Navigating sponsorships through COVID-19 era
Re-evaluation is a significant and necessary evolution for the sponsorship industry, the current pandemic and its result on limiting exposure for sponsors only underscores the importance and benefits of re-valuation and other important variables that influence consumer behavior and distinguish sponsorship from traditional advertising.
As your company seek to optimize and considers unique business opportunities, the competitive landscape and alignment with marketing priorities a modern approach to valuing sponsorship. Covid-19 tracking studies consistently show that especially after the isolation of social distancing the desire for camaraderie and the excitement to be part of a sporting event, concert, community event and eventually any high-capacity crowd, is stronger than ever. Proactive and ongoing activation planning has never been more important and exciting. As long as brands recognize the importance of being a part of something bigger, then the fans will follow.
The majors changes in the sponsorship marketplace, allows for our teams to re-evaluating the way we meet the needs of properties and brands that are making important decisions about acquisition, sales, negotiations and activation is very important to the allocation of sponsorships. The current pandemic and its result on limiting exposure for sponsors, but as we move forward transparent and greater emphasis must be placed on the premium of association and other important variables that influence consumer behavior and distinguish sponsorship from traditional advertising.
Compared to social media, data-based, customer experience, and artificial intelligence-driven campaigns the sponsorship is very difficult to measure. In the era of digitalization and technology where the firm can measure every sponsorship mechanisms of awareness measurement can also be done with several limitations. Sponsorship has helped the firms over the years in improving brand equity and despite all developments of Covid-19 the impact and role of sponsorship marketing cannot be underestimated, although, the return of corporate sponsorship is dependent on the objective of the firm.
As things progress in this new era there are new factors that play a part in how sponsorships will be allocated due to the increasing celebrity trends the number of activities will increase, however with the availability of other online options and social media stars, firms can reduce their budget using influencers. Because of these new marking exploitations it has caused for marketing professionals to recommend the continuation of marketing activities during Covid-19, recommending to firms stay connected with the customers and empathies with them. It’s time to work on empathy, leverage, and negotiates the relationships for long-term projects in this New COVID-19 era as we prepare for the post COVID-19 which is in a distant future.