In the past weeks the Beijing 2008 Olympics have been emblazoned in the headlines due to the wash of protests stemming from unrest in Tibet.  Despite the public relations crisis China is finding itself faced with, countless brands across diverse industries are set to capitalize upon the immense marketing potential stemming from the worldwide-watched event. 

From nationalistic swag to an energy drink endorsed by your favorite athlete, the Olympics represent a semiyearly consumer-spending bonanza that is anticipated by marketers with the same zeal expressed by one Homer Simpson when contemplating a carton of fresh donuts.

With previous Games, brands approached the innumerable ad and sponsoring opportunities with hopes of targeting the significant domestic and international audiences the Olympics are known to attract.  However, in the case of Beijing 2008, the most sought-after audience lies within the host nation itself: the untapped Chinese market of billions (people and dollars).

China has become established as one of the most important global markets for multinational brands, so the motivation to engage in Olympic branding this cycle holds even more lore of riches than ever before. Foreign brands will court China and it's consumers - as is evidenced by the fifteen Olympic Partners, near half of which are foreign brands - while also positioning their brands to an international audience. 

Many challenges face these crossover brands, ranging from obtaining adequate market data, strategizing an appropriate entry strategy, gaining access to sales channels, finding the right partners, and developing a message that will resonate across the cultural divide while remaining consistent with the brand identity.  Check out the China websites for Volkswagen, Budweiser, and Johnson&Johnson for a taste at how international brands are using the web to engage the Chinese audience.

As an interesting side note, the Olympics marketing market in the US isn't doing too shabby either, with NBC reporting this week that 75% of Olympic ad space has already been sold (NBC: Olympic advertisers unfazed by protests).