As Olympic organizers, athletes, sponsors, and fans prepare for an unprecedented Games’ cycle, Lumency has taken a closer examination of the pandemic’s impact on each of these groups, and how COVID may affect both this and future Games…..
Sponsorship can be an important way for brands to create emotional connections with consumers and to demonstrate a brand’s values. Sound strategy lies at the heart of a brand’s ability to achieve this successfully. Implementing that strategy though effectively and efficiently requires the ability to measure and understand the value a particular sponsorship (assets, entitlements, associative benefits) can deliver to a sponsoring brand.
In North America, prior to the coronavirus pandemic, consumers were already beginning to show signs of change in how they engage with live events across sports, music, arts, culture and community. The pandemic, with cancelled events, shortened or reconstituted seasons has had a significant impact on the assets that a rights holder has been able to deliver to its sponsors.
Athlete endorsements have historically been leveraged by brands as a way to communicate directly with an endorsee’s engaged and loyal audience. The competitive pressures surrounding the more sought-after athletes has left brands with little negotiating power over fees and the entitlement packages that endorsees offer to their brand partners. With athlete endorsements traditionally delivering a portion of their entitlement commitments in association with live events, new deal structures and means of activating rights in 2021 and beyond should be expected.
Ensuring you have the right people to represent your brand is key, whether it’s at an activation, in a retail environment, or another brand experience touchpoint. It’s imperative for your in-field team to have the brand/product knowledge, people skills, and the know-how to maintain a strong presence in-store or at an event.
Aside from simply captivating audiences around the globe, The Last Dance, the docuseries co-produced by ESPN Films and Netflix focusing on Michael Jordan and his final season with the Chicago Bulls, put a spotlight on consumer’s appetite for athlete led content.
While this is certainly a unique example given that Michael Jordan reached a level of icon status that transcends the world of sports, we can still see examples of content being produced that places the athlete and their story in the forefront.
Having the right people on board to represent your brand is key, whether it’s at an activation, in a retail environment, or another brand experience touchpoint.
As part of our regular Lumency’s Lunchtime Series, this week we had the pleasure of being joined by Renée Bazile-Jones from the Canadian Centre of Diversity and Inclusion (CCDI) for an open and honest dialogue surrounding racial bias, systemic racism, diversity, and inclusion.
As part of Lumency’s ongoing commitment to holding conversations around diversity and inclusion, we had the pleasure of hosting Brian McLean, of Achilles Canada and the CNIB Foundation, for a Lumency Lunchtime Series focused on creating an inclusive environment for those with disabilities.
The COVID-19 pandemic has turned sponsorship upside down and it may be a very long time before it looks anything like it used to, if ever. With so much uncertainty around the mid to long term impact of the pandemic, sponsors and rightsholders are having to revise their plans almost on a weekly basis…