Sponsorship (racing team, bat days, etc.) - can help achieve short-term business gains. The customer/consumer response is usually positive; however, no "ownership" is possible since several marketers are working with teams to provide special events. Brands must develop new and distinctive tie-ins to effectively compete as a sponsor.
Ownership (golf and tennis tournaments) - requires a brand to make a strategic decision to have the brand stand for the image or lifestyle of the event. The brand needs to integrate the event throughout its marketing plan via copy, public relations and promotion. Ownership requires a major dollar and staffing investment in addition to a minimum 2-3 years to build awareness among consumers.
Before committing to a special event, marketers should consider the following:
- How unique is the event?
- What is the target audience?
- Is the trade likely to tie-in to or merchandise the event?
- What is the timing of the event?
- What is the projected attendance at the event?
- How many event sponsors are there?
- What kind of hospitality is offered at the event?
- Does the vent boast a celebrity?
- What is the sales area covered by the event?
- Does your company have any prior experience with the event?
- What are the costs of the event?
- Is a reputable and experienced agency handling the execution of the event?
- What are the contingency plans, if needed, of the event?
- What kind of post-event critique will occur?
Source: PMA
