KORE's Formula One Season Social Media Recap

Who Won the Fan Engagement? KORE’s Formula One Season Social Recap

Taking a moment to look back at another thrilling season of Formula One, it’s not just about the live action that’s captivated fans worldwide—social media has been abuzz with every turn of the wheel, whether it’s live-streamed, behind-the-scenes outtakes, posts and videos shared online, or following the Netflix series ‘Drive to Survive.’ Our comprehensive infographic dives deep in the digital race tracks where the top F1 teams and drivers competed for one of the most valuable currencies today: fan engagement. 

Who topped the charts on social media? Which drivers earned podiums for their digital presence? And which brands climbed the the ranks in fan engagement or value earned from teams and drivers’ posts? We crunched the numbers in our Evaluate Social tool, used by top teams and brands around the world, to reveal the numbers and the posts that fueled F1’s social presence. 

Are you looking to drive your brand’s social media presence to pole position? With our proprietary ‘Evaluate Social’ tool, you can gain unparalleled insights, steering your strategy to the winner’s circle. contact us to set up a demo, or to discover more insights like these.  

KORE is the global leader in engagement marketing solutions, serving more than 200 professional teams and 850+ sports and entertainment properties worldwide, providing practical tools and services to harness customer data, facilitate sponsorship sales and activation, and create actionable insights.

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Sponsorship Management Mastered with KORE tools

Sponsorship Management Mastered: 6 Ways to Gain an Edge with the Right Tools

What do the Australian Grand Prix Corporation, McLaren, Formula 1, and the Chicago Bears have in common? A powerful secret weapon: advanced sponsorship management tools. This article uncovers how elite sports organizations harness cutting edge tools to drive monumental growth in their sponsorship.

  1. Grow Sponsorship Revenue, Renewal Rates, & Efficiency

Read: How the Australian Grand Prix Corporation (AGPC) Increased their Renewal Growth by 22% 

The Australian Grand Prix Corporation achieved remarkable success through its partnership with KORE, by optimizing their sponsorship operations, resulting in a 22% spike in renewal growth. By implementing deal sheets and the deal manager from KORE’s Sponsorship platform, the AGPC can now:

  • Quickly tell which assets have been sold, such as naming rights or popular activation spaces at events.
  • Pitch assets with concrete data, and demonstrate asset performance with comparisons to market standards.
  • Share near real-time tracking and comprehensive reporting with stakeholders.
  • Tools Used: Sponsorship Platform

With sponsorship revenues growing across the series, McLaren needed new ways to stay on top of the competition and capitalize on the expanding market. To capture new opportunities, McLaren first needed to demonstrate how their social media and digital content campaigns would benefit current and potential sponsors. Using the Evaluate Social tool (formerly called Hookit), McLaren became a top 3 team in F1 measured by total social media followers, fan engagement on social media posts and sponsorship value generated on social media for brand partners by the end of 2021. They accomplished this with Evaluate Social’s:

  • Adjusted Ad Value model which assigns a dollar value to a social post based on various factors such as
    • Clear, quality logo visibility
    • Audience data and watch-through rates
    • Built-in computer vision for authentication
  • Impressions-based models for current and new partners
  • Ability to benchmark against competitors

Tools Used: Evaluate Social

 2. Measure What Matters to Partners

Read: How the Chicago Bears Evolved Their Partnership Evaluation Process to Grow Sponsorship Revenue

Established in 1920, the Chicago Bears are one of the most storied American sport franchises with a vast and fiercely loyal fan base. As of April 2023, they have 8.5M followers across five social media channels and saw a 2.6% growth in followers since the beginning of the season. It’s clear why brands are attracted to the Bears considering their social reach and nearly 100% retention rate for season ticket holders.

The Bears increased partnership revenue by uncovering what mattered most to their partners through a variety of KORE solutions. These tools allow them to:

  • Understand objectives of four key partners through an OKR survey
  • Upload the data needed to measure and evaluate performance with a custom data submission portal
  • Use social data in their evaluation framework with the Evaluate Social tool
  • Create near real-time access to reports and dashboards with their key partners

Tools Used

“We’re getting help flagging assets that are underselling on the rate perspective based on the value that they’re delivering, which is helping us generate revenue with other partners.”

 
3. Prove Value

Read: How Forsberg Racing Quantified ROI & Doubled its Partnership Investments. 

