Final answer:
The role of sponsorship in promotional strategies includes increasing brand visibility, expanding the target audience, and leveraging brand ambassadors for influential marketing. Partnerships in event planning can also help reach broader demographics and make marketing more cost-effective and inclusive.
Step-by-step explanation:
The role of sponsorship in the promotional strategy is multifaceted, providing a number of benefits to the brand or company. Firstly, it can lead to increased brand visibility by associating the brand with different events, causes, or individuals that attract public attention. For example, a company sponsoring a popular sports event will benefit from the exposure to the event's audience. Secondly, sponsorship can lead to target audience expansion as it allows brands to reach new demographics that are engaged with the sponsored party. Additionally, with strategic partnerships in event planning, companies can achieve extended outreach and promote diversity among attendees, making marketing efforts more inclusive and widespread.
Lastly, sponsorships often involve tapping into the power of brand ambassadors or evangelists. Brands may partner with individuals who are seen as authentic and trustworthy by their peer groups, such as college students or social media influencers. For instance, brand ambassadors on college campuses are often engaged in high-profile activities and can subtly influence their peers' preferences, thus driving brand loyalty and increasing customer lifetime value.