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Are you not able to afford a few million dollars to sponsor a major professional sports team and compete with big corporations? Do not worry; there are many ways for your small business to gain exposure without spending a fortune. When done right, small business sponsorship efforts can build your brand by creating more exposure, promoting your product or service, and generating new sales opportunities. This Balboa Capital blog post lists some cost-effective small business sponsorship ideas that you might want to consider.
Create a sponsorship strategy.
For your sponsorship efforts to be successful, they need to be appropriately planned. You can start by setting objectives for your sponsorship efforts. For example, do you want to communicate your message to a broad or more targeted audience? What types of events or organizations do you like to sponsor? What are the best sponsorship opportunities for increasing brand awareness? How much is the financial investment, and is it worth it?
Do you have enough capital available, or will you need a small business marketing loan? These are some of the more common questions you should ask yourself when developing your sponsorship strategy.
Local sports teams.
Sponsors help pay for uniforms, equipment, and awards for local sports teams. If you have children who participate in organized sports, you have probably seen the names of companies that sponsor teams on banners, signs, or in athletic programs.
These are good ways to advertise your business and show your support for local sports teams. Whether it’s soccer, baseball, tee-ball, football, basketball, or one of the many other sports that kids and teens play, you can reach a diverse audience by sponsoring local sports teams.
Your small business can sponsor many community events. However, consider focusing on one or several cost-effective events that can benefit your small business in a meaningful way. For example, look for community events that can provide positive public relations for your business while reaching a big audience.
Large metropolitan cities and small towns alike have community events throughout the year. These include trade shows, awards ceremonies, ribbon-cutting ceremonies, holiday parades, food festivals, and holidays. In addition, you can participate in Small Business Saturday, which takes place each year on the Saturday after Thanksgiving. Small Business Saturday receives news coverage nationwide, and the event’s advertising campaign encourages consumers to “shop small” and support small businesses.
Another way to achieve your business’s brand-building objectives is to sponsor museums, art centers, theaters, parks, and charitable foundations, to name a few. This immerses your brand in the community and demonstrates your commitment to not-for-profit organizations.
The return on investment for your sponsorship efforts will not always translate directly into dollars right away. However, sponsoring local sports teams, community events, and organizations can increase your brand awareness, which can help drive revenues in the months to come.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.