Final answer:
Sponsorship of events is very beneficial for brands because it allows for engagement, live interaction, expanded outreach, diversity among attendees, and cost-effective marketing. Events create an emotional connection with the audience and foster inclusion through shared interests, which is not possible with traditional advertising.
Step-by-step explanation:
Sponsorship of events offers something that typical advertising does not, which is the power of engagement and live interaction. When brands partner with events, they leverage the opportunity for expanded outreach, as they can market to multiple networks and promote diversity among attendees. These sponsorships also allow for the combining of resources, which can be more cost-effective and lead to a stronger impact than traditional marketing strategies. For instance, hosting events that focus on shared interests, like gardening, instead of labeling them with specific abilities or disabilities, attracts a more diverse group of people and fosters inclusion. Moreover, media events such as press opportunities for politicians or sporting events with thousands of spectators provide a unique platform for sponsors to connect with their audience in an environment that is emotionally charged and more engaging than what can be conveyed through a television advertisement or online banner ad. Companies also utilize brand ambassadorships as a powerful tool to influence peer groups directly, especially on college campuses where students have significant sway over their peers' purchasing decisions.