Is it possible that traditional advertising has passed its prime? These days, ad pervasiveness is commonly paired with users’ newfound skepticism and distrust of advertising. The modern consumer ignores pesky sales messages—instead, preferring significant experiences, authenticity and personal value. They want something that doesn’t only appease a marketing team. So what can brands do to get proper exposure? Well, event sponsorship is one creative solution.
Over the past two decades, event sponsorship has been the fastest growing form of marketing in the United States. As a fairly new practice, event sponsorship is the perfect opportunity to get individual exposure and beat out your competition. In fact, IEG’s annual year-end industry review and forecast predicts that sponsorships will rise 4.5 percent globally in 2017, reaching $62.8 billion in spending from $60.1 billion in 2016.
What is causing sponsorship growth?
Traditional advertising costs are up while customer interest has declined. According to an Adweek study, 75 percent of Americans view phone solicitation as an invasion of privacy, while 81 percent find in-store ads “distasteful.” Real-life encounters are a much better way of getting attention. Event sponsorship gives a brand’s service or product the opportunity to offer an interactive experience without any distraction from competitors.
Effective marketing MUST cater to a niche. No brand is still marketing to the masses. Whether it’s Dole or Dior, every brand is marketing to its specific target market. If done correctly, event sponsorship can be the best way to interact with your niche market. By their very nature, events cater to a specific audience of attendees who share certain characteristics. Sponsoring the right event gives marketers a direct link to their niche.
Social responsibility is more important than ever. Brands are no longer defined solely by quality. People care about a brand’s persona. Is the company charitable? How does the organization treat its employees? These are just two of the many questions that dictate customer loyalty. Fortunately, event sponsorship can cater to this concern. Sponsoring an event can be the perfect opportunity to support a charitable cause. Charity 5k runs, auctions and golf tournaments are all common non-profit fundraising events.