The sponsorship strategy for the BFI's London Film Festival - Essay Example

REPORT ON THE SPONSORSHIP OF THE LONDON FILM FESTIVAL Executive summary This report examines the sponsorship strategy for the BFIs London Film Festival. The sponsorship package is to be split to cover the fundamental package of £5 million meant to carry out the event. It is recommended that there must be title sponsors as well as medium class sponsors alongside single event sponsorships. The title sponsors selected are the Mayor of London, representing the City of London, National Lottery Service and Aviva Insurance. The Mayor of London represents a national interest of making London an ideal investment destination. The National Lottery Service and Aviva Insurance are both entities that have expanded their operations overseas, thus foreign advertising and promotion will provide the chance for brand exposure. Vodafone is identified as a major entity that has an interest in being promoted through sub-events. Thus, Vodafone is presented as a medium class sponsor that will be allowed to promote 70% of the sub-events like conferences, ball and other activities that will attract a direct media attention. Contents Introduction......................................................................................... 4 Event Objectives ….............................................................................4 Financial Management and Sponsorship.............................................5 Sponsorship Objectives........................................................................5 Target Market.......................................................................................7 Target Sponsors …...............................................................................7 Mayor of London.................................................................................8 National Lottery....................................................................................10 AVIVA Insurance..................................................................................11 Vodafone...............................................................................................13 Conclusion............................................................................................15 References.............................................................................................16 Appendix 1............................................................................................18 Appendix 2.............................................................................................19 Appendix 3 …........................................................................................20 Introduction The London Film Festival is an annual event organised by the British Film Institute (BFI). It is the largest public film event in the UK and it attracts over 300 features, documentaries and short films from numerous countries around the world (Stringer, 2013). The London Film Festival has a rich history that goes back to 1953 and it has a reputation that is connected to the Crown and other credible institutions in the UK. The London Film Festival provides the red-carpet treatment for stars and brings together important personalities and leaders in the film industry in the UK and beyond (Further Details in Appendix 1). The event comes with a large array of programmes and activities that bring together stakeholders in the film industry. This include public forum, education events, lecturers, question-and-answer sessions with actors and authorities in the film industry. The highlights of each years events is the awards for the best films in various categories. Event Objectives This years edition of the BFI London Film Festival is scheduled to be done between the 17th and 31st of October, 2014. The main objectives for this years project include the following: 1. Growing the film industry in London; 2. Maximise investments into London and the UK through the film industry; 3. Sustain and improve the London film culture; 4. Promote London as a global city through the film industry; 5. Present Londons strategic priorities to the world by filming and broadcasting it. The London Film Festival is mainly based on the idea of gaining the best and the largest investment base for the city through the film industry (Appendix 2 & 3). The idea is to use the film industry as a basis for presentation of the city as a competitive destination for investment, commerce and international affairs. This is meant to boost the filming environment by bringing to the fore, the academics and experts in the industry and also increase investment and employment in London by promoting and establishing international outlets for advertising and promoting the city. Another aspect of the London Film Festival is to consolidate the achievements of the previous years results and targets. This will continuously improve to improve the current years challenges and expectations for the development and the improvement of the city of London. Financial Management and Sponsorship The cost of running this years LFF is £5 million. This will help to mobilize the various projects and the various activities that will be necessary for the production of various activities in the event. This include the promotion and marketing of the event and the presentation of the LFFs various events and activities that will be conducted like the offering of awards and various sessions that include the various talk shows and other activities. Sponsorship Objectives “Sponsorship is a business relationship between a provider of funds, resources or services and an individual, event or organization which offers in return some