Marketers today have an array of choices when it comes to devising a marketing strategy or campaign for a client. Whether you are looking to expand your reach online, with a specific target demographic, or even with locals in your neighborhood, consider sponsorship marketing.
Sponsorships, influencer marketing, and endorsements are becoming extraordinarily popular within the realm of digital marketing due to their ability to drive traffic and result in success for those advertising. Using sponsorship marketing is not only a way for you to spread the word of your business or brand, but it is also beneficial to establish yourself as an authoritative source in less time.
What is Sponsorship Marketing?
Sponsorship marketing involves working with another business, brand, or individual to boost your own brand’s awareness. When you choose to sponsor another individual or business, you are often expected to provide them with payment, whether that involves free products and services or ongoing payments for their endorsements. Sponsoring another individual or business is a way to help them sustain their own work while providing you with additional exposure for the products, services, or information you offer to others.
Sponsorship marketing may entail connecting with highly influential individuals in your chosen market depending on the target demographics you intend to reach. If you are interested in launching a local sponsorship campaign, reach out to relevant establishments near you to learn more about potential opportunities and cross-promotion campaigns that may be available. Sponsoring a local business can help to provide for your community while also informing the locals in the neighborhood of your business and what you have to offer.
With digital marketing strategies, sponsorship marketing and influencer marketing have become more popular than ever. With the advent of social media and smartphone technology, millions of individuals now have the ability to build and create their very own online social media presence.
Millions of individuals on various social media platforms such as Facebook, Instagram, Snapchat, Pinterest, and Twitter have amassed hundreds of thousands, if not millions of followers of their own, turning themselves into a form of a digital influencer.
Benefits of Sponsorship Marketing
Sponsorship, or influencer marketing, provides a variety of benefits and advantages that are unavailable with standard PPC (pay-per-click) or social media marketing. With a sponsorship, you have the ability to handpick an individual, business, or brand that you want to endorse you. Unlike standard digital marketing methods, sponsorship marketing is much more hands-on, providing you with unique and diverse opportunities that can help you and your business to stand out, especially in a highly competitive market or industry.
Some of the most notable benefits of using sponsorship marketing to your advantage include:
- Audience Selection: Hone in on the audience you truly want to reach by connecting with an individual or brand who has amassed a following of your target users. Being selective about your sponsorship campaigns can help prevent overspending on campaigns that result in disappointment. By choosing a relevant sponsor, appeal to an audience who already has an interest in the type of products, services, or information you have available.
- Endorsement: Who you choose to sponsor will endorse you in a text, video, or even in a livestream promotion, depending on your individual agreement and their preferred platforms online. Using a platform such as Instagram, YouTube, or even Facebook Live is a great way to promote your business with the endorsement of an influencer you are sponsoring. Receiving an endorsement from an individual who already has online influence can go a long way when establishing a new business or brand of your own.
- ROI: Because more users are willing to purchase products referred to them by influencers than ever, a sponsorship campaign is a great opportunity to increase your marketing ROI.
Choosing a Sponsorship Opportunity That Fits Your Brand
Choosing the right sponsorship opportunity for your business and brand is one of the most important decisions you will make while devising your online marketing strategy. Before reaching out to potential influencers you want to sponsor, ask yourself the following questions:
- Who is my target demographic? What age range, gender, and location am I targeting?
- What specific interests do the users I want to attract have in common with one another? How can I appeal to those individuals through a sponsorship campaign?
- Which social platforms does my target audience frequent the most?
- What media format is best to convey my message and reach my target audience? Will text and image posts work, or should I work with an influencer who specializes in live streaming or uploading silly skits to YouTube?
- Do I intend to use a script for my endorsements, or am I open to creative ideas from the influencers I approach?
- How will I track the real-time results and analytics collected from each sponsorship campaign I launch?
- What type of personality do I want to work with to endorse my business and brand? Is my audience serious individuals who live the corporate lifestyle, or am I trying to reach tweens whose top priority includes texting?