Forsberg Racing builds additional revenue by offering full-service digital marketing solutions for brands of all sizes. Despite their coverage generating high engagement, proving ROI was difficult. Since partnering with Hookit, a KORE company, for full social data evaluation and reporting in January of 2022, Forsberg now has the ability to put a dollar value on the content they create. As a result, they doubled their adjusted ad value (AAV) within the first year of using the tool. They accomplished this through:

  • Identifying social posts that drove incidental value and optimized with deliberate mentions.
  • Ensuring capture and positioning of content with clear logo visibility for the tool to recognize.
  • Measuring and growing AAV through their own, and their partner’s account handles with deliberate keyword strategies.
  • Monitoring of measurement and near-real-time reporting, shared with partners

Tools Used: Evaluate Social

"Our investment into the social tool has paid for itself ten times by now."

  
4. Improve Efficiency & Boost Revenue

Read: How Minnesota United FC (MNUFC) Improved Lead Tracking & Ticket Sales. 

Minnesota United FC has only been in MLS for six full seasons, and yet they have already established themselves as one of the league’s most exciting teams. To continue their early momentum their business intelligence (BI) team wanted to improve the speed of data sharing and automate and improve lead tracking to improve the customer experience. Here is how KORE’s Planning & Insights (KPI) group helped them develop a better fan experience.

The KPI team:

  • Developed matching logic functionality and contact/person account creation into Salesforces via Flows.
  • Built a custom workflow in Salesforce that allows the user to create opportunities and activities based on the type of form a customer submitted and automates assignments to sales reps.
  • Customized integrations between MNUFC’s three main platforms, form provider, CRM and email marketing.

The new workflows and integrations eliminated a massive amount of manual work, and duplication, ultimately improving speed and efficiency for a better experience.

Tools Used: KORE’s Planning & Insights (KPI) group

“Since working with the KPI group on our custom integrations, the BI team has eliminated the need to manually create leads. The ticketing team has improved their follow up time, and we’ve increased the rate at which we’re adding engaged fans to our database”

  
5. Gain a Competitive Edge with Sponsorship Tools that Help Increase Your Speed & Efficiency

Read: How the Shell V-Power Racing Team Achieved Real-Time Asset Tracking & Data Transparency Across Their Organisation.

The Shell V-Power Racing Team (operated by Dick Johnson Racing) had multiple tools and untracked data spread out across multiple platforms making it difficult for their team to navigate, even losing track of assets. Now they use KORE’s Activate product to organise their partnership information, specifically assets, into one source-of-truth to create more time for strategy and achieve data transparency across their organisation. With KORE’s Activate tool they:

  • Can view all their data from 33 partners and suppliers in one place and make better decisions accordingly.
  • Can access previous and current records from one source of truth which provides a consistent brand experience to all partners
  • Gained a competitive edge on the speed and efficiency in which they deliver on every asset developing response agility to any changes in contracts.

Tools Used: Activate for Rights Holders

  
6. Bringing it All Together

Read: How the Seattle Sounders Built a Best-in-Class CRM Ecosystem to Drive a Better Fan Experience. 

In the spring of 2021, the Sounders implemented one of KORE’s 2nd generation CRM-integrated products, Ticketing, to take advantage of Salesforce’s built-in functionality and incorporate their web chat and text third-party apps. They also began working with KORE’s Planning & Insights (KPI) team to build these customizations within their CRM. These two operational shifts enabled the Sounder to more than double their expected engagement with season members, compared to past seasons.

Tools Used: Ticketing & Fan Engagement

Summary

The sports sponsorship landscape is evolving rapidly, and only those equipped with the right tools thrive. As showcased by McLaren, Forsberg Racing, the Chicago Bears and more elite sports organizations, leveraging data-driven sponsorship platforms can amplify revenue and efficiency and fortify relationships with partners. In the end, it’s not just about having the tools but mastering their potential that leads to the wins. Learn how KORE can help you optimize the leading sponsorship management platform for your own success.

KORE is the global leader in engagement marketing solutions, serving more than 200 professional teams and 850+ sports and entertainment properties worldwide, providing practical tools and services to harness customer data, facilitate sponsorship sales and activation, and create actionable insights.

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Understanding All Aspects of Sponsorship Value: How to Identify and Quantify Your Investment for Maximum Impact

Finishing up the final quarter of the calendar year serves as an ideal time for introspection regarding your organization’s goals and the strategies around sponsorships. It’s important to identify what worked this past year, what didn’t and what changes to make to set up a strong 2024. If you aim to enhance your sponsorship returns, you first need to ensure you’re leveraging the right tools. Let’s delve deeper into maximizing your partnerships next year. 

