Sponsorship deals are the lifeblood of modern sports. If not for sponsors, some sports teams simply wouldn’t make it. But thanks to sports and data intelligence that provides key insights into sponsorship deals, teams, and promoters can optimize their relationships with sponsors.
New York-based KORE provides sports data intelligence along with industry-leading software teams, promoters, and marketing can leverage to drive ROI and improved performance. KORE’s sports data intelligence can also help organizations optimize their sponsorship deals. As you read through the remainder of this post, consider contacting KORE to learn more.
Sponsors Want Audiences
The number one rule of optimizing sponsorship deals is coming to terms with the fact that sponsors want audiences. Sponsorship is a form of marketing for them. If their messages are not reaching audiences, they are wasting money. And wasting money is a good way to spoil an otherwise productive sponsorship deal.
Sports data intelligence helps sponsors reach their target audiences through effective analytics. Organizations collect demographic, behavioral insight, and psychographic data to better target key audiences. They should also:
- Analyze a full array of online touch points including social media and website traffic.
- Segment audiences into more refined groups for better targeting and personalization.
When sponsors know they are targeting the right audiences, activation becomes easier. Sponsors are more willing to get involved in particular events because they are confident that they will get their messages out.
Optimize Activation Strategies
Speaking of activation, it’s not enough to invite sponsors to take part in an event. There is no deal if sponsors don’t activate. Therefore, it is important to leverage data insights for the purposes of refining sponsorship executions.
A good example is A/B testing. Appropriate testing of different creative elements can point to the best ways to target audiences. Likewise for analyzing different content types that are more likely to resonate. Presenting sponsors with actionable data relating to activation can transform the merely interested into those committing to getting on board.
Once on board, optimizing both timing and frequency based on performance data encourages sponsors to continue with future events. If performance data does not match up, future activations are more difficult.
Always Benchmark Strategies
Optimizing sponsorship deals goes a lot more smoothly when organizations benchmark their strategies. Benchmarking involves comparing an organization against both competitors and industry standards and best practices. The point here is to gain insights into the broader sponsorship landscape.
How is brand exposure and engagement compared to what competitors are doing? Are an organization’s goals realistic in relation to industry standards? Proper benchmarking does two things: it reveals areas needing improvement and identifies untapped opportunities.
Benchmarking plays into sponsorship deals by ensuring that an organization is always offering sponsors the very best. Sponsors do not have money to burn. When presented with multiple sponsorship opportunities, they will go with the organizations capable of proving they know how to get things done. Benchmarking is a tool for doing just that.
Provides Sponsors With Real Time Data
Wrapping all of this up is real time data. From the sponsor’s perspective, sports data intelligence should provide insights into how well they are performing during events. Sponsors need to be able to see the data and make adjustments on the fly. They also need to be able to capitalize on opportunities as they emerge.
Sponsorship deals are more valuable today than ever before. Without them, professional sports would lose a considerable amount of revenue. So it’s critical the teams and promoters generate the types of data insights that keep sponsors engaged. That is how sponsorship deals are optimized.
