresh content angle that brings with an opportunity to grow your audience amplifying the engagement of your partners in a meaningful way. Social media platforms offer an excellent opportunity to engage with fans and generate buzz around your sports sponsorship. A social media campaign can be a fun and interactive way to promote your brand and build brand awareness. Ideas for campaigns range from contests, sweepstakes, giveaways that encourage fans to engage with your brand and share their experiences with their friends and family. By partnering with athletes and
creating engaging social media posts, you can generate excitement around your sponsorship and build a community of engaged fans.
3. Branded Content:
Branded content is an excellent way to showcase your brand and generate buzz around your sponsorship. By partnering with athletes, you can create engaging content that resonates with your target audience. This could be in the form of social media posts, video interviews, or podcasts. By creating content that tells a story and showcases your brand in a compelling way, you can build a loyal following of engaged fans who are more likely to convert into customers.
4. Community Outreach:
Community outreach is a great way to build relationships with fans and give back to the community. You can organize community events or make donations to local charities themed around your sports sponsorship. This will help you to build goodwill with your target audience and showcase your brand as a socially responsible organization. And by aligning your brand with a good cause or initiative, you can strengthen your rightsholder/brand's reputation and generate positive PR.
5. Product Launches:
Leverage your sports sponsorship to launch new products or services. You can use athlete endorsements to create buzz around your product and generate interest among fans. By combining your efforts in #1, #2 and #3 with the excitement of a product launch you amplify everything and showcases your product/team in a compelling way while also maximizing your marketing resources at the same time (which can also be constrained in a down economy).
In summary, the key to success when leveraging sports sponsorships in a down economy is to be creative, innovative, and flexible. By thinking outside the box and embracing new technologies and platforms, you can engage with fans and build a loyal following that will help you weather any economic storm and maximize your marketing budgets with the potential I driving even better results.