14 May Psychology of product & cash sponsorships
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There will be 2 paragraphs worth of definitions. So bear with me!
Sponsorship works by association rather than persuasion. The general idea is that the act of giving results in the recipient having a strong positive emotional response termed the “halo effect” towards the sponsor.
Consumer attitudes can be moulded through the act of giving. This plays a big part in effective sponsorship from the company’s perspective; the ultimate goal of corporate sponsorship is to influence recipients and form a positive attitude towards the brand which will result in positive behaviours from consumers such as purchases or positive words of mouth etc. This concept is heavily used by major brands such as Coca-cola, Milo, Grab who acquired a large part of the market share by altering the brand’s beliefs/perception.
To put it simply, this means that sponsors leverage their sponsorship as a marketing strategy. However, sponsorships ARE NOT marketing managers main goals – it is merely a side task that might allow them to conduct certain activities to potentially hit their KPI (Key Performance Indicator). Some examples include increasing brand awareness, increasing sales and improving brand image.
Most of the time, brands are looking into ways to stretch their marketing budget, in hopes to gain the most for the least cost. Usually, companies are looking to make an impact on large groups of people. Hence, events are the perfect platform for them to gain exposure. The bigger the event, the more people will be exposed to the company’s brand, the higher the brand visibility.
Moreover, most companies are willing to help student-run events because marketing managers can often relate to these students considering that they were once in that position as well. This can simultaneously strengthen the business image in terms of spreading positive messages and helping the community.
Sponsorship is a partnership between your event and your sponsors. It’s a two-way street that requires a sincere interest in the sponsor’s objectives and how you can help them achieve goals. With a good understanding of a potential sponsor’s needs and objectives, you’ll be better equipped to win valuable sponsorship deals.
Now that you become an expert in the psychology of sponsorships, you need some battle experience to be battle-hardened closer who can close any deals. Check out our blog that introduces the Industries That Sponsors & How To Close Em.
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Still confused about sponsorships? Or you find it too much work to secure? Thats what AllForU is here for! We will help you FIND, TRACK & SECURE the sponsorship you need for your event. Leave the search for us so you can enjoy the fun parts of your event.