Sponsorship Significance
The sponsorship of Wade for LiNing and Stance Socks from the secondary brand association point of view was very much needed, as it set a positive emotional background to the previously neutral product. The sponsor’s name, Wade, was mentioned in a positive context along with the recipient’s positive characteristics, which positively affected the image of LiNing and Stance Socks (Elberse & Schoppe, 2020). In addition, Wade’s sponsorship allowed for the achievement of specific types of audiences, which were unattainable from the point of view of advertising. It attracted the attention of well-heeled people to LiNing and Stance Socks, thereby strengthening the image of the products as stylish.
In addition, Wade’s sponsorship gave a higher efficiency compared to advertising in terms of costs LiNing. Wade sponsorship, provided that the recipient was conscientious and successfully planned this activity, was much more effective in terms of costs and reaching the target audience (Elberse & Schoppe, 2020). This applies to both the general audience of Linking and Stance Socks, as well as the audience of the premium segment, whose interests and needs are somewhat different.
Sponsorship Relationship
The sponsorship relationship between Wade, the sponsors, and CAA (“Creative Artists Agency”) was mutually beneficial cooperation between the sponsor and the sponsored person and organization. They were one of the most effective forms of promoting goods and services and supporting projects and events (Elberse & Schoppe, 2020). When deciding on cooperation, the accompanying factor was Wade’s reputation and advantages, which sponsors and CAA could receive.
Sponsorship relationships allowed Wade as sponsors to increase brand awareness, attract new customers, and expand the audience. They also helped to increase brand loyalty among existing customers. As a brand actively participating in CAA sponsorship projects and events, Wade has become associated with the values of creativity it supports and has become more attractive to potential consumers (Elberse & Schoppe, 2020).
Since Wade actively supported CAA initiatives for this purpose, the company’s leadership can be rectified as proactive. This is a social sponsorship relationship, as Wade, as a sponsor, supported projects aimed at solving social problems or improving the quality of work of CAA members (Elberse & Schoppe, 2020). In addition, Wade’s sponsorship relationship with the sponsors and CAE can be characterized as a media sponsorship relationship since the sponsor provides advertising and media space for the sponsored organization.
Sponsorship Choice & Major Competitors
Wade’s sponsorship choice between LiNing and its major competitors was successful from the brand development perspective. LiNing was most consistent with Wade’s goals, objectives, and marketing capabilities (Elberse& Schoppe, 2020). Most of all, the companies coincided in values and missions, so it was pretty simple to organize joint cultural events. In addition, the mutual benefit of this cooperation exceeded the benefit of cooperation with other sponsors.
Moreover, the companies most accurately matched the needs for information support (Elberse & Schoppe, 2020). They included disseminating information about events on social networks, writing press releases, placing banners on websites, and sending emails. At the same time, the target audience of sponsors corresponded to the brand, and financial opportunities were commensurate with the goals. These are the elements that, from the standpoint of brand development, influence LiNing’s decision to support Wade above its main competitors.
Reference
Elberse, A., & Schoppe, J. (2020). Dwyane Wade. Harvard Business School.