The body of work done by Alan (2016), speaks clearly to the idea that “sponsorship, is an investment, in cash or in kind, in return for access to exploitable business potential associated with an event or highly publicized entity” (p.1). More importantly, the business must find out what is important to the sponsor, and prepare data analysis stating the opportunities that your business has, for the sponsorship to be beneficial to both parties. Furthermore, research should be done on the sponsor, the more you know about their business, the better your pitch will be. Once, you have completed the research and demonstrated your knowledge of their business. Then, you should be able to successfully, submit a plan that meets their needs (Alan, 2016). …show more content…
TV viewers are a large target audience, so is IndyCar’s social media following. Sponsors are interested in getting their name brand out there, so IndyCar must show proof that television, radio, social media, movie endorsements and newspapers can translate into profits for sponsors. As stated by Farrell & Hartline (2014), “One area where IndyCar has made important gains is sponsorship. New marketing agreements have been signed with Coca-Cola, Orbitz, and The National Guard. A partnership with Mattel brought Hot Wheels-branded IndyCars to retail stores and IndyCar Series events, promoting drivers and the Series schedule by including it on product packaging. In 2010, the IndyCar Series landed a title sponsor for the first time since 2001 when IZOD began a six-year deal for the IZOD IndyCar Series. IZOD immediately realized benefits of its IndyCar sponsorship. Using a variety of performance metrics including brand familiarity and digital impressions, IZOD concluded that the first year of the sponsorship in 2010 delivered a 350 percent return on investment. IZOD focused its marketing efforts on advertising, in-store displays, and special events. In particular, IZOD felt it had achieved desired impacts among a key demographic: 25- to 35-year-old males”