Have you ever thought about supercharging your sales by using sponsorship?
Sponsorship is one of the oldest and very effective automatic sales tools, but many newer businesses consider it unattainable due to its connections with big global events such as Olympics, Formula 1, or NFL. In this Expert Insight Interview, John Golden talks with Ken Ungar, about supercharging sales through the power of sponsorship.
This interview discusses:
Creating relationships between two organizations and the audience
Difference between sponsorship and advertisement in making sales
The charm of sponsorship is in creating relationships with other businesses, customers, and even with the communities. It is a little “old school” because it relies more on creating those relationships rather than the digitalization which if used wrongly can have the dehumanizing effect. This works for different types of businesses. One B2B aerospace company involved in auto racing managed to achieve a great return on investment by sponsoring the auto racing events and by being part of the action. In B2C business there is a term called “image transfer”. A great example of this is that a person will emotionally connect with the company sponsoring sport or a team that he or she likes. Sponsoring non-profit organizations gives the feeling of the company’s care and engagement within its community. Thus, business needs to determine who is its audience and based on it to find a suitable property to sponsor. The key is in knowing customer demographics and psychographics, scaling the sponsorship budget, and setting clear goals. Companies of all sizes can
Nowadays, social media and digital advertisements enabled us to know basically everything in real-time. One of those things is profit as well. Companies have the ability to instantly know their returns. In commercial advertising, the message is communicated to the customers and the next step is for the customers to connect to it and bring the returns to the company. This clear transactionality might create a certain guard from the customers. Sponsorship strategy focuses on breaking down the barriers between the company and consumers by creating compelling relationships between them. Thus, it takes longer to harvest the investment due to its need for creating and maintaining relationships. It is important to keep in mind that sponsorship is not a short-term plan and it requires a clear strategy With sponsorship comes greater risk, but also greater reward if done right. However, due to globalization, sponsorship combined with digital creates a very powerful synergy of sales tools.
John is the Amazon bestselling author of Winning the Battle for Sales: Lessons on Closing Every Deal from the World’s Greatest Military Victories and Social Upheaval: How to Win at Social Selling. A globally acknowledged Sales & Marketing thought leader, speaker, and strategist. He is CSMO at Pipeliner CRM. In his spare time, John is an avid Martial Artist.