The move provides brands with engagement opportunities with consumers.
Since the 2020 Olympics Games have been postponed to 2021, most sponsors are likely to approach advertising strategies differently as their advertising budgets get impacted. Joel Seymour-Hyde of Octagon says brands could reduce some of their media spend and hospitality initiatives.
Companies like Budweiser and Coca-Cola have either frozen or redirected their ad spend, amid the outbreak. However, flagship sponsors like Visa and Coca-Cola have supported the IOC’s decision and are likely to extend their sponsorship rights to the new dates.
Sports marketing consultant Tim Crow, said the postponement to 2021 could provide brands with customer engagement opportunities. He further adds companies may seek to capitalise on the “inherent DNA of the Olympics” and brands may have to re-work their campaigns to stand out.
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