6 Must-Have Tools for your Sponsorship Lab

Hilary Goldberg
May 31, 2020
5 min read
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To make sponsorships work for your company, you should think of yourself as a mad scientist, working with all types of chemicals and ingredients.

Some of them will mix and create wonderful outcomes, beautiful art, and magnificent business results.

AKA -> The Right property, with the right concept, and at the right price... a match made in heaven...

But...... That doesn't always happen.

You're going to take some chances. You're going to win and lose, a lot!

The key to success is that you must be able to experiment, be innovative and measure everything at every turn.

You must really have these 6 essentials tools in your "sponsorship lab"

These tools can help you identify potential sponsors, develop effective sponsorship proposals, manage your relationships with sponsors, and measure the effectiveness of your sponsorships.

1. Sponsorship proposal template

A sponsorship proposal is a crucial document that outlines the details of your event or program and explains the benefits that sponsors can expect to receive in exchange for their support. By creating a sponsorship proposal template, you can save time and ensure consistency across your proposals. A good template should include sections such as an overview of your company and event, sponsorship levels and benefits, and a call-to-action. Customize each proposal for the specific sponsor you're targeting to increase your chances of success.

2. CRM software

A CRM system can help you keep track of all your sponsor interactions, including email exchanges, phone calls, and meetings. You can also segment your sponsor database based on factors like sponsorship level, industry, or location, and personalize your outreach efforts. By using a CRM, you can maintain a centralized database of sponsor contacts and ensure that no important details slip through the cracks.

3. Analytics tools

Measuring the effectiveness of your sponsorships is essential to maximizing your ROI. Analytics tools can help you track metrics such as website traffic, social media engagement, and lead generation. By using tools like Google Analytics, you can see which channels are driving the most traffic to your website, which social media posts are getting the most engagement, and which sponsor activations are generating the most leads. Use these insights to optimize your sponsorship strategy and make data-driven decisions.

4. Social media management tools

Social Media is a powerful tool for promoting your sponsorships and engaging with your audience. By using social media management tools like Hootsuite or Buffer, you can schedule posts in advance, monitor engagement, and track metrics such as likes, shares, and comments. These tools can also help you monitor brand mentions and respond to comments in a timely manner.

5. Media Monitoring & Research Tools

These tools can help you track online and offline media coverage of your company and its products or services. These tools are very effective if you are trying to understand the value of naming rights, area naming rights or other event entitlement sponsorships. Meltwater, Cision, and PRWeb are three common companies that offer this service. In addition,

6. Internal Sales Reporting/Gift Card Redemption

It is critical that you also understand how your company is currently reporting its own sales and if customized reporting can be established for your sponsorships. You can also create sponsorship specific offerings in the form of special pricing, coupons or gift card redemptions. By leveraging your sponsorship activations that leverage these tools can provide real ROI that everyone really wants to know.

How Does Trak contribute to your company’s sponsorship lab?

By instituting Trak at your company, you have a tool that ensures nothing goes unmeasured or unreported when it comes to your individual sponsorships. In addition, you have a way to understand how your entire portfolio is performing. And in most cases, Trak has the ability integrate the reporting and monitoring that these tools provide seamlessly and automatically.

In addition, Trak can create customized reporting of all sponsorship activations and even build out wrap up/ year end reporting in a matter of clicks not days, weeks or months.

Trak Software will ensure that not only are you protecting your investment in sponsorship, but it will make sure that you are optimizing your investment in the tools that are already part of your company and your sponsorship engagement.

For more information about how to schedule a free virtual demonstration of Trak’s customized configurable workflow solutions, ROI assessment and Business Case or see how you can better manage your Sponsorship Portfolio using Trak Software, visit Trak.io.

Want to Know More? Click below to schedule a private one-on-one Trak Demo.