rights and associations that may be used for commercial advantage.” (Management Study HQ, 2013). Sponsorship requires a system of tying the events fortunes and successes with the financial and economic successes of an organisation that sponsors or supports an event (Shone and Parry, 2010). The main sponsorship idea and concept that is related to the London Film Festival revolves around the desire to maximise inward investments by maintaining and strengthening Londons position as a film-friendly city (Film London, 2013). This is meant to increase investments, enhance employment and also support in boosting the productivity of London as a major global city. The fundamental sponsorship objectives of the London Film Festival include: 1. Gaining Popularity: Any firm that supports the LFF is going to reach other nations around the world and provide exposition to people who really matter and take decisions. This is because the festival is actively advertised around the globe and all sponsors get a fair exposure of their brands. Additionally, sponsors also get the chance to expose their brands to people from the over 50 nations who attend the festival. This include some of the most influential business executives in the world who will be able to make the optimum investments into a business as and where necessary. 2. Building Favourable Brand Awareness and Company Association: Investing in the London Film Festival is a positive view that seeks to enhance and promote the film industry around the world. There is the need for the London Film and Arts industry to be developed and enhanced. Thus, the growing of the film industry is seen as some kind of social investment that helps to promote screening activities in Britain and around the world. This will help improve the general quality of films in the future. 3. Improving Community Relations: Any sponsor to this event will be showcasing the potentials and positive elements and aspects of London to the nations around the world. This is a form of social investment that is appreciated and taken into account in other considerations and corporate social responsibility promotions. 4. Promoting Direct Sales: The LFF provides the opportunity for firms to make direct sales during the event This is because during the LFF, some firms and businesses can sell directly to consumers who will be willing to make payments for these products. This will directly go to enhance the earning capabilities of a firm. Target Market The target market for the London Film Festival can be grouped into three main categories and this include: 1. Primary Participants: These are the people who will visit the LFF and take part in various events that will involve being in the midst of the physical presence of the event and interaction with participants and various stakeholders; 2. Secondary Markets: This include people in London who will get to see or hear about the programme and its activities. These are unconscious people who will hear about the sponsors and the main entities that are running the LFF. 3. International Markets: These are people who will hear about the LFF over the television and other international media. They are going to hear about the signs and the products that will be presented to people who are going to hear about the sponsor. Target Sponsors In order to meet the £5 million target of the LFF, there is the need for the provision of various categories and classes for sponsorship. This will include the Top Sponsorship, which will involve £500,000 each, Medium Sponsorship for £200,000 and Local Sponsorship which will come with a contribution of £50,000 each. The targeted sponsors in the event will be draw from London city authorities, local city entities, international organisations, banking and financial entities as well as telecommunication entities. This include high yield and high end entities that have the desire and expectation to grow and expand into the various local and international markets that will be affected by the London Film Festival. From the preliminary analysis, the following targeted sponsors come to the fore because of their involvement in the past and potential expression of interest in the media: 1. Mayor of London 2. National Lottery 3. Aviva Insurance 4. Vodafone These different potential sponsors will be reviewed and critiqued in an independent manner. This will establish the suitability for sponsoring the LFF and also provide the possibility of providing a fit for the entities. Mayor of London The Mayor of London is in charge of the promotion of London as a city and a global destination for investments and the presentation of the various boroughs in a favourable and positive light. This will help to promote the commercial element and commercial aspect of the city and also promote employment. The objectives of the LFF provides the basis for the promotion of London as a destination in two aspects. The first aspect relates to the presentation of London as a positive destination to investors in different parts of the world. On the other hand, the LFF provides the basis and the impetus for the education of people in London about the services they are producing. This will impress upon the visitors who are in the city for the event and also get them to become interested in investing in London and using the various services offered by the London City Authorities. Fit Analysis Physically, the Londons Mayor Office could provide information about their services. This will provide a point of liaison between participants and the Mayors Office. Also, there is the opportunity to fit the marketing plan and marketing opportunities of the Mayors Office to the programme. This will provide the chance