With the rapidly changing market conditions and advancements in technology, the sponsorship industry is constantly evolving, and new trends are emerging.
Here are some of the new trends in sponsorship that are expected to dominate in 2023:
- In-person events
*According to a survey by Bizzabo, “73% of professionals were either “ready” or "very ready” to return to in-person events 2023”. Virtual events have proven their value by being an affordable and convenient way to reach your target audience, but in-person events are making a come-back as people are looking for more authentic experiences and connections. The sponsorship industry is no stranger to events, and we expect most associations and conferences to make a strong push to host more live events in-person.
- Increased demand for authentic and meaningful sponsorships
Consumers are becoming increasingly interested in products and services that align with their values, and businesses are taking notice. In 2023, companies are expected to invest in sponsorships that are authentic and meaningful, and that align with the values of their target audiences. For example, a business may sponsor a charity event or a community project that is in line with its brand values.
- Use of technology to enhance sponsorship experiences
Advancements in technology are changing the way that sponsorships are experienced. In 2023, companies are expected to use technology to create more interactive and engaging sponsorship experiences. For example, sponsors may use augmented reality (AR) or virtual reality (VR) to provide their target audiences with a more immersive experience. These technologies can be used to create games, quizzes, or other interactive activities that can be sponsored by a brand. Everyone loves following along during a game or event to see if the contestant will win the prize.
- Increased use of influencer marketing
Influencer marketing has become a popular way for businesses to reach target audiences, and it is expected to continue to grow in 2023. Companies are likely to invest in influencer sponsorships to reach new audiences, especially younger generations who are highly active on social media. For example, a brand may sponsor a popular Instagram influencer to create sponsored content for their audience.
- Increased focus on sustainability and social responsibility
Consumers are becoming increasingly concerned about sustainability and social responsibility, and companies are very aware of this initiative. In 2023, businesses are expected to invest in sponsorships that demonstrate their commitment to sustainability and social responsibility. For example, a company may sponsor a sustainable energy project or a community development initiative.
The sponsorship industry is always evolving, and 2023 is expected to bring new trends that reflect the changing market conditions and advancements in technology. Companies that are quick to adapt to these trends are likely to reap the benefits of increased brand awareness, increased engagement with target audiences, and increased loyalty from consumers.
By focusing on digital and virtual events, authentic and meaningful sponsorships, technology-enhanced experiences, influencer marketing, and sustainability and social responsibility, companies can create effective sponsorship campaigns that help them reach their goals.