Sponsorships are found at every level of sport. Sponsorship is a mutually-beneficial relationship whereby a sponsor receives commercial advertising rights from a sports organisation in return for financial support or in-kind payment. Sports sponsorship is big business and a very effective way of marketing a company or its products.
Sports sponsorship is a business transaction. Therefore, it needs to have contracts in place to ensure a smooth relationship between the parties. Significant time and money can be saved by using an online contract management system such as Precisely. No legal experience is needed as the questionnaire-based contract templates will ensure that you stay within the law. Contracts can be drawn up quickly and accurately. After e-signing, they will be placed in an online repository that is easily accessible so you can stay in control. You can also receive notifications for any necessary actions linked to your contracts by setting up reminders in the contract dashboard.
There are many different types of sports sponsorships including for individuals, teams, sports, and sporting events. Individual sports people may be asked to wear the company’s logo or endorse their products. Similarly, teams may also wear the company’s logo, have advertising banners displayed, and even name their team, ground or a stand or court in the ground after their sponsor. Some sports competitions, trophies or leagues may also take the company’s name.
The benefits for individuals and teams are that certain costs are covered, such as training, kit, equipment, travel, and accommodation. Clubs can also benefit by recuperating some of the expenses for the upkeep of the grounds and facilities. It can also help to fund training programmes, talent searching, and generally promoting the sport. In addition, events are made possible with the help of sponsorship. A sponsorship deal can cover hiring the venue with all the associated catering and hospitality costs, advertising, and payment for attending officials.
As mentioned before, sponsorship is mutually beneficial. Sponsors gain a tremendous amount of attention for their brand and products, which translates into new customers and increased revenue for their company. Raising brand awareness is most effectively achieved through title sponsorship such as the Heineken Cup. As a result, more and more companies are moving towards sports sponsorship as the most effective advertising and marketing.
Whatever your business may be, contracts will form an essential part of your operation. Using an online contract management system such as Precisely will make the process of contract creation and management simple and efficient.