As the Men’s Cricket World Cup 2023 gets underway, the best teams join the fray in India. All eyes are on certain favourites (their popularities vary across the continents) and each team, associated with a certain colour in attire makes a splash in the media. When cricket fans watch this much-awaited event that will span the course of a few weeks, something that will not be lost on spectators whether they are at the venue or watching from home, is the sponsor names donning team attire. In fact, I am willing to bet that in every team’s home country, there would have been quite a tussle to bag the coveted sponsorship opportunities for their respective teams at the World Cup.
But why is sponsorship still continuing to hold its own in an age where digital advertising and more personal forms of promotion have become so popular? It is because sponsorships and sponsored events carry their own personal association with audiences that go beyond other forms of advertising.
Sponsorships that build relationships
Reverting to the Men’s Cricket World Cup, my own association of teams with certain brands remains strong in my mind, despite me not being an avid cricket enthusiast. I believe that this says something. Although By Jus, an educational technology company has now ended its sponsorship with Cricket India, I vividly recall its logo on the team t-shirts, which I remember being paired with the television advertisements that piqued my curiosity and drove me to research it online.
Similarly, Woolworths was associated in the recent past with Australia Cricket for entry-level players, while one of their World Cup Sponsors – Asics (the sports apparel brand) – has just renewed its partnership with the team.
This clearly demonstrates the top-of-the-mind-positioning that sponsorship can have in audiences’ minds. The main reason why sponsorships work is because there is brand differentiation from competitors, just by the value of association. As the parent of a budding cricketer, Asics will always be my number one choice just because it is associated with top-notch cricket. A large part of this is also due to the brand reputation that is built by way of associating it with certain skills and people. This is true of most sponsorships that partner with the right people and events.
I will continue with my cricket analogy to also push the next argument for sponsorships, which is the fact that they reach more people. No one can deny that millions around the world will be watching the 2023 Cricket World Cup. So, imagine the number of potential customers that sponsoring brands will reach! This is why these sponsorships are quite exclusive and cost thousands, if not millions of dollars. In fact, The Economic Times of India reports that the International Cricket Councill (ICC) may earn up to $150 million dollars in cricket sponsorships in the 2023 Men’s Cricket World Cup.
The thing to remember about sponsorships is that they are accompanied by various Above-the-Line (ATL), Below-the-Line (BTL) and Through-the-Line (TTL) advertising methods that will bolster audience attention. One cannot underestimate the importance of having banners of one’s brand displayed at a venue, their advertisements in the electronic, print and digital media, branded merchandise and also the added opportunity to meet with potential and existing customers via physical booths at the event being sponsored. How often do we recall seeing vehicle brands being displayed at events (again cricketing events come to mind) that create brand awareness but also create a need where there wasn’t one (Oh, to get my hands on that beautiful black Mercedes!)
Having a brand presence at events is an important marketing tool because it will also give companies insight into customer behaviours, wants and needs that can be extremely helpful in product innovation and new product development. Face-to-face conversations with customers can yield valuable information on what a company or brand is doing right or wrong and allow for a piggybacking on ideas or a complete change in products and marketing to garner better sales. It will also allow for the generation of leads that can be followed up with later to make important sales.
Some companies even sponsor events with community concern in mind and opt to financially support Not-for-Profit Organisations. This too can be helpful as it fosters a reputation of social responsibility for the brand and company that will certainly bring results from audiences who also care about their community.
Sponsoring it right
Deciding to sponsor an event does not mean that companies jump into it willy-nilly. There are important factors to be considered such as brand goals, budgets, audiences, reputation, etc. Quantifiable goals will need to be reached by sponsorships because usually, they cost a significant amount of money.
A company that wishes to sponsor an event must also ascertain if the event in question is right for its brand, that it is aligned with the company’s own values and that there is no conflict of interest. It is easy to hurt your brand by associating it with the wrong event and people, and so there is a need for due diligence before signing up for such brand partnerships.
Companies are not alone in making these tough decisions, however. There are useful digital tools available to support such as Google Analytics that will help determine a brand’s audience behaviour, social media platforms that will tell you which events your audiences engage with more, and even Artificial Intelligence (AI) that will help you draw up the best advertising material to attract a certain audience at the event you are sponsoring.
Overall, in deciding to partner with events, look for brands and companies that hold similar interests (this does not mean your competitors), but for example, sponsoring a bank event if you are in the auto trade where you can work out loans and easy payment schemes. There are myriad tools available online that can link you to brands that need sponsoring such as Sponseasy and SponsorMyEvent, so make use of them.
Visualise, Plan and Act – your next big customer is just an event away.
(Anouk De Silva)