Sponsorship provides a great means of broadening your competitive edge by improving your company's image, prestige, and credibility through supporting events that your target market finds attractive. In recent years, sponsorship has become the fastest-growing type of marketing in India, with both large and small businesses participating.
Small and medium-sized businesses are increasingly sponsoring at the city level as an effective method of boosting their visibility in their community, enhancing their public profile relatively cheaply.
Sponsorship of events like the "Challenger Trophy" is especially effective as a marketing tool because it provides access to a wide range of audiences, including decision-makers in business, government entities, and customers. Marketers increasingly view corporate sponsorship as superior to other methods due to its ability to gauge immediate customer responses to products.
Events allow business owners and executives to connect directly with their customers, while giving customers the chance to experience a company's products firsthand.
Heightened visibility through positive media publicity is a key reason why sponsorship of popular events, especially sports events, can be the most effective marketing tool. Every sponsor seeks the widest exposure possible in both print and electronic media, increasing the visibility of their products and services.
The various media outlets covering the event typically include sponsors' names and even pictures, providing mass coverage that would be unaffordable if purchased directly by the company.