Question

Sponsorship

What do you think are the types of sponsorships becoming more popular nowadays, and why? Give examples to support your answer.

Answer 1

Today there are multiple types of sponsorships. Creating brand awareness and recognition among customers and industry recognition among its peers are some of the factors that are driving company sponsorship. The main types of sponsorships that are increasingly becoming popular nowadays are:

· Financial sponsorship: This is the most common type of sponsorship, where companies give money to organizers to fund their events. It helps the company in brand recognition and visibility. For example, a company may provide financial support for sponsoring an industry related conference. The company can place billboards with their logos during the conference that help develop visibility among the attendees.

· In-kind sponsorship: In this, a company may provide goods or services instead of financial support. This is beneficial when companies do not have enough money at its disposal, but has adequate number of goods or services. For example, a restaurant may offer food and catering services to a non-profit organization.

· Prize sponsorship: Under this type, the sponsoring company distributes certain items as prizes for participating in an event. Companies use their brand names and logos on the prizes, thus helping them develop brand recognition among the participants. For example, companies distribute consumer goods embossed with their logos to event participants.

• Media sponsors: Media sponsorship is a type of financial sponsorship, where companies secure advertising rights or promote the event in their publication. This is very common for print and online media. For instance, many publishing houses act as a media sponsor to an event, where the event is promoted on their website or printed magazine.