As a new year dawns, it's more important than ever to keep your partnerships fresh. How can you ensure you're keeping pace now business practice is changing constantly on a global level?
As businesses turn more and more to live streaming and social media to complement traditional media content, you don't want to be seen as a "dinosaur," among the geeks and techno experts.
Your switched on consumers are also accessing multiple online resources like webinars, podcasts and directories, as well as tapping into online forums and communities to network and generate leads or glean expertise through carefully crafted blogs.
The digital information era means consumers are the most well-informed they have been in generations.
You might find your sponsorship agreement is past its used-by-date, if you don't keep up with these modern digital trends.
Speaking of trends, researchers predict that the wearable technology market will soar to about $70 billion in the next decade. So wearable technology providers are being proactive in gaining sponsorships in diverse industries.
Fitbit has formed partnerships with music festival organisers, using You Tube film clip interviews on how rock stars and musicians have recorded their fitness regime while touring, to kick start their sponsorship agreement. Most people are health and fitness conscious, even if they perform heavy metal, rap, rastafarian or ska music.
Garmin International Inc, a multinational, is well known as a producer of consumer and professional-grade Global Positioning System receivers. This Kansas-based global corporation, which has links to branches in Switzerland and Taiwan, turns over billions of dollars each year. It retailed its elite action camera and training watch, the Fenix 2, at Tough Mudder events.
So, what are all these brands and events doing to keep their partnerships fresh? They ask themselves the following questions:
"Do our key decision makers keep their finger on the pulse?"
"Has the focus of our target market changed?"
"Have we embraced digital technology to optimise impact?"
If the answer is yes, we applaud you as your actions could be the game changer
that ensures your sustainability in the ever-changing sponsorship landscape.
For more on how to manage your sponsorships, visit us as eventsponsors.com.au
