How do you identify and address any gaps or weaknesses in your sponsorship sales metrics?

1 Define your goals and KPIs

Before you can measure anything, you need to know what you want to achieve and how you will measure it. Your goals and key performance indicators (KPIs) should be specific, measurable, achievable, relevant, and time-bound (SMART). They should also align with your sponsor's objectives and expectations. For example, if your goal is to increase brand awareness, your KPIs could be impressions, reach, or recall. If your goal is to generate leads, your KPIs could be conversions, sign-ups, or downloads.

2 Collect and analyze your data

Once you have your goals and KPIs, you need to collect and analyze your data. You can use various tools and methods to gather and track your data, such as surveys, analytics, CRM, or social media. However, you also need to make sure that your data is accurate, reliable, and consistent. You should check for any errors, outliers, or discrepancies in your data sources and methods. You should also compare your data with industry benchmarks, best practices, or previous results to see how you are performing and where you can improve.

3 Identify and address your gaps and weaknesses

Once you have collected and analyzed your data, you should identify and address any gaps or weaknesses in your sponsorship sales metrics. Gaps are missing or incomplete data that prevent you from measuring or reporting results, while weaknesses are low or poor data that indicate you’re not meeting goals. To address these issues, ask yourself questions such as what data do you need to measure goals and KPIs, what data do you have and what data do you lack, how can you obtain or improve the data that is missing, how does your data compare to targets, expectations, or standards, what are the reasons behind low or poor performance, and how can you optimize your data or performance?

4 Communicate and collaborate with your sponsor

Finally, you need to communicate and collaborate with your sponsor to ensure that your sponsorship sales metrics are aligned and transparent. You should share your data, insights, and recommendations with your sponsor regularly and clearly. You should also seek their feedback, input, and suggestions on how to improve or enhance your sponsorship program. By communicating and collaborating with your sponsor, you can build trust, rapport, and loyalty. You can also demonstrate your value, impact, and return on investment (ROI).

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?