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Local sponsorships have advantages such as investing in local resources and building a positive image, but also have limitations like limited brand recognition and failed sponsorships. Companies can sponsor events in various ways, but investing in local communities helps sustain local culture and fosters community involvement. Local sponsorships are vital for building a positive corporate image and attracting new customers, but there is a risk of negative publicity.
Local sponsorships include some obvious and some not so obvious advantages and disadvantages. Some of the local sponsorship professionals invest in local resources, build a positive local image and are able to closely monitor relationships. Limited recognition of brands and businesses outside the local area and immediate recognition of failed sponsorships among loyal local consumers are some of the cons.
The companies participate in various sponsorships. These sponsorships fund various activities. This includes sponsorship of sporting events, sports teams and other events, such as charity auctions and fundraisers.
Sponsorships can take place in various ways. Companies can choose to donate money directly in exchange for recognition at the event or displaying their company logo on signage and advertising. Sponsorships can also include free products or services in exchange for recognition.
Investing in local communities and resources is the goal of local sponsorships. This type of reinvestment in the surrounding community helps sustain local culture and fund initiatives that are important to a company’s local employees. Fostering a spirit of community involvement also comes with additional benefits, such as a loyal customer base.
Including local sponsorships in any local or global community giving plan is vital to building a positive corporate image and culture. Creating a positive corporate image allows you to increase your company’s sales and attract new customers. Businesses can take advantage of local customer retention during tough economic times and use local consumers as a way to get the word out about new products, services and business initiatives.
One of the disadvantages of local sponsorships can be the limited amount of recognition associated with the sponsorship. Local donations can help support local needs, but fail to draw global attention to the company or the various products and services the company offers. Chosen correctly, however, local campaigns and sponsorships can have a national or global reach. This includes sponsoring regional sports teams that travel or attract media attention.
Among the disadvantages of local sponsorships is the possibility that everything will go downhill. This includes sponsoring a local event that becomes newsworthy for all the wrong reasons, like fraud or violence. Sponsoring a local athlete who makes poor lifestyle decisions can also reflect on a sponsor. Sponsorships are both a local and a global risk, but loyal local consumers who represent your core customer base may take a different view of the situation and hold a local company to higher standards than customers who are not local.
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