Partnerships and sponsorships are gradually becoming the fundamentals of modern businesses, with startups using either or both to achieve their goals. In 2016, the cash spent on sponsorships worldwide was over $60 billion. The amount was projected to increase by 4.5% in 2017, which it did.
Many advantages come with sponsorships and partnerships. Some of the reasons why companies are going with the two actions include:
- It helps reach a wider market.
- Partners have higher borrowing capacity.
- Leads to increased business opportunities.
- Increases brand awareness.
- Leads to increased tax benefits.
- Enhances customer experience.
- Partners support each other morally.
- These are only a few benefits that companies enjoy once they decide to partner or enter into a sponsorship program.
On the other hand, many businesses have turned to partnerships to answer their present needs and grow. Even though not every business goes in partnerships, some of the most successful companies used the idea to come up with the most successful businesses today. Below are some of the most common industry partnerships
Makeup and fashion
The fashion and makeup industries usually breed brilliance whenever they come together. That was exactly what happened when fashionista Victoria Beckham OBE and Estée Lauder, a makeup and skincare industry, partnered to release a line of more than 30 new products. The success of the deal saw Estée Lauder extend the partnership further. This cooperation saw the makeup and skincare industry reach a wider market, thus increasing its sales. On the other hand, fashionista Victoria Beckham used the deal to empower women to feel stronger and secure.
Sports and Online Betting
Online betting firms often partner with sports events and individual sports teams to achieve their goal. For instance, Unibet, an online betting platform with more than 11 million customers, and highly rated and popular in big markets like Europe, USA and Australia – as per this Unbet Australia review, has been partnering with Qatar Goodwood Festival since 2019.
Due to the success, the Unibet – Goodwood partnership was expanded during the recent Qatar Goodwood festival. The betting company added three Group 2’s races to their list of sponsored races, thus increasing Qatar Goodwood festival sponsored races to 12.
Their existing list includes the Unibet Richmond Stakes, the Unibet Vintage Stakes, and Unibet Lennox Stakes.
Technology and Sports
In recent years, most tech companies have leveraged the sports sector. That is by sponsoring top teams or top sports players to market and sell their products. For instance, LeBron James and Microsoft partnered with Warner Brothers to produce a movie that will create new coding opportunities for budding coders.
There have also been multiple tech-sports sponsorships that have yielded incredible results over the years. For instance, Bose has been sponsoring Mercedes-AMG formula 1 drivers, not to mention NFL players, to reach a wider market. The company even went ahead to renew its Mercedes-AMG formula 1 sponsorship despite there being fewer live races.
That indicates that the Bose-Mercedes-AMG sponsorship is yielding excellent results. There are also plenty of other tech-sports sponsorships and partnerships that are currently benefiting both teams.