Marketing strategies have, over the years, evolved into an arena of different tactical methods in promoting products that range from people to things. One such method, which has been growing at a rapid speed, is sponsorship.
Although it’s still in what we may consider in its ‘infancy stage’, numerous companies, and many entrepreneurs, have adapted the use of sponsorship as one of their major promotional tools. But what exactly is this tool and can you use it for yourself as a coach or consultant?
Here are the basics of this marketing strategy – a run down of what sponsorship is and what it encompasses.
Basically, sponsorship is a business connection or relationship between two parties, wherein one provides support for the other. These parties may be an individual person, a group of people, or a whole organization. Applicable terms to designate the nature of each party may be termed as sponsor and sponsee or rights holder.
The word ‘sponsor’ simply indicates a person or organization willing to represent and vouch for a certain thing, individual, or group. Relatively, ‘to sponsor’ would mean to give support. The sponsor’s support may be through providing funds, products, or services to the ‘sponsee’.
The ‘sponsee’s’ role, on the other hand, creates itself as the representative of the sponsor. Their main duty is to promote the name of the sponsor, be it a large company or individual. Their exposure would usually be through advertising and media avenues, and in turn promote the sponsor’s name and the product or service they provide.
This business relationship that is created is a partnership between the two parties and is naturally aimed to be in the long-term. The longer the business relationship lasts, the greater the benefits and value that can be acquired by both sponsor and ‘sponsee’.
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