What are the most effective ways to evaluate a Sports Management sponsor?

When evaluating a sports management sponsor, it is important to consider factors such as their reputation, financial stability, target audience alignment, sponsorship benefits, compatibility, past sponsorship agreements, feedback from others, and contractual obligations. By thoroughly assessing these aspects, you can make an informed decision regarding the most suitable sports management sponsor for your organization.

When considering a sponsorship, the initial question to ponder is whether your goal is to broaden your brand's exposure or to deepen engagement with your customers. This decision is crucial as it influences both the level of investment needed and the potential outcomes of the sponsorship. If you opt for increasing media exposure, be prepared for higher costs and somewhat less control over the process. Alternatively, focusing on engaging your audience might be less expensive and offer less overall exposure, but it allows for a more targeted approach, reaching a specific segment of consumers that aligns with your brand. This might seem like a basic first step in setting goals, yet it's often overlooked by brands.

As you define your own goals, it's important to keep in mind how a partnership might interact - is this a goal that you can promote with your partner in collaboration? Is this a goal the rights fee will contribute to you completing on your own? In addition, keep in mind your partner should be having these same thoughts. What do they foresee achieve WITH you, and what do they foresee achieving on their own, but in affiliation with your brand as the rights fee has bought them?

I guess this is a critical step. Brands have different goals they wish to seek via sponsorships and a thorough understanding of the same is key. Alongside, a solid understanding of the target market is essential. This guides the strategy of the sponsorship, the sports IP that would fit the bill, the rights that would serve the purpose, etc.

Sponsorships are rarely a one size fits all solution. Brands "sponsor" for various reasons. Dependent on the WHY, the HOW becomes easier to define. In the increasingly complex marketing landscape Sponsorship is rarely about a single strategic metric. A mix of awareness, engagement, connection, affinity and ambassadorship will all play a role in the ultimate strategic definition of What-Does-Success-Look-Like, and based on the brand needs, it is OK to up weight, or ignore parts of this mix. At the end of the day, as long as the strategy is sound, the results should follow.

The criteria for measuring the success of your sponsorship will differ based on your objective. Let's consider the two most common goals: boosting brand awareness and enhancing brand engagement with consumers. For Brand Awareness: Key indicators include Net Promoter Score (NPS), Share of Voice, audience data (such as TV viewership), the volume of branded searches, website traffic, social media followers, impressions, and several other factors. For Brand Engagement: Measures include Net Promoter Score (NPS), Brand Loyalty, social media interaction, overall sentiment towards the brand, and the brand's image in specific regions of interest to the brand.

It is essential to collect data to be able to assess and evaluate the sponsorship. This not only helps brands determine the ROI but also assess the rights that gave them the best results. Additionally, there might be other aspects that come out via surveys, etc. that can help brands in reshaping their strategy to be more effective and efficient.

Numbers and different KPIs are critical. However, as a sports team, it is critical to be aligned with the values of the sponsor and the target market. ? Alignment of values helps maintain authenticity and fosters a positive public perception. ? Does the sponsor's target audience align with the sports organization's fan base? At the end of the day, you want a sponsor that resonates with the target audience. If it is the case the team will generate more engagement and support.

Long-term partnerships work the best not only for the sports IPs but also for brands. A key facet of a long-term partnership is clear and transparent communication. This helps with building trust and forge long-term relationship which are more authentic It also helps with better alignment between the two, that make the partnership a more strategic one.

In fostering long-term partnerships in women's sports, the emphasis on collaboration and communication with sponsors is vital. Sharing evaluation reports and discussing results openly not only builds trust but also ensures mutual growth and understanding. Importantly, brands that commit to long-term investments in women's sports stand to reap significant rewards over the next five years. This isn't just about immediate gains but about being part of a transformative journey in sports marketing. By recognizing and supporting the growing influence and appeal of women's sports, sponsors can align themselves with positive social change and tap into a rapidly expanding market, setting a precedent for future engagements.

Collaboration is crucial for sports sponsorship success. Often, brands lead in activations and consumer engagement, while sports entities or athletes may do the bare minimum required by the contract. Both parties must understand that a two-way partnership brings mutual benefits, including increased earnings, reputation, and recognition. Consider the Jordan brand's success, which is partly due to Michael Jordan's active collaboration and commitment. Without his involvement, the brand might not have reached its iconic status.

Long-term partnerships work the best not only for the sports IPs but also for brands. A key facet of a long-term partnership is clear and transparent communication. This helps with building trust and forge long-term relationship which are more authentic It also helps with better alignment between the two, that make the partnership a more strategic one.

Sponsorship strategy cannot be a one-size-fits-all kind of thought process. It is very important to understand both sides (the event or property and the sponsor) before evaluating anything sponsorship related and understand what either party is looking for in the first place.

Sponsors often expect instant results and forget that there are two sides to the coin in sports. In fact the odds may be more heavily against you depending upon the sport as well as the athlete/team you’re supporting. Also the groundwork isn’t always glamorous and attractive for publication on social media or other marketing platforms. This means patience is key for all parties to achieve long term results and marketing success.

After meeting your goals, reassess your strategy. Instead of large sponsorships, consider more targeted partnerships to connect with specific audiences rather than seeking broad exposure. For instance, Coca-Cola, initially a major investor in football when FIFA began allowing sponsorships, has since shifted to a more customized approach. This change aligns with the desired brand image and the particular consumer segment they wish to engage with.

Relationships aren’t easily won in the world of sponsorships, yet many people treat them that way and fail at the ongoing evaluation of the strategy and success. You need to maintain an open mind, be critical of all areas (what’s working well and not so well) and consistent. From there, you can make actionable plans that benefit both sides and remain agile throughout the relationship. This can keep the sponsor from becoming unhappy and even better, make them feel appreciated and valued.