Show me the money… let’s talk about sponsorship

Sponsorship in the equine industry has seemingly grown exponentially over the past few years and we’re seeing more and more companies choose to sponsor riders in return for brand promotion. In more recent years this has evolved from the sponsorship of top-level riders down to grassroots-level competitors.

It may seem as though sponsorship is a more recent phenomenon to sweep sporting industries, but actually, the concept of sponsorship dates all the way back to the 5th Century BC!

Equestrian brands all over the world are electing to sponsor riders with their products, or in some cases with financial support, but is this a genuinely viable marketing strategy? When executed well, sponsorship has the power to be a hugely successful and lucrative method of marketing. But, when done poorly, it can in fact lead to a financial loss and do more harm than good to your brand image.

If you’re an equine business thinking about sponsoring a rider or two, or you’ve already got a few on the roster, then keep reading to find out how you can avoid a sponsorship faux pas and get the most out of your investment!

What actually is sponsorship?

This may seem like a blatantly obvious question, but in order to ensure you’re getting your money’s worth, it’s important to know what sponsorship is! Effectively, sponsorship is the…

‘provision of assistance, either financial or in-kind, to an activity (or individual) by a commercial organisation for the purpose of achieving commercial objectives’

(Meenaghan, 1983)

Roughly put, a brand will offer support to selected individuals or events in the form of goods or money, in return for publicity and association with said chosen person or event.

For the equine industry, this extends beyond just riders. Every year more brands are sponsoring fences or complexes at big, or even grassroots level events. Who watched the Land Rover Burghley Horse trials 2022? The Holland Cooper Leaf Pit is a prime example! Or perhaps you’ve seen a Baileys Horse Feeds lorries rolling around sporting some very famous faces? It’s exactly the same thing. They are paying for the association with a particular individual or event to enhance their brand image and access a wider audience.

Think about some of your favourite riders, from whichever discipline you follow. Chances are they ALL have sponsors from a range of different brands. For example, Piggy March, this year’s Burghley champion, is sponsored by Dodson & Horrell, and Charles Owens is just one of Ellen Whitaker, leading showjumper and industry ‘it girl’s, many sponsors.

When done right, it is a hugely beneficial and often cost-effective strategy to promote your brand. Alongside building your brand image, it’s a wonderful way to support some of your favourite riders and give back to the industry.

Should I sponsor a rider?

Did you know that equestrian businesses and professional riders are the two most followed categories by equestrian supporters? So, as an equine business, supporting a rider just makes sense! Throw in the new breed of equestrian YouTube stars, and you’ve got yourself a dedicated audience ready to listen and love.

Celebrities (in this case the riders) are excellent product endorsers who have a committed following at their fingertips and can be very effective in influencing the purchase decisions of consumers.

Well-executed sponsorship capitalises on word-of-mouth (WOM) marketing, and it’s no secret that despite every advancement made in the world of advertising, WOM remains the most powerful tool in anyone’s belt. WOM works on the basis of trust, if someone you trust or admire expresses their positive experience with a product, you’re going to be much more inclined to purchase it yourself… because you trust their opinion!

With the evolution of social media, that sponsor-audience communication just got a WHOLE lot easier! Your sponsor can communicate their positive feelings about your brand to a large, dedicated, and trusting audience. The more they hear their idols raving about your brand, the more they’re going to want to buy it, because ‘hey, if Andrew Hoy is using it, it must be good!’

What makes a good sponsorship?

Ensuring a good sponsorship deal is a little more complicated than you probably think, and it takes a fair bit of nurturing to see the benefits blossom. Associating yourself with a rider is all about strengthening your brand image, and a strong brand image ultimately leads to a greater sales volume. So, if you’re wanting to reap those rewards, you’ve got to put a little extra welly into the decision-making process.

Above all, a sponsorship deal should be a mutually beneficial relationship, both parties should in some way be benefitting from the agreement and have a shared goal in their sights. Make sure that what you are offering a rider is equal to the value of their time spent using and promoting your brand. On the other hand, you need to be sure that you’re receiving enough publicity and advertising space, otherwise, you’re effectively doling out free stuff, which is going to be very costly in the long run!

Your brand is your most valuable financial asset, it’s who you are, so invest in it wisely. Picking the right people to sponsor is a huge factor in successful sponsorships. Keep your brand values at the forefront of your mind when deciding to ensure that your values match up to those of your chosen rider. You want to be singing harmoniously from the same hymn sheet and complementing each other’s ethics or attitudes. If you don’t, the partnership will lack credibility and your audience will be less inclined to part with their hard-earned cash!

A long-term relationship with your rider is going to be much more financially fruitful as well as having a great impact on your brand equity. The longevity of your relationship with a rider is directly related to the level of trust the audience has in your brand. So, the longer your sponsorship lasts, the more effective it’s going to be. Take time to build a rapport with your rider and maintain constant communication, nurture this relationship and watch it develop into a committed audience and multiple sales!

How do I track the return on investment (ROI)?

This is where sponsorship can get a little tricky. It is often muddled in with other marketing activities when measuring financial growth, singling out sponsorship can be quite a difficult task.

Instead of putting all your effort into tracking ROI, why not focus on the return on objectives (ROO)? Set out clear parameters for how you’d like your brand to grow and track these, instead of slaving away crunching the numbers. This doesn’t mean you shouldn’t look at the figures, but don’t forget to look at things like your brand awareness, reach, or consumer engagement too. This can be just as beneficial for your brand, and a fantastic way to see how the association with a rider is strengthening your identity and boosting your consumer sales.

If this isn’t enough for you and you really want to see just how influential a sponsorship can be, then a referral scheme is going to be your best bet! Create unique discount codes or integrate specific links that the rider can publicise, this will add a tag to the sales, and you can see exactly what kind of revenue the sponsorship is generating. Whilst this won’t give you the exact amount of income from sponsorship, it will paint a pretty good picture and allow you to estimate what your return is likely to be.

All in all, there’s a reason sponsorship in the equestrian industry has become as popular as it is! With a well-thought-through strategy and the right people on board, it has the potential to be a very lucrative and long-lasting relationship. So, if you’re thinking of getting a few people on board to promote your brand, then go for it! Just remember, don’t compromise your brand and pick the right people for you, results don’t matter if they’re a good fit!

& who knows, I might even see your brand out there at my next event…

With love,

Px

P.S. Need a little extra ammo other than sponsorship to boost your equestrian business sales? No need to stress, I’m an equine copywriter who can help you climb the search engine ranks with clever and carefully crafted SEO-researched content! Writing blogs not your thing, or just not sure what to write about? Well, I’m your girl! Drop me an email at equinecopywriting@phoebekeogh.com book your free consultation or give me a ring on 07590 662619. Chat soon.