Every day we work with clients that are being challenged by their leadership to demonstrate that Sponsorships work.
We are often asked…
Do we really believe if Sponsorships work?
The answer is a resounding YES.
We know that Sponsorships work. However, like most things in life, it takes a lot of work and a collaborative mindset.
We know that sponsorships work because teams and rights holders continue to transact millions of dollars in global sponsorship spend.
We are also witnessing a huge expansion in sponsorship inventory and content. We know that sponsorships work because brands and companies continue to invest significant marketing dollars with sports teams, athletes, and other rights-holding entities.
Certainly, after all this time, both brands, companies, and rights holders would have moved away from this practice and found another way to promote their companies if these were fruitless endeavors, but they are NOT;
This may beg the question…
How do I get sponsorships to work for my company or clients?
Here at Trak, when we think about our clients and their approach to Sponsorships; we find there are four common pieces of criteria that successful companies implement:
1: Is there an Intersection and what does it look like?
You want to be sure that your company and the entity that you were thinking of sponsoring share an intersection.
You want to be sure that you share common core values. You want to be sure that you share target audiences and ideally that you have an idea of the size of that audience. There are several great resources of third-party research that can get you the answer to this question.
2. Is there a plan?
After nearly 4 decades of sponsorships, you would think we were all better at this concept. However, this is probably the number one reason sponsorships fail, so what does the plan look like?
Your sponsorship plan should have three very simple elements. It should have objectives. it should have strategies and it should have tactics all tied to exploiting the intersection described above.
3. Is there a support system for success?
You have to ask yourself if you have the time and resources in place to carry out your plan. And if not, is your company’s leadership ready to help fill in the gaps? In full transparency, you should know the answer to the leadership part before you begin exploring your sponsorship options.
You should also have a very clear understanding of this very topic with the entity you are partnering with in sponsorship. You knowing that you have the right agency partners to assist you in carrying out your plan is critical to your success. You knowing that you have the right internal partners and personnel are also critical to your success.
4. How does Trak make #SponsorshipsWork?
Trak makes it easy to identify how your sponsorship intersection is responding to your activation. Trak integrates with several different partners of your existing infrastructure like your CRM, Accounting, Research and other groups that are providing feedback from the intersection.
Trak allows you to share your sponsorship plan easily with your partner, internal and external stakeholders, agencies, media partners and rights holders. Since everyone is on the same platform, it becomes easier to share information, deadlines, proof of performance and success stories all in real-time.
And since Trak is so great at bringing efficiency to the process, you will notice a huge shift in the productivity of your employees. No more burnout or missed deadlines. A dramatic increase in the client experience satisfaction rates and renewal of partnerships. The leadership of your company will be amazed at the ease of which you were able to share information about what’s happening at any given moment of you were sponsorship lifecycle.