Sponsorship can bring two brands together and give both of them wider exposure. But while the benefits of an association may seem obvious, the only way to really judge the success of a sponsorship programme is to measure it, as Jackie Fast of Slingshot Sponsorship explains
Measuring sponsorship is one of the most important services a sponsorship agency can provide. With innumerable ways to measure marketing ROI, it is important that sponsorship provides tangible value. It is also one of the crucial factors in deciding whether or not to renew a sponsorship programme.
There are three key aspects to measuring sponsorship.
Understand the audience
This should go beyond standard demographic information and include insight on how the audience you are targeting engages with the brand. In order to build a brand relationship through a sponsorship platform, you need to understand where the current relationship sits. This will act as a baseline for measurement as well as informing the brand itself and the activities undertaken to leverage the sponsorship.
Lay the groundwork
In any type of collaboration, it is important that each party understands the roles they will undertake to achieve their objectives. It is also very important that both parties understand the other?s business - the better the understanding, the easier it will be to understand where synergy can be achieved.
At the beginning of contract negotiations, both parties should agree exactly what they will be bringing to the sponsor relationship.
Provide valuable data
Data capture during and after the sponsorship campaign is incredibly valuable for assessing the success of the sponsorship. Measuring a sponsor?s impact can be done through fulfilment surveys, by surveying social media buzz, through interviews, focus groups and third party research.
Surveys and feedback forms can be an easy way to assess the success of the sponsorship programme. They can also add value for the sponsor by including a few questions meeting their own market research aims. In addition, feedback can provide both parties with insights to help make the next event even better.
Written by Jackie Fast of Slingshot Sponsorship.