Sponsors in quarantine: the game of uncertainty
A crisis is a period of intense difficulty. Today the whole world is suffering from one of the biggest crisis that is the “COVID-19”. The global pandemic has compelled governments all over the world to close educational institutions, hospitality industry, malls, gyms, real estate agencies, etc. and has shut the whole world down. In the wake of the current pandemic situation, the sponsoring agency is beset with challenging times.
The quarantine has sliced the wings of many sectors of sponsorship like marketing, food industry, restaurants, hospitality, tourism, sports, gyms, malls, recreational places, curricular and extra-curricular competitions, public functions like birthdays, marriages, success meets, etc. and marked decline in consumer and luxury goods. So the moot point is: Will the brands look at virtual events as a compelling sponsorship opportunity? But, sponsors want visibility in-front of a premium audience, to build their brand and get enterprise deals, however with the new normal of physical distancing virtual events may become a reality in some form or the other in future, and digital sponsorship will take its new avatar.
Sponsors are living through unprecedented times as there has been a halt and some industries are not even in the situation to pay their employees and hence it is nearly impossible to get sponsorship from some industries especially the hospitality industry.
Sponsors during quarantine are looking at innovative ways to catch the eyeballs and the techniques which can turn time into opportunity during the quarantine.
The biggest winner in this situation is the gaming industry. Even before the COVID — 19 outbreak the industry was proliferating as those who yearned for sports got games as an alternative. While most Indian households still rely on their neighbourhood stores for grocery, many stalwart advocates of E-retail have lately been switching to online retail platforms. To establish themselves as an essential part of the daily fulfilment of grocery’s value chain, they are capitalizing on the trend. Massive concessions are currently being offered on various items to make that the needs of all are fulfilled. As people are adopting personal hygiene practices one step ahead in the post-COVID-19 world, the consumption of dietetics, medical and wellness products is expected to see a rise.
The prolonged quarantine will lead to the stumbling growth of any kind of market/sponsor, and the same may fail to absorb the fast-growing workforce as well as ever-demanding consumers. Sponsors that invest in planned and functioning to emerging risks will be better positioned to respond and recover.
With the world crumbling outside our windows, it is difficult to think of the silver lining this pause may have created. However, the renovation of strategies and approaches can get the work done.
This article is written in partnership with Vaishnavi Sharma.
