As I observe the evolution of marketing and advertising, I am convinced that 'sponsorships' will become one of the most important ways for companies to gain and keep awareness among a target audience. Sponsorships take the pressue off a company to talk too much about itself (or theirselves, I guess). Your audience is interested in what you can do for them, but not in much else going on in the company. Unless your have employees who are particularly entertaining...if not, you can hire some entertainment by sponsoring a professional entertainer.
For instance, Hewlett-Packard is sponsoring the online airing of The Beautiful Life, a cancelled TV series produced by Ashton Kutcher. The really entertaining part is that HP is not promoting computers but a charity drive, and now the show's stars have to participate. Looks to me like a clever variety of product placement.
Hewlett-Packard is presuming that Kutcher and his supermodel stars will attract traffice, but Toyota's Scion brand is taking a different tact. They are helping their audience discover emerging artists in music and the visual arts, in keeping with their brand promise to help people express themselves. After sponsoring hundreds of performances and exhibitions, they have launched www.ScionAV.com to make sure their audience realizes they support many artists across many genres.
So Hewlett-Packard is 'borrowing fame' and Scion has its 'heart on its sleeve'--two ways you can use sponsorships to keep your market engaged.
Corporate art patronage doesn't usually lead to great art, but it does lead to great parties, and it's a good fit for alcoholic beverage Campari. Art patronage can be leveraged in so many different directions. You can send out press releases, send out invitations, get the artist to help with images for the advertising, if they are so inclined. Anheuser-Busch has been doing some great digital artist sponsorship for
We're anxiously awaiting word from the artist currently known as Prince as to his reasoning behind distributing his new album, Planet Earth, for free in the UK. First he decided to give it away with tickets to his London concerts, then it was distributed free in The Sunday Mail, as well. The Sunday Mail publisher is crowing about their position as a leading-edge promoter of fine music, but I think Prince is trying to redesign the connection with his public once again, and Sunday Mail got to hitch on for the ride. So what's he going to do for fans in the rest of the world?? I don't understand what's going on well enough to judge this as a marketing tactic. Maybe it's just an experiment? Billboard.com: 
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Theresa Quintanilla