How to Create a Sponsorship Strategy that Maximizes Event Revenue.

How to Create a Sponsorship Strategy that Maximizes Event Revenue

The theory reviewed in this section consists of five sections of literature aligned with the objectives of this study:

1. Explore impacts of sponsorship
2. Discuss the ‘fit’ between sponsor and event
3. Analysis of the marketing benefits to the sponsor
4. Analysis of the main factors affecting sponsorship
5. Explore the sponsorship management plan

Defining Sponsorship

Sponsorship has been defined by scholars as a kind of investment over the activity, which is applied for the exchange of the access to the commercial potential hopefully brought by that activity (Meenaghan, 2001). Based on Damster and Tassiopoulos (2006, p. 174), the easiest way to define sponsorship is by recognizing the way in which events are funded, first and foremost, business activities. Activities can be defined as anything from sports events or musical performances to art exhibitions or museum exhibitions. The list of events sponsored by other entities is long, including almost all types of transactions. Sponsorship lead to two activities, including the exchange with the venue or the event and also the communication between the entities where the association with other marketing initiatives has been leveraged by the sponsors (Cornwell and Maigan, 1998). From the view of Bowdin (2006, p. 228), “sponsorship is said to be one of the most powerful media used to communicate and form relationships with stakeholders and markets.” The relationship formed during the sponsorship process links the sponsor to the event, allowing the market to be in contact with each other, although directly related to the connectivity between the sponsoring entity and the purpose of the event. For example, a soft drink may not be directly related to exercise, but may still be related to the emotional connection that the consumer has made to the exercise as it is subsequently transferred to the soft drink.

As suggested, not only can the event be sponsored, but the individual can be sponsored by an external entity by participating in the event or participating in their sport or craft. According to Pringle (2004, p. 126), “Customers believe that outstanding performance is inextricably linked to a sports equipment and can be highly confident that they are also using specific guitars, pianos, rackets, bats, clubs or a pair of boots, then their own personal performance will certainly not be worse.” Brands can benefit from the perceived advantages of their products when it comes to devices that are associated with celebrity expertise. For example, Nike soccer boot brands benefit from the celebrity performance of Cristiano Ronaldo who has endorsed them.

 

Hence, when sponsorship is defined on a larger scale from event sponsorship, it must be understood that the company undertakes it to relate its name with the purpose of the event. Whether it’s the name on the back of a T-shirt in a small league sporting event or a mile-high airship on a stadium with a national company name, the privilege of this exposure is to get money. Although there are lots of catalysts for a company to sponsor an event, the main purpose is usually to promote business development through the association. Sports events are one of the most common opportunities in this area. According to a report by McKinsey, the corporate sports sponsorship spending in North America in 2013 was more than $20 billion (Jacobs, Jain and Surana, 2014). The entire sports market in North America was valued at $60.5 billion in 2014, further projected to reach $73.5 billion in 2019 (Heitner, 2015).

 

Aims of sponsors

 

A series of benefits will be received by the sponsor from the sponsorship, including the brand differentiation, seats on the board, program/marquee advertising, tickets for the employees, the application of performances/venue or the event and also the access to the audiences of the organization (Raj and Musgrave 2009, p. 157). To sponsor the institution, both the marketing benefit will exert the impact, a deeper exploration of the ways can be explored. A new dimension of philosophy can be given by the addition of people from the corporate world, through which can deal with the problems the organization confronts.

 

The financial rewards over the investment serves as the major goal of the sponsors. The sponsorship is invested financially by the companies. Meanwhile, the services and products are donated to the communities while the social causes are promoted and hence to give something back to the society or the community (Bovair et al., 2002). Given that customers are supposed to favor the sponsorships’ social components (Simmons and Becker-Olsen, 2006), providing sponsorship to the healthy event in the communities of the customers can be significantly helpful to reinforce the commitment of the customers to the sponsor. However, scholars tend to concentrate on how the opinions of the sponsors are changed by the current product knowledge.

