At some point, many businesses are presented with an opportunity to sponsor a community event in their area. Some examples could include a charity event, cultural event or local fundraiser. While you may be reluctant initially because of the financial and time investment involved, there are several reasons to sponsor that can have a positive impact on your business.
1. Great Publicity
Even if it’s only for a day or two, putting the spotlight on your business can have some major long-term benefits. You’ll gain significant exposure overnight and can get your brand in front of a much larger segment of your demographic. This will often result in an influx of new leads and ultimately customers.
2. Networking Galore
Building solid relationships is the key to opening new doors for any business. The more quality contacts you have, the more opportunities will come your way. If you’re looking to quickly expand your network and gain meaningful business relationships, sponsoring an event in your area is a great way to do so. The best part is that it requires very little effort and energy on your part, and most contacts will come right to you.
3. Improved Reputation
Reputation management is serious business these days, especially when you consider how quickly a brand’s reputation can spike or plummet because of online reviews and social media. A positive reputation is a fundamental component of generating initial leads and is integral to long-term sustainability.
Sponsoring an event is great because it shows that your business has a legitimate interest in local causes and that you want to contribute to the enrichment of your community.
4. Stronger Brand Equity
An improved reputation almost always results in your business being perceived as more credible and trustworthy. In turn, your demographic is more likely to associate your brand name with something positive, which automatically strengthens your brand equity.
This is important because it goes way beyond the day or two that you sponsor a community event and can have a long-lasting effect. In some cases, this can be the catalyst for increased customers and clients for years down the road.
5. It’s Fairly Affordable
While it’s true that this type of sponsorship comes at a cost, it’s pretty minimal when you compare it to many other forms of local marketing. For instance, print and radio ads can greatly exceed the cost of sponsorship and may only yield a fraction of the results.
In many cases, sponsoring an event is a one-time thing. However, you can potentially reap the rewards for years to come. It’s especially effective for local brick-and-mortar companies who are primarily trying to reach a limited demographic within their city or region.
If your business is ever approached to be a sponsor, it’s definitely something you should consider. With five strong reasons to sponsor a community event, the pros vastly outweigh the cons. Not only can this help you forge valuable relationships and bring in immediate leads, it can boost your long-term brand equity significantly.