#BizTrends2024: Judith Mugeni – Sponsorships must be fit for purpose and for business

This means that sponsorships must be fit for purpose and fit for business.

In 2024, brands should aim to use sponsorship to harness the power of positive brand perception and growth. They can do this through:

• Brand messaging
• Unearthing growth opportunities by studying the full ecosystem
• Being intentional with community engagement and purpose-driven presence.

Sponsoring a sport, entertainment, arts, and cultural platforms offers significant, different, and exciting marketing opportunities to actively engage with audiences in a media-fragmented landscape as well as showcase support for the things your target audience cares about.

Strategies for brands

Below are the strategies that brands can use sponsorship as a source for growth and good.

• Unlock new growth opportunities – ecosystem thinking
• The power of a positive perception: Purpose-driven presence
• What do we as a brand value most, and what do our customers care about most?
• What cause are we dedicated to that aligns with who we are?
• How does our business make the world a better place?
• What impact on the world do we want to achieve?
• Are you a brand that cares about forging enduring connections with people through their love of sports, entertainment, and culture?
• Are you a brand that cares about people spending time in the great outdoors?
• Are you a brand that cares about people taking care of their health?
• Are you a brand that cares about people’s emotional well-being?

Answers to some of these questions will allow you to show up on purpose and point.

Brands need to give greater consideration to the purpose and potential societal good of a sponsorship or partnership that ultimately leads to more efficient effective engagement with your target audience.