Updated: September 6, 2016
3 Things Olympian Athletes Can Do to Win in Sponsorship in 2020.
IOC (International Olympic Committee) is a nonprofit organization that partners with sponsors to cover the cost or expense of their event and is a platform for showcasing different sports. Just like concerts, talents get paid an agreed figure by the event organizer. Any activity that generates revenue from the event belongs to the organizer from sponsorship to merchandising revenues, unless another deal is agreed upon.
Every IOC athlete can leverage their talent into landing a sponsorship deal. When athletes secure sponsors outside of IOC and want to bring their sponsors inside of IOC, their sponsorship deal will be frown upon because the athletes’ sponsorships do not transcend into profit for IOC, which obviously is not fair to IOC (the organizer).
Athletes can win with sponsorship in 2020 by doing these 3 things:
1. Plan ahead – understanding the true meaning of sponsorship will help with effectively communicating with sponsors. If you’re new to sponsorship and securing sponsors, read How To Secure Sponsors Successfully, Third Edition Revised – Funding for Events.
2. Bring in your own sponsors – do it a little different this time. Become the middle man or woman by creating a partnership between your sponsor and the IOC. The cost to establish the partnership might be astronomical for your local sponsor. To make it affordable, put on your creative hat or work with a marketer. Find a niche or overlooked area or sport within the Olympics that you have an interest in, and bring in your sponsor to increase awareness and attendees.
3. Have post-sponsored-events – whatever type of event you have in mind, have it! Just make sure to increase your sponsor’s value and not the opposite by having so much fun and self-indulgence that you forget about the business partnership. Remember, “any event you think of can be sponsored!”
Roberta Vigilance is the author of How To Secure Sponsors Successfully, Third Edition Revised – Funding for Events, and the owner of Vigilance Style & Grace, Event Sponsorship Education & Service company. Social media: Facebook, LinkedIn, or Twitter.