Sponsoring a local sports team or event can be a great way to support your community and help promote healthy competition and physical activity. It can also be a good opportunity for businesses to get a healthy dose of brand marketing and potentially attract new customers. The decision to sponsor will depend on your business circumstances and the specific details of the sponsorship opportunity. Your marketing dollars are precious, so it’s important to understand the possible value of the dollars invested. While it may seem like a charity donation, there can be some marketing value in certain sponsorships so you need a way to assess what works best for you by considering the potential benefits and drawbacks before making a decision.
What Are Potential Drawbacks to Sponsorships?
One potential drawback of sponsoring a local sports team is the cost. Sponsorships can be expensive, and it’s important to carefully consider whether the potential benefits are worth the investment. Additionally, there is no guarantee that sponsoring a sports team or an event will result in increased business or a positive return on your investment.
What Are the Benefits of Sponsorships?
Some potential benefits of sponsoring a local sports team include supporting your community and promoting healthy competition and physical activity. It can also be a good opportunity for businesses to get their brand out in the public eye and garner some favorable consumer sentiment by supporting local sports. This may also attract new customers but it will not be a conversion that is easily tracked. Sponsoring a sports team can also be a good way to build relationships with other local businesses and organizations, which can lead to future collaboration and opportunities. Additionally, sponsoring a sports team can be a good way to show your support for a cause or issue that is important to you.
What Does a Good Sponsorship Package Include?
A good sponsorship package is one that provides a win-win situation for both the sponsor and the sponsored team or event. It should clearly outline the benefits that the sponsor will receive in exchange for their support, such as advertising opportunities, and recognition at events and on their website while at the same time, providing benefits for the team or event, such as financial support or access to resources. A good sponsorship package should also be flexible, allowing for negotiation and customization to meet the specific needs and goals of both parties.
Some things to look for would include:
- Prominent display of your brand. Simply including your name is ok but it’s better to get your logo placed prominently. It’s also important for graphics to be handled by professionals so they are sized and placed correctly.
- Sponsorship links on the website: This has become a very important aspect of quality sponsorship packages. A short value proposition for your business with a properly structured link to your website is valuable for local SEO efforts and costs the sponsoring organization very little.
- Charitable status: A legitimate 501C3 will allow you to write off the expense as a charitable donation.
A Good Sponsorship Is An Exchange of Value
Local businesses are often approached by organizations seeking donations and sponsorships and it can be uncomfortable to have to say no. So if you can turn it into a conversation about the sponsorship and the value exchange they are asking you to participate in, it makes it an actual marketing decision instead of a blind donation. While it can be very fulfilling to see your company name on the back of team jerseys or a huge banner at a popular event, it’s so much better to know that it may actually help you as well as the organization you are giving your hard-earned dollars to.
