Sports sponsorships are now more important than ever, as brands are looking to connect with fans in new and innovative ways. Data plays a pivotal role in sponsorship success, as it can help brands better understand their fans and create targeted marketing campaigns.
In turn, the globalization of sports sponsorships has had a significant impact on the way brands approach sponsorships. With fans around the world, brands have the opportunity to reach new audiences and connect with fans in new and innovative ways.
Consider Oracle and Goldman Sachs's recent investments in Red Bull and McLaren's Formula 1 race teams. Big brands are leveraging more and more campaigns to reach potential customers in the places they are most passionate about. From placing a logo on the side of a race car to a branded experience at a local game, companies in a wide range of industries see sports and sporting events as a place to connect with prospective customers. In the English Premier League, sponsorships span from placements on jerseys to signage at the stadium. Putting a brand in front of fans creates a connection and affinity that simply cannot occur elsewhere.
Brands are increasingly looking to expand their sponsorship portfolios globally, and data is playing a key role in making these decisions. Measurement around social engagement and reach is just the beginning. Data showing things like the amount of time a logo is visible on a broadcast to attendance information is also critical. By using data effectively, brands can connect with fans in new markets and create successful sponsorship campaigns worldwide. Whether driving brand awareness or conversions, sponsorship campaigns can help drive real business growth.
The Core of Sports Sponsorships: Three Measurement and Evaluation Tips
Data is the heartbeat of measuring sports sponsorship success - it can help sponsors track the impact of their investment on key business metrics, identify opportunities for improvement, and make decisions based on evidence rather than intuition.
However, data is only useful if it's used correctly. Sponsors need to be open-minded to new ideas that data may uncover, objective in their thinking, and aware of the limitations of data. They also need to properly measure and evaluate data as part of their overall sponsorship strategy.
If sponsors can do all that, they'll be well on their way to making the most out of their investment.
Here are some tips on how to make the most of data in sports sponsorship:
Be open-minded to what data may reveal
Data can often challenge our assumptions about what works and what doesn't. It's important to be open-minded to the possibility that data may reveal something unexpected.
Sponsors who are open-minded to what data may reveal can uncover new opportunities for their business. For example, data may show that a certain in-stadium promotion is more effective than another, or that a certain audience is more responsive to a particular type of advertising.
Data can also help sponsors identify areas where they could improve. For instance, if sponsorship spending doesn't seem to be translating into increased sales or awareness, data can help pinpoint where the problem might be. By identifying and addressing these issues, sponsors can increase the ROI on their sports sponsorship investments.
However, data can only be useful if it's used correctly. Sponsors need to be aware of the limitations of data and be objective in their thinking. They also need to properly measure and evaluate data as part of their overall sponsorship strategy.
Be objective in your thinking
It's easy to cherry-pick data that supports our preconceptions. But if we're only looking at data that confirms our biases, we're not getting the full picture. It's important to be objective in our analysis and consider all the evidence, even if it doesn't fit our initial hypotheses.
When it comes to sports sponsorships, it's important for businesses to think objectively about the data. By doing so, they can gain a better understanding of how their investment is performing and identify areas where they could improve.
Sponsors who are objective in their thinking are less likely to be swayed by personal biases and more likely to consider all the evidence. This can help them make better decisions about their sponsorship investment.
For example, if a business is considering sponsoring a particular team, but the data shows that there is no significant correlation between team sponsorship and increased sales or awareness, the business may decide not to invest in that team.
Thinking objectively about data allows businesses to make informed decisions about their sports sponsorship investment. Removing bias, preconceived notions, and supposition gives will inform decisions that drive the desired outcomes for the business.
Be aware of the limitations of data
Data can't tell us everything, and it can be misinterpreted if we're not careful. It's important to understand the limitations of data and use it in conjunction with other methods, like qualitative research, to get a complete picture.
Recognizing the limitations of data in sports sponsorship evaluation is important for understanding how to use data effectively. When it comes to sports sponsorships, businesses need to be aware of the limitations of data so they can make informed decisions about their investment.
Data should be evaluated in the context of the overall sponsorship strategy. Sponsors need to be aware of the limitations of data and use it to inform their decisions, rather than making decisions based on intuition alone.
Bringing it All Together
Analytics is essential for proving the ROI of any marketing campaign. By tracking data and analyzing it, businesses can see which strategies are working and which ones aren't. This information can help sponsors make better decisions about their investments. Sponsors need to be aware of the limitations of data and use it to inform their decisions, rather than making decisions based on intuition alone. By properly evaluating and measuring data, sponsors can make the most of their sports sponsorship investment.
With Relo Metrics, both sponsors and rights-holders can put data, analytics, and insights at the center of their sports sponsorship initiatives. With clear, near real-time, and objective data at their disposal, all parties can track progress and success with confidence and clarity. To learn more about how Relo Metrics can put data at the core of your sponsorship engine, contact us here.