What are the best sources and tools for conducting sponsorship research?

Effective sponsorship research hinges on a thorough internal analysis to identify open categories. This strategy involves looking at current categories and then cross-referencing them with endemic categories to sponsorship while looking at sub-categories. Once these are identified, cross-referencing with demographics, psychographics, behavior, and geography becomes crucial. Leveraging 1st party data collected directly from your ticket holders or 2nd party data from trusted sources enhances precision in constructing consumer profiles. Valuable sources for sponsorship research include Nielsen for comprehensive audience measurement, ReloMetrics for social media analytics, and finally, sponsorunited for contacts.

In sponsorship research, I go beyond the usual sources and tools. While many stick to mainstream websites and tools, I dig into unconventional spaces to spot emerging brands before they hit the big time. This proactive approach helps me catch brands early and offer them unique sponsorship opportunities tailored to their needs. By staying ahead of the curve, I ensure our partnerships stand out and deliver maximum value for everyone involved.

One thing I found that is extremely important when approaching a potential sponsor is to be authentic. You will be talking with someone that you will need to relate to. Sponsorships are decided by people, if you are your authentic self and in line with the potential sponsor's goals, you sit in a good place.

Understanding your target market is the foundation of effective sponsorship research. Start by identifying the demographics, psychographics, and behaviors of your potential sponsors' audience. Tools such as Google Analytics, Facebook Audience Insights, and market research reports can provide valuable data on your target market.

Knowing who to talk to, and what's important to them is key. Check out a potential partner's current sponsorships, as well as what the marketing organization is doing more broadly. What do their owned events look like? How does your organization fit in? You can check out press releases and social posts - especially executive quotes within articles and employee commentary when sharing on LinkedIn. Try to determine the size and scope of their team via LinkedIn - is it likely they have resourcing (either people or budget) to take on another partnership? What would align best with their current strategy, and does it appear consistent (no obvious changes on the horizon)?

In terms of fit - look at where their other partnerships sit. It'll be especially informational if they're adding/renewing or stepping away from other deals - see if you can spot patterns based on the industry news.

Evaluate how well potential sponsors align with your brand and goals. Look for shared values, complementary audiences, and past sponsorship activities that indicate a good fit. Tools such as SponsorPitch and SponsorMyEvent can help identify companies that have a history of sponsoring similar events or initiatives. Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to assess the potential benefits and challenges of partnering with each sponsor.

More sponsorships are being signed on the strength of sponsorship data. Some important questions any sponsorship salesperson can ask prior to pitching: -What proof of performance data can we show a prospect beyond the size of the audience? -What measurement plan do we have in place to track sponsor effectiveness? -Is the data we offer reliable and trusted by third party experts? Showing limited data leaves the burden on the sponsor to estimate or measure effectiveness. This can lead to losing deals to other properties in the market who can readily provide reliable, primary data. More CMOs are data-driven than ever before. Sponsorship salespeople who understand related data behind audience sizes and exposures are ahead of the game.

With a clear understanding of your target market and potential sponsors, tailor your sponsorship proposal to highlight mutual benefits. Use tools like Canva or Adobe Spark to create visually appealing presentations and proposals. CRM (Customer Relationship Management) tools such as Salesforce or HubSpot can help manage your contacts and track interactions with potential sponsors. Make sure your pitch clearly communicates how the partnership will meet the sponsor's objectives, whether through brand visibility, audience engagement, or other metrics.

An instrumental tool in my partnership approach is SponsorshipUnited. This resource proves invaluable for collecting best practices, researching market deals, conducting category research, and prospecting deals within the prospective company. Utilizing SponsorshipUnited provides me with essential insights for competitive analysis, aiding in the comprehension of how to approach prospective meetings with different target prospects. By leveraging this tool, I enhance my strategic planning, ensuring that I am well-informed and equipped with the necessary information to engage effectively with potential partners.

In addition to the above steps, it’s crucial to stay informed about industry trends and best practices in sponsorship. Follow industry blogs, attend webinars, and join professional networks such as the Sponsorship Marketing Association or LinkedIn groups focused on sponsorship and marketing. Keeping abreast of the latest trends and insights can help you refine your approach and improve your chances of securing valuable sponsorships.

Once you find the point of contact you’re looking to message or call, it’s important to do your research to find alignment BEFORE you ever reach out. You almost need to know as much about that company as they do. A great tool to start is AI. Tell it to take the persona of a marketing exec and find the alignment between your property and the brand. You’d be surprised with what you get, and it gives you a great starting point to your research.