When the International Olympic Committee started its global sponsorship program (TOP) in 1988 there were many familiar companies, including Coca-Cola, Kodak, McDonald’s, Time Inc. (Sports Illustrated), UPS and Visa.
All saw the opportunity to leverage this sponsorship to position themselves to consumers as differentiated, global brands. Local U.S. sponsors also advertised to consumers that they were supporting the U.S. Olympic team.
Fast forward to today, and while the platform of the Olympics still exists, the names are very different. Yes, Coca-Cola, Visa and G.E. remain, but they are joined by such brands as Alibaba, Allianz, Atos and Dow. Hardly household consumer brands.
Today, major business-to-business brands are embracing the Olympic platform. Their approach is different, their objectives are different and they are fundamentally changing the way sponsorships are developed and activated.
The single largest sponsorship platform for B2B brands is coming soon. The Los Angeles Olympic Games in 2028 will be the largest marketing platform ever offered to B2B brands in the United States. It will be a career-changer for many.
However, many great B2B companies are unprepared to leverage the opportunity. They still see sponsorship as an advertising platform for consumer brands. They don’t see it as relevant to their brands, or their customers.
They are wrong.
Here are five reasons that B2B brands should (at minimum) consider engaging with LA2028.
1) Business case study
Imagine if you had to create a Fortune 500 company from scratch. The company had to run flawlessly for 17 days and then be disbanded. That is the Olympic Games. Now imagine the need for hardware, software, products, services and people. Now place your company in the middle of this success story. What an amazing vehicle to showcase that new product or service you are developing. Here is the headline for the case study: “If our products/services were selected to run the most complex logistical project in the world, imagine what we could do to help you — our clients.”
2) Client engagement
Any company can take its best customers to a sporting event. LA2028 sponsors give their clients a front-row seat (literally and figuratively) to the greatest show on earth. Introducing them to the athletes, to the organizers, giving them the opportunity to witness a company’s products and services in use, in real time on the world’s largest stage.
Sponsors will also be sitting at the same table with many other of the leading business brands in the world. Becoming a member of the Olympic family creates opportunities to work with other sponsors — to forge new client relationships or strengthen ties with existing clients.
And if this seems all a bit “soft,” we can assure you that all of the companies engaged have set strong metrics to measure their return on investment. G.E., for example, announced in 2016 it had exceeded $1.5 billion in infrastructure sales related to the Olympic Games in the prior 10 years of their sponsorship. These sponsorships are investments in building customers, and revenue. This is about a disciplined approach to achieving measurable business objectives.
3) Brand
Customers want to align themselves with winners, and with visionary companies that embrace the big challenge. Sponsorship of LA2028 is a statement about a commitment to be the best. It is also a strong association with Olympic values like peace, cooperation and inclusion.
4) Employees
The pride that engagement in this platform provides for employees is without peer. It shows differentiation when hiring. It creates opportunities for employees — from boardroom to mailroom — to touch the Olympic spirit. Athletes come to corporate offices and tell them that their Olympic dreams are not possible without sponsor support. Employee engagement, retention, commitment to diversity and communicating the company vision are all tangible benefits that can be measured and valued.
5) Purpose
Today people want to deal with companies that have a purpose. “I know what you make — but what do you stand for?”
How does this sound: We believe that it is important for people from over 200 nations to come together in the U.S., and compete in peace and harmony through sports. We believe in an institution that has existed since 1896 without wavering from its commitment to make the world a better place through mutual understanding. We believe people of all backgrounds, both able and disabled, have the right to participate in the Olympic and Paralympic Games. We are committed to supporting these Olympic values and are proud to participate in helping this tribute to humanity be viewed by over half of the citizens on this planet.
Our last thought regards price. The Olympic Games are perceived as something that only the biggest and richest companies can afford. Not true. Sometimes a smaller participation (often called “supplier” versus “sponsor”) is sufficient and leads to a level of financial commitment that is both more palatable and easier to find a path to a positive ROI. It depends upon your objectives.
LA2028 will soon start the process of selling sponsorship packages. Many companies, especially in the B2B space, will decide that this is not for them. Some will be right. Others will be wrong. A true evaluation of how this unique platform could help achieve business objectives is warranted.
These Games will be a watershed moment for B2B sponsorships.
Gordon Kane and George Hamilton run Spyridon Consortium, a consultancy focused on B2B Olympic marketing.
