Sponsorship is a business relationship between a provider of funds, resources, or services and an individual, event, or organization which offers in return rights and associations that may be used for commercial advantage. In essence, sponsorship is a marketing and communication strategy whereby the sponsor pays to be associated with a particular event, team, or brand to gain benefits such as increased brand awareness, a boost in reputation, and the potential for increased sales. This form of marketing can be highly targeted, aligning a sponsor’s products or services with the values or demographics of the event or entity being sponsored. Sponsors seek to leverage this relationship to reach specific audiences and create a positive image by being associated with something the target audience feels positively about. In return, the sponsored party gains financial support or products and services that can aid in their endeavors, whether that be organizing an event, maintaining a sports team, or running a charity. Sponsorship can vary greatly in scale and scope, from local community events to international sports tournaments, and can include various forms of media exposure, hospitality opportunities, and exclusive content or experiences for the sponsor’s customers.
