According to the BBC, it is estimated that global sports sponsorship deals could hit £35bn in 2019. This new figure marks a 4% growth from 2018. One of the critical reasons why sports sponsorship is big business today is the fact that top brands benefit significantly from their association with football teams or athletes. Here are some benefits of sponsorship deals in modern-day sports.
It is obvious that some sports events enjoy massive popularity on a global scale. This is largely because of the competition and a sense of pride associated with the sport. The viewership stats for the English Premier League, for instance, enjoy a cumulative audience of more than 4.5 billion people. Thus, any brand which invests in the Premier League is bound to enjoy vast opportunities. Awareness creation for the brand name is arguably one of the most significant benefits enjoyed by sponsors, as their beneficiaries do the marketing on their behalf.
Improving Corporate Image
As much as a brand can be famous, it takes some effort to remain at the top, owing to the nature of competition among different brands. As such, sponsors can enhance their reputation through their association with sport. Sponsors get into these deals, hoping that their association with the sport transfers the positive image fans have of it to their brand. When it comes to athlete endorsement, people tend to shift their respect and idolisation of the celebrity to the brand, which improves the perception towards a given brand.
Through sports sponsorships, sponsors build beneficial relationships with key stakeholders such as businesses, affiliates, and customers beyond their sponsorship deals. Getting involved in various levels of the community is key to broadening networks and forging new opportunities. Also, sports sponsorship are a good way for companies to fulfil their Corporate Social Responsibility.