Some call it the “halo effect” – that angelic reputation companies can garner from aligning their brands with like-minded charities. But it also makes good business sense. The phrase “generosity is the new marketing” began gaining traction when research revealed that millennials (those born between 1981 and 1996) represent $2.45 trillion in spending power and are quickly emerging as a buying force larger and more technologically sophisticated than the Baby Boomers. Seventy percent report that they gravitate toward and spend more on businesses that support causes in general, not just in those they support.
As Inc. Magazine wrote, “giving back is good for the soul…and in many cases, good for the bottom line.” Let’s take a deeper dive into why this is so.
Boosting employee morale.
Companies that take active interests in their own communities can realize a giant boost to employee morale. Workplace culture can improve with increased employee involvement and a positive general attitude. This can either be through gift-matching programs or volunteer opportunities, the latter of which provides excellent public visibility for a company’s brand. In a 2016 Deloitte study on volunteering, millennials were twice as likely to rate their corporate culture as very positive if their company participated in workplace volunteer activities.
Increased marketing opportunities.
Charitable sponsorship is a great way to do good in your community, while also gaining marketing exposure. Donations put your company’s name out there, especially if you sponsor an event like GFA. For two days in early March, being a GFA sponsor puts your brand squarely in front of nearly 30,000 Festival attendees, approximately 400 volunteers, and other sponsors who share your interest in promoting and celebrating the arts.
While the “halo effect” might not be immediately visible, you will quickly notice the tax advantages of corporate sponsorships. While we understand that few companies donate solely for the financial benefits, donations to GFA and other charities are typically tax deductible.
It fosters goodwill and helps charities make a difference.
At the Gasparilla Festival of the Arts, corporate sponsorship makes up nearly half of our revenue. For last year’s Festival, 24 percent of our annual budget came from paid sponsorships and another 25 percent accounted for in-kind donations. Those two forms of support amounted to $296,721 of our yearly revenue that has made the Festival possible each of its 52 years. Plus, sponsorship has allowed us to grow our award money from the original $3,900 in 1970 to $92,000 for GFA 53.
Tom James, Chairman Emeritus of Raymond James, GFA’s title corporate sponsor for over 25 years, said it best.
“The fabric of a thriving community comes from many threads. Good economic opportunities, quality education, and safe neighborhoods are centrally important, of course, but often overlooked is the role of a community’s arts. Art inspires our greatest adventures and connects us to one another and our history. It makes our cities places we want to be, to celebrate and to make better. It differentiates the good places to live from the truly great ones.”
Raymond James is not only a financial supporter of GFA, but they also provides a large number of volunteers each year to help us keep our Festival experience one of the top in the nation.
GFA sponsorship opportunities still available.
Join our impressive and respected list of sponsors, including Raymond James, The Lightning Foundation, Seminole Hard Rock Hotel & Casino, Tampa Bay Times, TECO Energy, Shutts Attorneys at Law, Scan Design, Bank of Tampa, Gobioff Foundation, Vinik Family Foundation, Oxford Exchange, Shumaker, and JJ Taylor Distributing, to name a few. Several presenting, benefactor, and patron sponsorships are still available, including sponsorships for our ever-popular Emerging Artist program, artist hospitality, community outreach area, and more.
To view our Sponsorship Prospectus for the 2023 Festival, click here. To speak with a member of our development committee, please reach out to email@example.com and we’ll get in touch right away. To learn more about GFA, visit gasparillaarts.com.