The sports sponsorship market is booming—and for good reason: Smart sponsorship campaigns can deliver a ton of value to brands.
In fact, according to a recent report, the global sports sponsorship market is expected to reach $189.54 billion by 2030, up from the $97.35 billion the market was estimated to have brought in during 2022.
Are you wondering whether it makes sense for your brand to join the party and hop on the sports sponsorship bandwagon?
Keep reading to learn about some of the main reasons brands are reaching deeper into their pockets and doubling down on their sports sponsorship investments.
1. Increased Brand Awareness
One of the main reasons brands pursue sports sponsorship opportunities is that it helps them get their name out there. Whether a company opts to put its logo on an outfield wall, a scoreboard, or even a player’s uniform, many fans will see the brand’s name throughout each game and on social media. It’s an easy way to get more exposure and keep your brand name top of mind.
2. More Accurate Demographic Targeting
Sports sponsorships enable brands to target their ideal customers more effectively. For example, a shoemaker trying to sell basketball sneakers can sponsor basketball teams with the peace of mind that comes with knowing that a good chunk of fans might be interested in buying a new pair either because they play basketball themselves or they want to emulate their favorite players.
Similarly, an activewear brand might decide to sponsor a woman’s basketball team because it wants to engage with a predominantly female audience that likes sports.
3. Positive Publicity
By associating your brand with a professional sports team, you can harness that team’s goodwill and reinforce your brand’s image by bringing more credibility to it. For example, teams such as the Boston Red Sox and the New York Yankees don’t just sell outfield wall space to any old company that has the resources. Instead, they seek to partner with brands that share their values and represent a similar caliber professional organization.
By partnering with prestigious teams, brands can generate positive publicity and attract business from diehard fans.
4. Emotional Connections
What is your most memorable sports moment? Everyone has one. Sports can evoke strong emotions and steadfast loyalty from fans. By joining forces with someone’s favorite sports team, you increase the chances that fans will form similar emotional connections with your brand, particularly after watching however many games each season and seeing the same branding over and over again.
5. Collaborations
When you forge a sports sponsorship agreement, you build a relationship with a professional sports team. Over time, that relationship may grow and evolve to the point where a brand can leverage big-name sports talent for collaboration. Popular sports stars are known to endorse tons of products. How might having a household name as your spokesperson change your organization?
What Will Your Next Sports Sponsorship Be?
Sports sponsorship agreements deliver a ton of value to brands. However, you can’t simply decide to enter into such an agreement and get great results.
Like anything else, sports sponsorship success is rooted in data. With a powerful analytics platform in place, sports sponsorship marketers are able to measure the impact of their campaigns and even adjust them in real time to increase the chances they get the results they’re hoping for.
In addition to having the right technologies in place, sports sponsorship marketers also need to know how to use proven tactics to get results. To learn more about what those tactics are, check out our free guide, 5 Tactics Every Modern Sports Marketer Must Have.