The party that provides the support is the sponsor.
There are four main kinds of sponsors:
- Financial Sponsors: Provide general financial support.
- Media Sponsors: Secure advertising for an event.
- In-Kind Sponsors: Provide goods or services instead of direct financial support.
- Promotional Partnerships: While this seems similar to media sponsors, promotional partners are typically individual figures (such as celebrities or influencers) instead of companies and media organizations.
Check out six real-world examples on how companies like Coca-Cola, Pepsico, the NFL, Nike, and Rolex use sponsorships as marketing opportunities here.