Media update’s Taylor Goodman and Nakedi Phala look at the value of awards and sponsorships in marketing.
It’s important for brands to do their part in celebrating other industry players, something that is done at award ceremonies. This is important because it makes everyone see the industry in a positive light.
Sponsorships are equally pertinent, playing a critical role in aiding resources and financing these events. Brands often act as sponsors of events because they have an opportunity to canvas their brand and align themselves with the goals of the awards.
Both award ceremonies and sponsorships form part of marketing; through the event, donors have an opportunity to be promoted as event sponsors. This marketing is a major advantage for brands, and one of the biggest reasons that businesses get involved in sponsorships.
On the other hand, awards also benefit the individuals and brands that receive decorated mentions to celebrate their respective achievements in the industry.
Not only do both award sponsors and entrants celebrate and create awareness about their industry, but they encourage growth and a drive for innovation.
The benefits of sponsorship for event owners
A great thing about hosting events that have sponsorship backing is that you don’t have to bear all the financial and resource contributions on your own. There are always individuals or brands who could assist you in sharing the costs of the event.
There are two forms of sponsorship payment: The first is funding directly from sponsors, and the second is event marketing sponsorship. This includes a sponsor offering a venue, resources such as staging and other relevant resources for the awards event.
Securing sponsorship for your awards or events also gives you added credibility. By having industry players on board, audiences know that it is an important event. However, it is vital to secure the right kind of sponsors to ensure you reach the right audiences.
As an event organiser, you need to make it clear to potential sponsors what it is you want them to aid you with; is it money, a pitch for money if it’s resources, or maybe a pitch for resources? Ultimately, you should find mutual ground with your sponsors that will see the award ceremony run smoothly on the day.
The benefits of sponsorship for brands
Sponsoring awards increases brand awareness and customer loyalty
One of the greatest benefits of sponsoring award ceremonies is that they help create brand awareness which, in return, can help brands stay top-of-mind with audiences and possibly increase brand loyalty.
JustPalm, a web and mobile ad agency, will be one of the official streaming partners for the New Generation Digital and Social Media Awards. Patrick Palmi, JustPalm CEO, explains that the company will benefit from the vast exposure that the New Gen Awards offers.
“[The New Gen Awards’] audience has grown substantially over the past eight years — across both the agency and corporate sectors. [On top of this exposure, JustPalm will also benefit from] the vast exposure JustPalm will receive across our media partner’s platforms, such as media update and others.”
As well as offering great exposure and increasing brand awareness, Palmi adds that the partnership will position JustPalm as a thought leader in the digital space and as “an innovative brand that embraces change and pushes boundaries.”
Partnering with the right awards increases brand credibility
Awards put your brand a positive light and makes you seem more credible, which can attract potential employees and consumers who are keen to associate with you. Additionally, these events can raise brand credibility and potentially increase product visibility.
Brands that choose to get involved with award ceremonies can also consider entering the event to further cement the partnership.
“JustPalm sponsoring an award like New Gen Awards gives us the opportunity to showcase our capabilities to potential clients,” explains Palmi.
“We have [also] entered some of our work into several categories in order to highlight the latest innovation in social media and how this can add value to brands.” explains Palmi.
Essentially, awards increase audience loyalty as they will recognise your brand’s achievements through your accolades. This comes as a result of aspects such as hard work, client satisfaction reports and good employer-employee relationships.
However, when entering into partnerships, “it is important for brands to understand what the return from a sponsorship deal will entail,” adds Palmi. “Whether its lead generation to build networks and sales pipelines or a brand awareness exercise to launch a new product, sponsorships can offer value if they are aligned to strategic marketing goals.”
How the current economic climate affects awards and sponsorships
In South African and worldwide, there has been a major shift in the nature of events and, in turn, awards ceremonies.
However, this does not mean that events have ceased to exist. Many award shows are moving over to the digital side of things and hosting virtual events and conferences.
Stephan Paxton, founder and owner of the New Gen Awards, commented on how the pandemic has affected the proliferation of sponsorship deals and award shows.
“As an event owner, you cannot ignore the challenges many businesses are facing during this pandemic — especially those in the media sector, who are juggling ever-changing budgets and campaign strategies.”
“However, I continue to remain optimistic for the New Gen Awards. Entries are coming in from both old and new clients, and from a digital spend point of view, we are seeing more interest from brands looking to partner with 2020’s awards.”
“Having the virtual awards ceremony will help form part of brands digital strategies, which can prove far more measurable, and allows brands to reach far greater audiences.”
Entries are open and will close on the 24 July.
View our 2020 Categories to learn more.