A Global Perspective on the Evolving Sponsorship Industry
Key Insights from Elizabeth Lindsey
In the ever-evolving world of sponsorship marketing, staying ahead of the curve is crucial for success. Elizabeth Lindsey, President of Brands and Properties at Wasserman, shared her valuable insights during the Sponsorship Mastery Summit session titled “A Global Perspective on the Evolving Sponsorship Industry.” Her talk touched on several essential aspects that are shaping the sponsorship landscape today.
The Power of Sponsorship
Elizabeth opened her session by expressing her unwavering belief in the power of the sponsorship industry. She stressed the need for sponsorship to receive the recognition it deserves among the various marketing tactics. Elizabeth’s commitment to enhancing the industry’s reputation was clear, and she is eager to empower others to do the same.
The Importance of Customization
A key theme in Elizabeth’s presentation was the importance of customization in the world of sponsorship. She highlighted the significance of creating bespoke sponsorship deals tailored to specific objectives. Lindsey emphasized that failure to do so can result in ineffective proposals and partnerships.
Tech for Tech’s Sake
One crucial takeaway from Elizabeth’s talk was her caution against using technology for its own sake. Instead of being dazzled by the latest tech trends, she urged sponsors to focus on technology that offers utility and enhances the overall fan experience.
Starting with Objectives
Elizabeth stressed the importance of understanding business objectives when crafting sponsorship deals. She revealed that many proposals often fall short of addressing these objectives, leading to missed opportunities. Aligning sponsorship with business objectives creates more meaningful and productive partnerships.
Reimagining Existing Assets
Elizabeth also discussed reimagining existing assets to generate new opportunities. By creatively reevaluating current sponsorship assets and inventing new ways to engage fans and partners, the lifespan of partnerships can be extended.
A noteworthy trend in the sponsorship industry is the rise of joint initiatives. By bringing multiple parties together to collaborate on initiatives, sponsors can find creative solutions that benefit everyone involved. Lindsey illustrated this with examples like the collaboration between American Express, Fanatics and the NBA.
Women in Sports
In a powerful and inspiring statement, Elizabeth highlighted the growing importance of women in sports sponsorship partnerships. The rise of women’s sports presents a unique opportunity for businesses to engage with passionate and active audiences. Companies that support and invest in women’s sports can make a significant impact while also enjoying a lucrative market.
Two quotes really stood out during this crucial aspect of Elizabeth’s talk:
“Wasserman did a study recently that said men (athletes) get paid 21 times more than women. 21 times. … If you look, that means the women have to get more than 80 percent of their revenue off the field of play, which means they work harder at it, and they’re better at it. If you look at the numbers, female athletes have engagement rates on social at literally almost 3x what men have. They have to. If they don’t, they don’t get paid, so they are literally twice as good at engaging their fans and keeping them engaged. If you miss this trend, I promise you you’re missing out on a lot.”
“You can do good and you can do good business at the same damn time.”
Elizabeth’s session at the Sponsorship Mastery Summit provided valuable insights into the evolving landscape of the sponsorship industry. By emphasizing customization, practical technology usage, and creativity in asset management, she offered a roadmap for sponsors looking to maximize the potential of their partnerships in a rapidly changing world.
The increasing prominence of women’s sports and the need to align sponsorship with clear objectives are trends that businesses should not overlook. As the industry continues to evolve, these insights can help sponsors stay at the forefront of meaningful and profitable partnerships.
And, remember, people do business with people they like, so as many speakers echoed during the Summit, relationships are key to sponsorship success.