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There is a number that is indelibly linked to the multi- billion dollar industry that is sports marketing today. The year 1984 remains the landmark year for the then still nascent industry. The commercial success of the Summer Olympics in Los Angeles was coupled with acceptance in the corporate boardrooms that sports and business do mix. A very ubiquitous soft drink brand spent US$30 million on endorsements throughout the games, a figure which was exorbitant at the time.
Most significantly, companies who got involved experienced increased brand awareness regardless of their team's performance. A HSBC-sponsored Jaguar Formula 1 Racing team was mediocre on the race track, but still played a major role in building the bank's global brand.
A successful sports marketing campaign needs the following to be considered:
1. Target demographic
2. Geography of market
3. Type of business
4. Additional goals (client entertainment, prestige)
As far as possible, the campaign must be structured with clearly defined end goals. Using motorsports as an example, it is possible to get a race-by-race sponsorship deal which is more cost effective and relevant to the specific markets you intend to sell to. Similarly, backing a more accommodating new racing team rather than a big name if you want to impress customers. If you do fancy your company logo on a sports team or sports personality, devise a complete marketing plan to make the most of the investment. Consider level of exposure, target markets, activation plans and, of course, take your time to shop around. Sports marketing is still a very viable industry and the best thing about it now is that prices are dropping as more opportunities arise.
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