 

The company’s brand is linked with event market to the activity for the aim of establishing experiences for the attendees and also to marketing the service or the product. The synergies between the market marketing and the sponsorships stimulate their joint application while the sponsorship itself has constrained capacity to replay the particular product information. The customers are conveyed with the types and quantity of information through even marketing (Grohs et al., 2004). Evens refer to the experiences generated by taking part in such events. The brands can have great exposure through the potential advantage of sponsoring the events, which are oriented with experience (Close et al., 2006).

 

The strength of the product knowledge possessed by the customer is the key of the responses given by customers to the brand-building marketing activities. The familiarity of customers with the sponsor impacts the views about the products of sponsors (Meenaghan, 2001). Some knowledge regarding the products of the sponsoring companies is needed by the customers and hence to build some perceptions regarding these products. In other words, it will be difficult for the attendees to establish positive opinions about the sponsor if they acknowledge nothing regarding the products of the sponsor. How customer perception is impacted by the product knowledge can be covered by a established research stream (e.g., Alba and Hutchinson, 1987, Brucks, 1985). It is concluded by these studies that a mere exposure effect is generated on customers when a product is introduced to them. Therefore, when the customer realizes the product, her or his opinion about product will be more active (Zajonc and Markus, 1982). In turn, the product awareness and knowledge can be deepened by event sponsorship.

 

The product knowledge of the customers can represent the accumulated information and the product-related experience (Tsai, 2007). The product information is interpreted by the customers on the basis of the knowledge generated with comprehension (Lee and Olshavsky, 1994). Based on the sponsorship terms, there is a connection between product knowledge and the expertise, experience, familiarity and the use of the products of the sponsors. Therefore, product knowledge might be already acknowledged by the customers regarding the sponsor before the attendance of the sponsored event. Yet, the attendees are better equipped with the related information, experiences and feelings that can reinforce and reconfirm the extant knowledge regarding the products of the sponsor.

 

Apart from the product usage experiences, the product knowledge structure can be strengthened by knowledgeable customers via the central route of cognitive and systematic processing of the marketing information (Meyers-Levy and Maheswaran, 2004, Tsai, 2007). Product knowledge is possessed by the customers to establish the social connections about the event sponsor and also the preference of the products of the sponsors. The customer response about the marketing events is influenced by the product knowledge. The knowledgeable customers are more likely to interact with the company and also the corresponding activities in their communities (Algesheimer et al., 2005), which is also one of the components of corporate social responsibility. Nonetheless, through sponsorship of community sports events and professional leagues, companies get an opportunity to engage with customers on a greater level. Brandish and Cronin(2009) argue that sports sponsorship is a great CSR initiative, that can create a positive brand image, loyalty and enhance the customer base.

 

Positive impact of sponsorship

 

Sponsorship serves as a very important perspective for the organizing of the event. Based on Musgrave and Raj (2009, p. 156), fundraising serves as the most important platform for marketing of the cultural institutions and financing of improved services. Sponsorship of the event can permit for the enhancement of the brand and also can be used as a marketing tool of the company. Sponsorship can also generate promotional chances for the institutions. The organizations can enjoy the benefits of sharing of expertise between entities, the access to the customers of the sponsoring entity, the access to the employees with specified purposes, the positioning of the services or products, the promoted image of the company, the in-kind donations and also the funds for specific projects (Raj and Musgrave 2009, p. 157).

The sponsorship fee creates the possibility of the event while the access to the event attendees (and also the potential to change the behaviors and attitudes of the attendees) is received by the sponsors (Cornwell and Coote, 2005). When companies start sponsoring certain events, they usually have clear goals and reasons. The organization’s sponsorship goals should be associated with the company’s promotional goals and marketing goals (Shank, 2009).

Many companies are considered to negotiate a licensing or sponsorship agreement that makes the company the exclusive sponsor of the event. The main advantage of this kind of sponsorship is that companies don’t have to worry about chaos and competitors, which are used synonymously in traditional marketing. Sponsorship intends to convey the organization’s information in less business and in a different way. For example, in 1988, the Seoul Olympic International Olympic Committee designed an exclusive contract to select companies that could use the Olympic rings as their product logo, ensuring that sports entities would use their product lines instead of competitors’ product lines (Abiodun, 2011).

