How to Build a Winning Strategy to Increase Sponsorship Value in 4 Steps
Aug 24, 2023 Sport Sponsorship
Sponsorship plays a crucial role in helping organizations achieve their goals by providing brand exposure, consumer loyalty and strategic alliances that not only resonate with fans but also build on partnerships and values.
Effective sponsorship strategies can be a real win-win for all parties involved, helping to enhance visibility, engagement, and revenue.
Maximizing sponsorship value is essential for organizations to establish a strong presence in their arena, attract new audiences, and differentiate themselves from competitors—no matter where they are in the world.
So what can your organization do to boost its sponsorship strategy and maximize its value?
4 Steps to Increase Your Sponsorship Value
1. Clearly define your objective and target sponsor audience.
Increasing your sponsorship value begins with a clear and precise strategy that is based on a deep understanding of your organization's sponsorship goals. From there, your team should be able to directly link this strategy to the qualities and value that a desired sponsor would bring to the relationship.
Armed with this information, research can be more targeted and efficient because your team can more quickly identify potential target sponsors, and comprehend their business drivers, market, and objectives.
After gathering this information, your team can:
- Tailor your sponsorship proposals to align with the interests and priorities of your potential sponsor pool.
- Demonstrate how your sponsorship opportunities can provide tangible benefits and value to the sponsors.
- Show a clear connection between their objectives and the opportunities your organization offers.
- Enhance the appeal of the partnership and increase the likelihood of signing valuable sponsorships that foster mutually beneficial partnerships.
2. Go for unique and customized sponsorship packages.
Every partnership will be unique—which means your sponsorship packages should be, too.
Therefore, to increase the value and appeal of your brand, don’t be afraid to collaborate with rights holders to customize sponsorship packages that align with your marketing goals.
3. Provide tangible benefits and ROI measurements.
To truly make the relationship win-win, be clear from the onset on the marketing goals you aim to receive, such as brand awareness, fan engagement, and specific campaign metrics. In turn, these goals can align with more specifics in your agreement for creative logo placement, ad opportunities, and other similar perks.
As you determine your sponsorship KPIs, it’ll become clear what data sources you’ll need in order to fuel the analytics that measure your sponsorship impact. An effective way to do this is by leveraging a provider such as Relo Metrics, which provides brands with access to near-real-time, robust, and responsive data, reporting on tangible results and business outcomes. By maintaining a data-driven approach and consistently optimizing campaigns, you can drive for proven returns on your sponsorship investment.
4. Foster long-term relationships and opportunities.
Like any other partnership, sponsor relationships require attention and continued investment. Some of the most effective ways to do this are by:
- Showing a willingness to collaborate with partnership teams and drive for business outcomes in your investments.
- Seek feedback from partners to improve the fan experience.
- Identifying a key point of contact within your organization focused on building long-term relationships and commitments through communication and engagement.
Bringing it All Together
No matter what data source you look at—whether it is a projected 18.5 percent growth through 2026 or a top-end valuation of $116 billion by 2030 from $62 billion in 2021—the value of the sports sponsorship marketplace is a rapidly growing sector that your organization cannot afford not to fully maximize.
Fortunately, armed with the right strategy, a willingness to work closely with stakeholders, and being able to clearly articulate the value of your partnership with real data, your organization can build a strong, sustainable sports sponsorship strategy that aligns with your brand and builds momentum for future growth.
Want to see firsthand the power that Relo Metrics’ real-time data brings to building powerful sponsorship partnerships? Then make sure to check out our case study, Germania Insurance & Texas Rangers Drive Sponsorship Performance with Real-Time Data: