Sports sponsorships are a multi-billion dollar industry that is growing rapidly every year. Brands are investing in sports sponsorships with hopes of achieving a favorable perception and increased sales through brand loyalty. However, measuring the return on investment (ROI) of sports sponsorships is a complex task.
This article aims to provide marketing executives who have, or are thinking of, participating in sports sponsorships with useful insights on how to measure the influence of sports sponsorship on brand perception.
Establish Clear Objectives
To measure the ROI of sports sponsorships, brands should begin by setting clear objectives that include metrics aligned with brand goals. Setting objectives helps to gauge the success of a sponsorship deal. For instance, if a company is sponsoring a certain sport, the objective would be to track metrics such as brand awareness and brand loyalty.
Identify Key Performance Indicators
Brands should identify key performance indicators (KPIs) that are closely tied to their objectives to measure the ROI of sports sponsorships accurately. KPIs help in tracking the success of a sponsorship deal. Common KPIs include:
- Brand awareness
- Fan engagement
- Social media engagement
- Website traffic
Analyze the Data
To analyze the data collected, companies need to use a specialized tool that can measure brand sentiment, social media metrics, and brand awareness. Data analysis can offer insight into metrics such as fan engagement and social media interactions, which can be used to demonstrate ROI.
Collect Feedback from Consumers
The impact of sports sponsorships on brand perception can be measured using consumer feedback. Brands can conduct surveys or focus groups to gain insight into how sports sponsorships influence the perceived value of their brand. This feedback can be used to refine sponsorship deals and improve brand perception.
Look at the Competition
Tracking the success of competitor’s sports sponsorship deals can help brands identify opportunities in their industry. Comparison with the competition can also help brands refine sponsorship strategies and measure the effectiveness of sponsorship deals.
See the Full Impact of Sports Sponsorship on Brand Image
Measuring the influence of sports sponsorship on brand perception is a complex task that requires a multifaceted approach. Clear objectives, KPIs, feedback from consumers, and competitive analysis are essential tools that brands can use to achieve success when measuring the ROI of sports sponsorships.
By using these tools, sports sponsors can ensure that their sponsorship deals are generating value and their brands are benefitting from the deals. Investing in sports sponsorships should generate benefits beyond the immediate impact of brand recognition, and the measurement of ROI should be at the forefront of every successful sponsorship campaign.