 

Therefore, the following are some of the positive impacts of sponsorship as a marketing tool;

• Naming rights or rights: Companies that enter into sponsorship agreements at various events can gain rights and naming rights. The company can be part of the entire event or it can include any specific part of the facility throughout the event. Naming rights are the most expensive and low-utility sponsorship in sports marketing investment.
• Goodwill creation: The company creates a certain level of goodwill through sponsorship, which is a good way to conduct business on an individual basis. Through sponsorship, the company provides entertainment and hospitality to create a friendly business environment that enhances the company’s image in a positive way. Through sponsorship, a company creates good will by personalizing its engagement with consumers (Mullin et al., 2007, p.328)..
• Relationship Marketing: Sponsorship is considered the most effective and innovative way to build long-term relationships with customers. By creating an unforgettable experience for their clients, many organizations are seen as having an incredible success, which in turn creates a lasting and loyal relationship with them (Armstrong & Kotler, 2005). Sponsorship is seen as an effective means of integrating customers with organizations that create sustainable relationships.
• Sales increment: Through sponsorship, the organization aims to increase sales. Before deciding to invest and signing a sponsorship contract, the organization evaluates marketing objectives and organizational goals and then decides which type of sponsorship they will enter. Jessop (2014) reveals that sports teams need to create social and digital opportunities where sponsors can promote their products and increase sales in the process. In addition, sports events provide sponsors with an opportunity to target potential consumers an eventually turn them into regular customers, thus increasing sales revenues (Shank 2009, p.342).

 

• Competition: Some companies are considered to have signed sponsorship agreements because of threats from competitors. This is one of the main reasons why organizations sponsor certain events. To put it simply, it can be said that if the organization is not interested in the sponsors or does not make a large investment, if their competitors do so, it will cause the former company to lose market share. A study by Zouaoui, Ghorbel, and Omri (2013) found that sponsorship of major sports events, increases brand value, thus minimizing competition. The research showed that the sponsors of African National Handball Tournament experienced abnormal returns from increase in stock prices as compared to their competitors who were not involved in any sponsorship (Zouaoui et al., 2013, p.709).
• Image building: Through sponsorship agreements, companies aim to create a high level of image and maintain the same for the organization. For entities entering sponsorship contracts, this is a two-way road where sponsoring organizations can link their brand to the positive image of the event and gain a unique personality. This could lead to examples of companies such as General Motors, AT&T, Accenture and Gillette ending sponsorship agreements with Tiger Woods, which have news about numerous infidelities (Abiodun, 2011).

 

Negative impact of sponsorship

 

In addition to the many positive effects of sponsorship, there are some negative effects. When signing a sponsorship agreement, the organization needs to consider these negative effects very seriously (Runsbech & Sjolin, 2011). The negative effects are as follows:

 

• Ambush marketing: Ambush marketing serves as one of the effects of the glut of sponsors. According to the study made by Meenaghan (2001), the ambush marketing takes place when the other enterprise, usually a competitor, has the intrusion on the public attention surrounding event and thus deflect the attention to themselves. This can lead to the confusion regarding the opinions of the consumers and also decrease the benefit experienced by the sponsor. Those involved in the ambush marketing or practice can connect themselves with the event with none official entrance to the sponsorship relationship, not offering any remuneration of the connection with the event financially (Amis 2005, p.2017). Ambush marketing is a major curse for the sponsoring industry and poses a huge threat to participants in the sponsorship agreement. It impacts the image of sponsorship and leads to questions about the overall integrity of the sponsored event. Ambush marketing is associated with marketing activities that take place during the event, but does not involve sponsorship fee payment for the event. Simply, it means that a brand pays to sponsor one or more specific categories of activities that create exclusivity for the brand, but it creates problems for other brands. These latter brands then take other measures through which they can advertise themselves in the same event, but do not pay any sponsorship fees and do not violate the law. The 2008 Beijing Olympics is a good example of Ambush marketing. In this activity, Chinese gymnast Li Ning wore his own brand of shoes (Li Ning) to light the Olympic torch, while Adidas is the official sponsor of athletes’ shoes and clothing. Millions of people from China and the rest of the world have witnessed this. In addition, they also provide clothing for many athletes participating in the Olympic Games. Li Ning is not the official sponsor of the event, but the event has greatly welcomed the company. It is a small company in China, but its sales have increased significantly with this event (Abiodun, 2011).

