Marketing is a very important aspect which popularizes a brand, promotes the products, influences people, and sports sponsorship and marketing is no exception. Major sporting events are organized in different parts of the world, and it is sponsored by many major companies and brands. Now the limits of sports events have extended throughout the world and marketing attempts through major sporting events have become a platform to showcase the brand name and earn global acclamation. Consumers throughout the world get influenced by the marketing mix of sports. They get swayed by the brand that sponsors their favorite team and players, and therefore the benefits of marketing while major sporting events are numerous.
Mutual relationship between endorser and endorsee
Sports marketing is the way of developing a mutual relationship between various companies or brands and the team or players they sponsor. Many top rated companies of the world are investing in sports nowadays. They venture their investment on a particular team or player with a view that if the team or the player wins, their brand name will also be in the limelight. It’s like bidding on your favorite horse and getting all the stakes after it wins in the race. The sponsors become the official partners for the team or club or player and promote the sports event while the teams, clubs or players highlight the brands when they are playing at their best form. The sports fanatics undergo a psychological identification with their favorite teams or players and may prefer to use the products or brands which are endorsed by their idols. The teams and players, on the other hand, get paid for endorsing that particular brand. So, it creates a mutually beneficial relationship between the endorser and endorsee.
The 4 P’s of sports marketing
Sports marketing also follow the traditional 4 P’s of marketing- Product, Price, Promotion and Place. The first P in this case is a service rather than a tangible product. The service is claimed by the sports fanatics who buy tickets to watch the live action. The second P, i.e. Price in this case refers to the tickets acquired by the sports fanatics, or the price is acquired from the rights bought by any particular television channel which takes the sole responsibility of living streaming. The third P i.e. Promotion refers to the promotional events prior and during the sports event. The advertisements that appear in between live streaming of a sports event in television are also promotional tactics. The last P i.e. place is one of the vital aspects of marketing that refers to the desired positioning of service in the target market. The place of the sports event will determine its popularity and should be reachable by the fanatics.
So, marketing during major sporting events is as essential as marketing required launching a new-tangible product. The most-important goal is to acquire funds from the whole process. Funds received can be used to pay taxes to the government, to pay the salary to the players and the people who associate them, to modernize the stadium, etc.