How to Enhance Your Sponsorship With Additional Marketing Ideas
Once you have established connections with influencers and you begin launching your sponsorship campaigns, you may be brainstorming even more creative ways to reach your target audience.
Some ways you might consider using a sponsorship campaign include:
- Offer Discounts: Provide unique discount codes for the subscribers or followers of each influencer you sponsor. Using a unique promotional code is a great way to track the engagement and ROI of each campaign while also incentivizing users to learn more about your business, brand, and products.
- Host Contests: If your goal is to drive traffic to your website, increase online engagement, or simply spread the word of your brand using social media, consider hosting a contest or giveaway with your sponsorship campaign. Ask the influencer of your choice to promote the contest or giveaway you are hosting while directing readers or viewers to your website, social media page, or even to your eCommerce store for more details.
- Use Unique Media: Create a unique animation or video to use with your sponsorship campaigns. Video media is much more likely to receive engagement, especially when used in promotional material or digital campaigns.
Choose the Right Platforms
Choosing the right platforms for your sponsorship campaigns is another important decision to make as a marketer. With the wrong social media platform, your digital campaign may fall flat and short of expectations. Consider which social media platform is right for your sponsorship campaigns based on the audience you intend to reach and the type of media you want to use to promote your business, brand, or products.
Before selecting social media platforms that are right for your sponsorship campaigns, it is important to familiarize yourself top networks:
- Facebook: Facebook is home to more than 2 billion users worldwide. Currently Facebook is ideal for A/B testing, livestreaming with Facebook Live, and Facebook Ads. With Facebook, target a wide audience regardless of the market or industry you represent.
- Instagram: Instagram is a network that is highly video and photo-centric. Targeting tweens, teens, and young adults is ideal with Instagram.
- Twitter: Twitter is ideal for targeting specific markets such as business, technology, activism, and news. While Twitter limits characters with each update, it does provide the option to promote images, GIFs, and videos.
- Pinterest: Pinterest is a platform designed for creative individuals, homemakers, and artists. Target DIYers and those who enjoy getting a bit creative if you a product or service that is relevant to the Pinterest audience.
- YouTube: Using YouTube is a great way to promote a business, brand, or product with the use of video media. Working with an influencer on YouTube is also a great way to expedite the process of establishing credibility within your chosen industry.
- Snapchat: Snapchat is targeted towards tweens, teens, and young adults. Using Snapchat is optimal for guerrilla and viral marketing campaigns, as the platform removes updates and videos after a set time.
Measuring the Impact of a Sponsorship
Whenever you devise a new digital marketing campaign, it is imperative to measure the overall impact of each individual advertisement or promotion you launch. Without knowing the impact of each sponsorship campaign you launch, it is impossible to determine which relationships are worth pursuing and which are ineffective at reaching your audience.
Utilize Marketing, Analytics, and Analysis Tools
Be sure to use marketing and analytics programs to track the results of each of your sponsorship campaigns. Additional methods to track the results of individual sponsorship campaigns include:
- Create an agreement with the individual you are sponsoring. Ask the individual or business to provide you with daily, weekly, or monthly statistics that involve endorsing your business, brand, or product.
- Specialized Link: Use a specialized link with each individual influencer you choose to sponsor. Utilize tools such as Google Analytics to keep track of individualized links to determine which sponsorship campaign is the most effective at driving traffic to your website.
Sponsorship Marketing Statistics
As of 2019, nearly 2/3’s of marketers intend to increase influencer or sponsorship marketing budgets. Using influencer marketing and sponsorships is one of the best ways to connect with an audience in less time, especially if you are targeting an extreme niche group of individuals.
With 34% of Instagram users admitting to purchasing a product due to another influencer they follow, it is no wonder that sponsorship marketing, endorsements, and influencer marketing have all skyrocketed in popularity.
Using sponsorship marketing to your advantage is a great way to tap into niche markets while ensuring that you maximize your marketing and advertising budget. With the right sponsorship and influencer campaigns, solidify your place in any industry, regardless of surrounding competition and market saturation. Choosing a sponsorship opportunity that is suitable for your brand and market is a way to make a splash in any industry, often in record time.