 

• Legislation: A growing number of legislations prohibiting the use of tobacco and alcohol products in some countries limits sponsorship. Countries in Asia, Australia, the European Union and North America have begun a ban on the sponsorship of alcohol-related products and have completely banned tobacco sponsorship in sporting events (Abiodun, 2011). This clearly shows that many organizations do not want to link themselves or their brands to scandals, and scandals can have a negative impact on their image. There also calls to limit alcohol sponsorship of sports events in North America and Europe after studies by CDC(2011) that proved alcohol consumption is more harmful than beneficial.

 

• Media coverage and sponsorship clutter: Sponsoring the market, especially in sports sponsorship, has become a messy area. Sports events have become so confusing that sponsors negate the effectiveness of marketing strategies sometimes. Due to this, Masteraleis, Pike, Barr, and Hums (2009, p. 57) show that companies are increasingly selective about the activities they sponsor. There are many different companies that sponsor each event and it’s easy to get lost in a messy ad. The car race is a perfect example of a surplus of sponsors who are competing for the attention of the audience. The car’s advertisements are covered with signs that almost negate all signs except the most prominent ones, usually those who spend the most money. The organization has less control over media coverage associated with a variety of events. The media’s high coverage provides non-sponsored ways to conduct ambush marketing, affecting official sponsors. In this way, they can get the positive benefits of the sponsorship agreement. Meanwhile, the chaos in TV sponsorship is a major issue for closing customers.

 

• A serious issue can take place via sponsorship, which is that once the elevated image is lost by the entity, the sponsoring entity can be tarnished by the association as well. Based on the study of Mason (2005, p. 34), hopefully, the company can be connected with the sponsored event or the positive feelings of the audiences. For example, after Maria Sharapova failed her drug test, many sponsors faced negative public image due to their association with her (Rossingh, 2016). Afterwards, by connecting the feelings, the halo effect can be generated while the customers might be implied that the products of the sponsors are better compared with the competition. However, unluckily, sometimes the opposite also takes place. When the customer has a negative view about the sponsored event, it can be connected with the sponsoring entity and therefore has the public perception diminished (Kalb 2007, p. 29).

 

• The problems of control can offer pause to the building of the connection between the event and the sponsor. Artists, particularly, are likely to be comparatively more prudent with the acceptance of the sponsorship. The fear of have the integrity sold as the artists can avoid the beneficial connections established between artistic event organizers and sponsoring entities. Besides, once the fame of the sponsoring entity has been tarnished, then the event probably does not want to be connected with that entity any more (Raj and Musgrave 2009, p. 157). Establishing solid agreements and contracts serves as the best way for the prevention of the actual control issues. Crompton (2014) reveals that many sponsors exert undue influence over sport teams and athletes that can damage the integrity of the former .For instance, the NHL was forced to investigate the frequency of concussions in hockey after Air Canada threatened to withdraw its sponsorship (Beifer, 2011) . However, the public opinions regarding artistic integrity should also be taken into consideration during the establishment of the sponsorship connection.

 

 

New media platform

 

The concept of new media is not as related with particular technologies as it is with the social observations regarding the way through which communications have used to change the past 2 decades. By new media, it engages the cellular communications, internet communications and digital media, which have appeared and impacted the communication method (Lister 2009). The social experience is the basic shift of the way of the communication, which has been named as the new media.

