Nationally, corporations give more than $17 billion to nonprofits in charitable donations each year. But there are more ways to show your support for your local community than by writing big checks.
Participating in your community's events is another great way to show that you're there and ready to lend a hand whenever needed. A local event sponsorship, however, is a two-way street.
Take it this way:
Your business has just as much to gain from sponsoring a Goat Yoga Festival as the Goat Yoga Festival has to gain from having you as a sponsor.
For anyone who's been in a morning 5k run/walk on the weekend or attended a local Little League game, he'll be very familiar with the company's presence. Branded t-shirts, signs, and flyers are often peppered with corporate logos from large and small businesses showing their support.
For many of these events, especially at the local level, having a corporate partner is critical to success. It's definitely a two-way street.
Smart business leaders understand that community-wide success means growth for everyone, and investing in the community is, by extension, investing in their own success. According to the 2017 Brand Muscle Effectiveness Index, the most effective marketing channels looked like:
And yet, most companies are not taking advantage of these opportunities at the local level. The most used channels for marketing in companies remain insufficient:
The annual Duck Strip Festival in Avon, Ohio has captured the nation's attention for over a decade now. This unique weekend festival includes a Duck Tape Parade and a Duck Tape Fashion Show, providing a fun, family-friendly experience. This is made possible thanks to its generous corporate sponsors.
Great companies like Budweiser help support this event and make it accessible to everyone. In addition to adding value to the economy and providing a service to the people, it also keeps the Budweiser name fresh in everyone's mind the next time they have a drink.
While not every business has the resources to sponsor an event of this magnitude, there are options for every type of business. Most nonprofits are very open to corporate sponsorship and aren't necessarily picky about its sources. Nonprofits are flexible on the costs and benefits of sponsorships:
This gives businesses the flexibility to choose which events or nonprofits to support. So, focus on the quality of brand impressions rather than the quantity of donations, and choose partners who reflect brand identity and values.
For about the same cost as putting out an advertisement on a billboard, companies can really make their marketing dollars really count by killing two birds with one stone through corporate sponsorship. /P>
Ultimately, corporate sponsorship is another level of marketing. It promotes both name recognition, publicity and community support. For companies that choose to participate in corporate sponsorship, 80% are satisfied with the unique results; results that really can't come from ads alone.
Events attract people ready to buy and sort out the window shopping. Over the years 2016-2017, businesses that used event marketing saw a 22% drop in leads and a +14% increase in sales.
Sponsorship like this doesn't even have to be monetary. Donating branded items, sharing resources or space, and even group volunteer work under your company's banner can leave a lasting impact on the community.
From a consumer perspective, considering brand values is only part of the buying process. Consumers support or reject companies based on the positions they defend.
Companies that address issues that matter to their customers are more likely to retain their consumer base.
Sponsoring local events is one of the most effective marketing channels, and yet many businesses have never even considered it. Make your business stand out as one that supports community development and charitable work through action rather than words.
Take a look at this infographic to learn more about the benefits of event sponsorship, its impact on businesses and communities, and what it takes to get started.
Please include attribution to Zipsprout.com with this graphic.
