While a lot of talk around us is about disruption through new technologies and the channels we receive our content, with every new threat comes new opportunities. There is opportunity all around us if we give ourselves the space to be creative and the freedom to experiment.
Knowing how to address the disruption that comes with change is not dissimilar to applying a SWOT analysis to your sponsorships where Strengths, Weaknesses, Opportunities and Threats are highlighted to provide a mud map for where you should focus your energies.
In a SWOT analysis strengths and weaknesses and internal while opportunities and threats are external. You just have to have faith that there are plenty of great opportunities that present through disruption and then apply yourself to discovering the ones that best fit your situation.
In terms of the industry in general, there are several disruptions currently taking place that will have an overall impact on the future of sponsorship.
As an example, the ESPN model of creating and owning original sporting events is set to continue as more sponsors follow their lead (broadcaster ESPN owns X-Games). Red Bull has also done the same. What this means is that sponsorship dollars will be diverted from the traditional sports to this new model for sponsors where their audience fit these niche sports.
Traditional sport will always retain their foothold with the public through their sheer popularity and the cultural identity that is associated with the sport. Regardless, the new model of creating and owning original sporting events presents fresh opportunities for sponsors willing to take the financial risk.
With anything niche, a community of like-minded people who want to share the experience is born. As the ownership landscape continues to fragment, there will be more of these communities of people who will be passionate about their new interests and about the sponsor who brings them such enjoyment.
With every one of your sponsorships, the landscape will never stay the same. If it does, the sponsorship is potentially stale and you need to do something to change it up. It's time to embrace change and to look at how you can make it work for you.
With every new challenge there are opportunities and ones that may even send you in a different direction. Don't be afraid to mix things up, if it doesn't work then at least you have the chance at another new beginning. It may bring you new audiences. You just need to take the time to consider and map your strengths, weaknesses, opportunities and threats to ensure you are making informed decisions.
Are you having trouble with change? Can we help? Visit us at www.eventsponsors.com.au or email info@eventsponsors.com.au with any of your questions. We love to hear from people from all over the world about your sponsorship challenges.
