Trying a new brand is a big decision, whether it's a new range of cereal product or a weekend getaway package.
Going back for a second investment in that brand is a matter of trust and reliability. After trust, often comes customer loyalty, but it's not guaranteed.
Many sponsorships are based on driving people to try a brand, with a catchy slogan and creating awareness on the benefits of that brand. But many brands want a holistic approach from sponsors with advocacy also thrown into the deal.
To be successful, sponsors need to carefully prepare a sponsorship strategy and policy. The policy ensures a consistent approach to sponsorship, as well as creating benchmarks for accountability and key performance indicators. There need to be tight guidelines in policies, especially if not-for-profit organisations and local, state or federal government funds are involved.
Your sponsorship strategy outlines the approach you adopt to seek or provide sponsorship to new and existing organisations, as well as describing guidelines on how to retain sponsors or sponsees, as the case may be.
Sometimes your organisation may be pleasantly surprised, when the local business you have been sponsoring for some time stretches and grows. Over a decade it evolves from manufacturing shower accessories for local beaches and residential homes to supplying an international demand for a luxury range of their products, in the Middle East and Florida.
As they grow their international profile on the web through social, your well-thought-out policies and strategies should enable you to grow with them.
There will always be challenges in the manufacturing industry due to automation hiccups, new robot technology, innovation and diversification attracting "teething problems," not to mention the fluctuating value of the Australian dollar and less expensive competitors in China. But as the sponsor you were there holding out a steadying hand, when they needed it most at a time of significant global growth.
At the end of the day, there will be plenty of time to reap your well-earned rewards. The work you've done in generating advocacy and boosting loyalty will be repaid tenfold.
Looking to for a speaker at your next conference that gets your people thinking about brand and advocacy, contact us today at caroline@eventsponsors.com.au
