Why Is Sponsorship Important To The Olympics?

The Winter Olympics is now less than a year away, and all partner and sponsorship arrangements are in place. With over two billion global viewers tuning in to watch the 2022 Winter Olympics in Beijing, the Games provide one of the most powerful marketing platforms in the world.

Major global brands, including Coca-Cola, P&G, Samsung, VISA, Deloitte, and Airbnb, are among the sponsors and partners of the Winter Olympics. As such, sponsorship plays a crucial role for both individual athletes and the Games as a whole.

Sponsorship is essential for both the Winter Olympic and the Summer Games, but why? Why is it so important for these companies to become involved? Are the opportunities merely about boosting brand awareness, or can they also have a positive impact on the sports themselves?

What Is The Importance Of Sponsorship In Sport?

An event of the scale of the Olympic and Winter Olympic Games requires extensive logistical planning, and sponsors assist with the operations, organisation, and execution of the Games. Commercial partnerships make up almost half of the total revenue, meaning their importance cannot be overstated.

Some may argue that an event of the Olympics' magnitude does not require further promotion, but without sponsors, the Games would not be as successful as they are. Olympic speaker and former 1500m gold medallist Lord Sebastian Coe referred to it as “huge business” ahead of the 2012 London Olympics, which generated £750 million from British sponsors alone.

How Do Athletes Benefit From Sponsorship?

Some of the most prominent athletes in recent years, including Geraint Thomas, Nicola Adams, Tom Daley, and Rebecca Adlington, would not have reached the heights they have today without sponsorship opportunities. With cuts to UK Sport funding, sponsorship has become more crucial than ever for up-and-coming athletes.

Sponsorship allows athletes to focus fully on their training without worrying about the cost of the latest equipment and training gear. With these essentials in place, they can concentrate on what they do best, which is vitally important - perhaps even more so than the financial support it provides.

How Do Athletes Secure Sponsorship?

First and foremost, being a talented sportsman or sportswoman is the key to gaining sponsorship. Athletes must remain dedicated, exhibit a strong work ethic, and possess a never-say-die attitude to reach the top. A strong social media presence and the ability to connect with audiences are also increasingly important.

The fastest man on the planet, Olympic speaker Usain Bolt, is perhaps the best example of an athlete who effectively utilised social media. He regularly posted about his sponsorships. Sponsorships are mutually beneficial partnerships and can bring great value to both parties when executed correctly.

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