Tips for Sponsoring Sports Events That Work

Discover the secret elements of a successful tactical marketing for your company—and the differences between tactical and strategic marketing.

Strategy vs Tactic

Strategic marketing answers questions on how to sell your product to increase market share, boost revenues, or to meet other business goals. Tactical marketing specifically for sponsoring events, on the other hand, talks about how you will implement these pre-designed marketing strategies.

While the first one tells you how you can increase your sales, the latter focuses on tactics to carry out your strategy. For example, if you want to increase your sales among male sport enthusiasts, your strategy is to focus on sponsoring sport events. Your tactic is to start sponsoring football games, or even aiming high for the World Cup!

In a nutshell, tactical marketing refers to short-term actions that breakdown bigger- strategies into smaller, actionable tasks. With that in mind, it is worth considering that the keys to a well-developed marketing tactic are the following:

Have a Budget

Reaching your business goals can take lots of effort, time and money. Sponsoring the World Cup may not be affordable, but sponsoring at other events can be made affordable by taking out a business loan. You’ll need to check your readiness to embark the exciting and sometimes frustrating journey towards business success. Managing risk is not easy, as well as making sacrifices to keep your business afloat. But, if you have a sound financial management plan backed up with a reliable low-interest business loan, you’ll have more reasons to pursue your dream business.

Specific and Targeted Actions

  • The first step is to define your target market or the group of customers that you would like to patronize your product. How can you analyze their needs if you don’t know who they are? It is impossible to know if a certain product is suitable to your target customers without describing them.

A well-defined target market has two major elements—serviceability and availability. The market is serviceable when it is useful to your business. That means, even if the majority of consumers from this market segment would not patronize your product, you still have a stable group of consumers that will seriously consider buying from you. Despite economic shifts, marketing trends and other changes that usually affect the market; you will still have a stable customer base.

Here are tips in defining a solid target market:

  • Create two markets and divide them into primary and secondary markets.

Your primary target refers to people to whom all your marketing efforts will be primarily directed. The second target is the less important and smaller market segment who may want to patronize your brand. For example, your primary target are men and women in their forties who want to add some spice into their sex life, and your secondary target market could be couples who may want to try your products together.

  • Market segmentation. Divide your market according to these four categories:

Geographic: It refers to the physical place and the man-made settings that affect the person’s views, culture, political ideas, and other psychological factors that impact a person’s buying decision. This is why people marketing in urban communities have different strategies when selling products to people in the rural areas.

Psychographic: Segment your market based on the consumer’s values, social status, and personality. Observe their likes and dislikes, hobbies, shopping motives, attitudes towards adult products and concerns. It would also help if you know something about their personality traits like self-esteem and social behaviors.

Know their lifestyle. What is the particular habit of your target clients? What types of work are they engaged in, what do they do for fun?

  • Behavioural: Identify what customers want from a particular product. Their buying behaviour is often based on their knowledge and attitude towards a specific product and the benefits that they seek.
  • Demographics: The customers’ age, gender, income, occupation, education, family life cycles affect their shopping decisions.

Assign Marketing Team

Assess the strengths and the weaknesses of your marketing team before delegating tasks to each of them communicate your marketing objectives and goals in a clear and understandable manner.  Ask for their opinions and get them involved in the tactical marketing process. It is also important to provide performance measurements so that you can gauge whether you have successfully completed your marketing plan or if there are errors and shortcoming that need to be settled.

When giving assignments make sure that you were able to build a rapport with each of them, so that you cane easily relay constructive criticisms and receive honest feedback at the same time. It also facilitates clear and concise communication which is integral to a successful implementation of a tactical marketing plan.

Specific Deadlines

Content marketing, SEO, print media and other types of marketing tactics need deadlines. If you want your content to be a powerful marketing tool make sure to provide useful and timely information not only to establish your brand and draw customers, but to build trust as well. It’s not enough that you know the right keywords, text, and links. You need to set deadlines and collaborate with each other to produce a powerful sponsorship marketing that sells.

To achieve all of your business goals make sure you assigned suitable roles to your marketing team, defined your target market and ensure you have selected the correct business loan needed.