for more information to be gathered and presented to people in different parts of the world. The days of the festival and the communication system could be linked to the Mayors Office since this will be an appropriate and propitious avenue through which the city of London could be advertised through the LFF. This will help the city to build a strong exposition and brand image amongst participants and the target audience of the LFFs organisers. This makes the London Mayors office a potential title or top sponsor. This is because they can be conveniently associated and linked to the programme and they could be viewed in a positive light to enable them to become popular amongst consumers and different stakeholders in the event. Approach The approach to the involvement of the Mayors Office could revolve around the presentation of the office as a top sponsor. This will help the Mayors office to work as a primary sponsor and a primary entity that provides services to the event. Also, there must be various programmes and onsite advertising that will enable the city of London to be represented appropriately in the international event that will help the city to become a major brand that is exposed. Maintaining Relationship City of London is already a title sponsor. They have been a title sponsor of the LFF since the inception of the event. Therefore, there will be no need to promote and make important initiations that will enable them to become interested sponsors. Rather, there will be the need to reignite the existing relationship by organising a series of meetings to come up-to-date with changes in the industry and the changes in the sector to enable all parties to interact appropriately. Recommendation The Mayors Office must remain a top sponsor and they must be encouraged to provide important sponsorship by being an active part of the event. Changes in their plans and processes must be highlighted in the preliminary meetings. National Lottery The National Lottery Service of the UK is mainly a local entity. However, the post 1990 plan to expand the National Lottery Service has caused it to become an international brand and entity (Tofarides, 2003). This is because the UKs national lottery expanded into foreign countries and foreign entities through the power of online gambling and other activities (Williams, 2012). The National Lottery Service is strongly connected to the City of London and it has a strong linkage to the BFI which is the primary entity that runs the event. Therefore, there is the need and the justification for the involvement of the National Lottery Service in the LFF. Fit Analysis In terms of mission, the National Lottery Service has a mission of providing the best services to their customers and also maintaining a strong corporate social responsibility system with the view of promoting their services. This will be in sync with the promotion of the London Film Festival because the festival provides the basis and impetus for maintaining important linkages and processes with the participants. Approach. The National Lottery authority does not have a direct need or requirement to become actively involved in the event. However, they can use the event as an avenue for the promotion and the demand for better recognition and the enhancement of interest in their activities and corporate brand. There could be some introduction of competitions and other events that the National Lottery Service could present to consumers and participants in the event. This will enhance the marketing prospects of the company and its production services and procedures. In terms of promoting the National Lottery Service in different parts of the world, there is the need for the NLS to be presented in a positive light and their online brand must be presented to consumers through adverts. This will enable them to create a strong linkage and a strong connection to consumers in different parts of the world and enable them to take part in the NLSs activities through the Internet. Maintaining the Relationship National Lottery Service is still a major entity that has a linkage to the BFI. Therefore there is the need for the BFI to set targets and renew their commitment by using them as a primary sponsor. It is therefore recommended that NLS remains a title sponsor and they must be given the chance to advertise their service alongside the event. Recommendation/Evaluation NLS must remain a title sponsor for the event. The NLSs old arrangements with the festival must be maintained. However, this must be done through the presentation of some of the international brands of the lottery game like the Euromillions in international advertising as well as the presentation of the local UK Lottery brand in local promotions. This will present a brand orientation to the whole sponsorship, rather than a corporate presentation. AVIVA Insurance Aviva Insurance is the largest multinational British insurance company (Lagan and Moran, 2005). The company operates in numerous countries around the world and has become a very strong and well capitalised organisation. Fit Analysis The current position of Aviva Insurance is that it remains a leading insurance entity in the UK and around the world and it seeks to expand its position as a major entity that provides the best quality customer service to consumers (Beyond Philosophy, 2013). The management seeks to establish and entrench their position as a traditional British entity and this is to be done by maintaining their operational core in London. The target market for Aviva Insurance involve a wide range of persons who might want to register for their Life Insurance services and packages, hence, there is the chance and