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If managed properly, sponsorship can be an excellent way of increasing public awareness of your business name and your products/services. Just think of the RBS Logo strategically placed on the centre of the pitch of every 6 Nations rugby tournament as a good example!.
However, sponsorship costs money so you need to choose your sponsorship wisely to ensure you get maximum benefit from your spend.
How do you do this?
Well, firstly, you need to ensure the sponsorship fits your profile i.e. does it make sense to your customers and enhance your reputation.
Secondly, you need to make sure you get maximum exposure e.g.
Lastly, ensure your own in house communications and marketing complement that of your sponsor, so you let your own network know what you have been up to.
There are two main categories of sponsorship available to you:
Springfords have tried both types in the past and continue to do so. For example, we recently sponsored the Midlothian Primary Schools Math’s Master Challenge (reflective of our “Beyond the Numbers” strap line) and hopefully 250 local children now have their Springfords branded certificates up in a prominent place at home for all the family to see! Ian Haynes, Associate in our Tax Group, is pictured here with some of the prize winners from St David's Primary in Midlothian.
In addition, we have just completed our fourth year of sponsorship of the Bioquarter Innovation Awards which has the benefit of ensuring our name gets known to new start high growth innovation companies and their advisors. We also get the added benefit of working with the winners of the competition as they take up their prize award of free business services with us – capped of course!
It can be difficult to measure the direct return on investment from sponsorship as it does not always lead to an immediate increase in sales. However as a means of consolidating brand awareness, retaining customer loyalty and generating goodwill it’s definitely worthwhile considering.
Oh.... and another thing.... sponsorship costs are also tax deductible if done for the purpose of business promotion/publicity. However, if your business also gets a number of perks as part of the sponsorship deal, eg free tickets for a show, a table for dinner, then only part of the cost will be tax deductible (usually based on the value of the perk).
If you would like to learn about our own experiences with sponsorship please contact firstname.lastname@example.org