 

The notion of sponsorship has been interpreted via the application of the new media in the communication regarding the connection between the event and the sponsor. New forms of communication have stimulated the page style advertising, discussion and promotion. New media can stimulate the awareness, establishes the conversation that is favorable for the attendance of the event and offers a platform via which it can extended the benefits of sponsorship after the actual event. By establishing connections with sponsors, better established communications can be provided by the events via new media outlets and therefore enlarging the customer base, which can be attracted to the event (Masterman 2007, p. 63).

 

Evaluate the sponsorship

 

One of the issues with getting into the sponsorship is that it will be hard to evaluate the advantages of being in the relationship. There was a period of time when the sponsorship was established to offer a way for the company to reward the community (Kilkenny 2005, p. 64). However, the existing marketing trends have demonstrated that the exploitation of the connection for the rewards of the marketing associations serves as the major reason getting into the sponsorship. Thus, it is of great importance to evaluate the effectiveness of the sponsorship chances for the sake of marketing strategies.

Based on Peoples (2009, p.12), due to the development of technology, measures are possible to be taken regarding about how the marketing of brands is influenced by the music event sponsorship. Music events make the sponsorship revenue possible to connect the artists with the 1.1 billion dollars being consumed over the end of 2009. Opportunities have been created by the music concerts and large scale festivals for the connection between the entities and sponsors that can lead to great exposure. The examples of such connections can be shown via the partnership of Blackberry with John Mayor and Denny’s Adopt-a-Band promotion. The Mountain Dew has paid great efforts to establish its own music label and hence to promote rising musicians, therefore placing Mountain Dew at the center of the latest trends can be quite profitable and effective.

 

The technologies permitting for the evaluation of the effects of the music sponsorship over the brand image include Nielson Buzz Metrics and Nielson Sound Scan. These technologies allow the companies to evaluate the effectiveness of sponsorship over the opinions of customers about the brand image. How the customers view the campaign and what customers think about the brand can demonstrate the sponsorship’s effectiveness (Peoples 2009, p. 12). The number of downloads can be measured by these metrics, which are related with the connection of the musician and the corporate sponsor. Through the evaluation of the internet chatter, data is provided by these tools that can be evaluated for the effects of the campaign and the relevancy with the brand image (Hutchison, Macy, and Allen 2010, p. 15).

 

Managing the sponsorship

 

If there is a proper management, it can attract lucrative sponsorship funds regarding the funding for the event. It has been shown by the worldwide figures that more than 40 billion dollars are consumed annually over the sponsorship while 15 billion is consumed in the States (Shimp 2010, p. 563). In 1992, Van Kirk and Catherwood (1992, p. 102) made a report that there was a decrease of the sponsorship funds due to the economic issues. Because of the current economic crisis, the same problems come up for those who are in the competition for the sponsorship funds

 

Sponsorship can be realized via non-related goods and hence to realize the same kind of connection with the excellence. Sponsorship shares a responsive element with the endorsement. As the event or the sponsor, there will be endorsement for the business in return via the exposure whether directly or indirectly. A simplified case of this is via the application of the fashion endorsements of the designer lines. The celebrity will be provided with the products and also financial incentives in some occasions to use or wear the fashionable items and hence to connect the celebrity represents with the designer. Based on Easey (2009, p. 227), when a brand is connected with the personality who is popular or outstanding in the chosen field, then the personality and brand will start to have the same features. Thus, the essence of the association is the link rather than the product relevance. The association holds strong potential to help to build the fame of the brand. According to Bowden (2006., p.228) said that with the focus attached on linking with instead of discussing the marketplace, festival sponsorship and event serve as the ideal way for the marketers to establish the brand connection with the stakeholders and customers. He continues saying that sponsorship actually is the purchase of the marketing benefits and exploitable rights that come up from the direct engagement with the player/personality, agency, club or program (Bowden 2006, p. 228). Sponsorship permits the business to connect itself with the purpose, cause or lifestyle that shares none distinct connection with the businesses’’ products, but permits the company to have positive recognition of the brand via the emotional link with the purpose of the event or the person.

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