There is never a bad time to review your suite of partnerships to make sure you are making the most out of new and ever-changing assets. It also can provide a window to consult with an objective third party that will be able to identify opportunities and hang-ups more efficiently. To get you started, let these three questions guide you toward a more productive and value-based sponsorship program.
1. How have our objectives changed since we started our partnership?
Partnerships are often high profile and therefore highly scrutinized. The only way to create a sustainable program is by defining success and determining how you’ll measure it straight from the beginning. It can be helpful to consider "the beginning" once every quarter or six months.
It is important to continually align strategic objectives, especially in sponsorship agreements. Consumer behavior has never changed faster than in today's marketplace. To match this, both your objectives and measurement should be changing just as fast for the best results.
As your marquee assets get applied throughout the season, have a strategic meeting to align internally so you always have the same reference on the results. As you prove the initial ROI, additional funding can support the growth of your program over time.
2. What assets are we leveraging and what else is available?
Once you have identified your goals and have the right mix of assets organized into a program, you can begin leveraging these assets differently. What you can do with a sponsorship program has been enhanced significantly over the past few years, with many developing into full-on business and technical partnerships that deliver exceptional value for everyone involved.
Working further than branding at the track or on a car, motorsports marketing provides a platform to engage the most important parts of your business in an organic and non-interruptive way.
3. How are we activating our sponsorship together?
In other words, how are we using the awareness from the sponsorship to accomplish our business objectives? Don't stop at programs only for your customers, although that is a great place to start. Sponsorships often are a fitting platform to engage your employees and partners in ways other types of marketing can't do. You can use the assets you have acquired as a starting point to develop unique sales contests or recognize an employee who has gone above and beyond lately.
Sponsorship activation is a discipline that continually benefits from refreshing, creative ideas. Running the same activation program yearly will only work for so long before your audience loses interest.
Explore the pillars of sponsorship value before your next meeting.
Updated for added value.
