By the time you read this week’s TMC, many Americans will have already cast their votes for the next president of the United States. This week will be very exciting. No matter what happens later tonight or in the early hours of tomorrow, there will be change. If the Democrats win, the Harris team has a different vision for the USA than President Biden’s. If the Republicans are victorious, we know it will be different. As citizens of the US or onlookers from outside, all we can do is wait and see. Once the votes are cast, there is nothing we can do but adapt. Adapting may be conciliatory or it may mean aggressive opposition, and ongoing demonstrations and political maneuvering. Basically, we need to live with the bed we made or the bed our neighbours made, and adapt to ensure our needs are met in the best way possible.
There is another major (relative term) event this week. It starts tomorrow and for the sponsorship marketing and partnership industry, it is a gathering of ideas and leaders, networking and sharing. I am sure that a great deal of discussion will centre on the US election result, but the focus will be on sponsorship and outcomes. I look forward to delivering my opening keynote at the Western Sponsorship Congress® Alberta Forum. It is about change and managing it in our sector. Here is an overview in case you are not attending.
As I look to the trends of the last three years and what the balance of 2024 looks like, I am excited to present what I see as the top five factors facing our sector for the next while.
- Underlying these is change and that should not come as a surprise. Just like the world at large, our sponsorship world must get used to change, because it will happen more often, more shockingly, more unplanned, and in unexpected ways.
- We will see the meteoric rise of properties and sponsors like never before. This past year, we witnessed enormous growth, not only in viewers and audiences, but also sponsorship dollars associated with women in sport, and specifically, professional women’s sport. We also need to look at the growth of new assets across sectors and the explosion of Formula One due to streaming content. This opens the doors for new brands to shift their marketing dollars to sponsorship and experiential marketing. The departure of Toyota from the Olympics raises questions around what sponsors are seeking with huge properties such as the Olympics, FIFA, etc.
- We will see more ROI measurement. Brands want more measurement so they can justify their investments. Properties need to have that measurement and other data to close their deals. Data will continue to grow as a critical element of our industry.
- Prior to the pandemic, we saw the rise of social purpose by brands and authenticity in alignment with properties. Everything done by both sponsors and properties will soon have a social purpose element. Those without it will be left behind.
- Finally, but not least important, we will see a change in how relationships are built and maintained. As has always been true in this sector, relationships are synonymous with success. But who holds the relationship and how it is helped are going to shift. This will come to us though outside factors beyond our control. The landscape will change (wars, elections, scandal, politics), and as a result, with that change comes a shift in relationship management. Be ready for this.
Stay glued to your TV tonight, and to your sponsorship barometer and tracking system going forward.
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