opportunity for them to make their products and services known to the world through the LFF. Approach The fundamental approach will be to get Aviva Insurance to become a title sponsor of the entity. Since Aviva will be sponsoring the event for the first time, there will be the need to present a proposal for Aviva to become a title sponsor. The best approach will be to schedule a meeting between the organisers of the LFF and the management and a board member of Aviva. This will involve the presentation of prospects about the exposition and the level at which they can benefit. The main idea will involve advertising the Aviva brand as part of the promotion of the LFF overseas and in different parts of the world. This will complement the advertising effort of LFF and also involve the presentation of an Aviva stand and Aviva signages in the festival. This will enable Aviva to be mentioned and also present marketing executives whop will seek to present potential customers with an opportunity to sign up for Aviva. Maintaining Relationship Once Aviva becomes a new event title sponsor, there will be the need for continuous interaction between the event organisers and the marketing unit of Aviva. This will involve constant updates and a management of the projects and processes of the LFF. Recommendation/Evaluation There Aviva must be made a title sponsor and placed in the category of top sponsors. They must be exposed to the international community alongside the LFF brand and also given the international recognition as the festival. Also, there could be local event participation through direct marketing and this will be done through a proactive approach of monitoring the activities and affairs of Aviva as a title sponsor that seeks to integrate elements of direct marketing into the processes of the fair. Vodafone Vodafone can be considered as a lead sponsor for the LFF. They seek to expand and grow into other nations in Europe, Latin America and Africa. The LFF will also be held in the city where they have their headquarters. Thus, Vodafone can become an appropriate sponsor for the project. Fit Analysis Vodafones mission and statement of purpose reflects four things, passion for customers, employees and the world around them (Cook, 2008). The provision of world class telecommunication services in the UK and beyond makes Vodafone one of the biggest local brands that originates from London which has a presence in foreign lands as well (Bunker et al, 2010). The LFFs international advertising provides the basis for the promotion of the Vodafone brand overseas and in different nations around the country. Also, promotion in London and the exposition of the brand makes it easy for Vodafone to promote and make its brand known around the event presence. Touring and providing locations can be compatible with the local advertising processes that is to be adopted and integrated into the LFF. Approach The fundamental approach that must be used to integrate the sponsorship structures of the LFF is to conduct a meeting with the marketing team of LFF. Through this, there could be a convergence discussion that will enable the management of Vodafone to present a proposal of what they might want to do when the event commences. If Vodafone is able to present a reasonable proposition, it can be presented to the organisers of the LFF and this will be integrated into the programme list. To this end, Vodafone will be given the chance to present its propositions. Maintaining the Relationship Vodafone can be considered a primary sponsor because there is the need for a title sponsor from the telecommunication industry. This will allow the LFF organisers to get high end sponsors to fill the fourth slot for the programme. Vodafone can be given the lead sponsorship drives and processes for several sub-events like the catwalks, gala show and awards ceremony. This will enable Vodafone to expose their brand and present their products and services. Recommendation Vodafone must be presented as a title sponsor. However, Vodafone must be given the chance to become a lead sponsor as the primary brand behind 70% of the major events that will occur. This will be in sync with Vodafones advertising policy and procedures. Conclusion The London Film Festival will present its major title sponsorship drives to the City of London, National Lottery Service and Aviva Insurance. These entities will be required to pay the minimum requirement of £500,000 each. Vodafone can be given the chance of sponsoring as a Medium level sponsor with a minimum payment of £200,000. However, Vodafone will be permitted to conduct various event sponsorship, which will cover about 50% of the projects. This will be done by paying specific costs and coverage for these events. 50% of the events can be opened to other sponsors and potential contributors. References Beyond Philosophy (2013) Aviva – Previously Norwich Union Insurance [Online] Available at: http://www.beyondphilosophy.com/downloads/case-studies/aviva-case-study.pdf Retrieved: January 20, 2014. Bunker, K., Hall, D. T. and Kram, E. (2010) Extraordinary Leadership London: Wiley Cook, S. (2008) The Essential Guide to Employee Engagement London: Kogan Page. 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(2013) Movie Busters, London: Routledge Tofarides, M. (2003) Urban Policy in the European Union Surrey: Ashgate Publishing. Wells, C (2000) ‘Finding company sponsors for good causes’, Directory of Social Change  Williams, R. J. (2012) Routledge International Handbook of Internet Gambling London: Routledge Appendix 1: BFI Core Mission and Objectives Appendix 2: London Film Festival Strategy Appendix 3: Elements of London Film Festival, 2013 Read More