1. Sponsorship Objective Setting: Tailored Strategies for Concrete Outcomes 

Brands, inherently diverse, harbor distinct goals. Pinpointing these goals is paramount. For instance, a well-known bank that may be aiming to augment revenue from well-established MLB partnerships could be at a crossroads initially. However, a roadmap of clear objectives identified can help hit targets. Here’s how you can forge ahead.  

PRO TIPS: Objectives should always be tangible, be achievable, and encapsulate a definitive timeframe. [How to Define & Measure Your Brand’s Partnership Objectives in 3 Steps 

2. Adopt a Single, Secure Information Source 

A unified platform that combines data, insights, and communications instills transparency. This centralized system facilitates enhanced communication, collaboration, and consequently, results. Real-time insights breathe life into partnerships, making the journey more dynamic and responsive [Sponsorship & Fan Data is Overwhelming: How to Support Dynamic Partnerships]. 

3. Boost Brand Value & Secure Financial Support 

A central data hub simplifies the task of justifying budgets for sponsorships. When stakeholders witness tangible outcomes, they’re going to invest more. With KORE’s Portfolio Optimization Platform, teams are equipped with the arsenal to propel value, aligning with both organizational and partners’ visions.

4. Cultivating a Competitive Edge 

In the fluid landscape of sponsorships, data-driven insights are the compass. For instance, if you’ve invested in an action sport league that is a star performer in terms of value but lacks social media traction data can help guide your partner. Social insights, when probed deeper, can reshape activation strategies across diverse sports segments, making them more fruitful. Read highlights from the 2022 Global Football Market Intel Recap for insightful social analysis that can redefine a brand’s biggest moments such as the Louis Vuitton campaign in the 2022 FIFA World Cup.

Navigating the vast sea of data, optimizing it, and aligning it with each partnership molds your competitive silhouette. Cohesive team endeavors, underpinned by strategic decisions, amplify ROI or ROO, cementing long-term success.

Successful Sponsorship Evaluation Examples 

KORE has been instrumental in aiding various brands and teams in optimizing their sponsorship value. Let’s delve into a couple of case studies from KORE that emphasize its effectiveness in the industry: 

1. McLaren Formula 1 Team 

The McLaren Formula 1 Team faced challenges as sponsorship revenues were growing across the series. To keep pace with top-tier teams, McLaren required innovative strategies to boost their revenues. Utilizing KORE’s Evaluate Social insights and tools, the McLaren Formula 1 Team was able to pinpoint areas for revenue growth and solidify its position among the top teams in the series [McLaren Formula 1 Team Case Study]. 

2. Vans 

The footwear and apparel brand, Vans, sought to quantify the return on investment (ROI) from their sponsorships. With KORE’a Evaluate Social (formerly Hookit), Vans was able to demonstrate a whopping $13M in earned media value, generated through the interactions of athletes, fans, and media. This case showcases the potential of KORE Software in helping brands capture the tangible value of their sponsorship endeavors [Vans Case Study]. 

These examples underline KORE’s pivotal role in offering brands and teams data-driven insights, optimizing sponsorship strategies, and ensuring maximized returns on their investments. 

KORE remains at the forefront, offering a plethora of solutions tailored to nurture profound fan relationships and optimize partnerships. Whether it’s CRM integration, sales software, or media value quantification, KORE ensures adaptive tools for evolving brand needs. 

Reach out for personalized assistance in sculpting your sponsorship landscape.

 

KORE is the global leader in engagement marketing solutions, serving more than 200 professional teams and 850+ sports and entertainment properties worldwide, providing practical tools and services to harness customer data, facilitate sponsorship sales and activation, and create actionable insights.

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The Pulse of Your Brand: Why Monitoring Sponsorship Performance is Essential for Brand Health

In today’s fast-paced digital era, brand image and reputation can change in a heartbeat. Amidst this ever-changing landscape, sponsorships have emerged as a significant tool in the brand management arsenal. However, for a sponsorship to be truly impactful, it’s vital not only to choose the right partner while safeguarding your brand’s reputation through sponsorship governance practices but also to monitor the performance of the sponsorship over time. Let’s delve into the intricacies of why it’s critical to manage and measure your sponsorships correctly to ensure they contribute positively to your brand’s health.

The Foundations of Brand Health

Before we dive into the importance of monitoring sponsorship performance, let’s establish the foundations of brand health:

  1. Customer Perception: Brand health is intrinsically tied to how your customers perceive your brand. Positive associations, trust, and loyalty are the cornerstones of a healthy brand image.
  2. Awareness and Recognition: High brand awareness and recognition are strong indicators of good brand health. When your brand is easily recognizable and memorable, it’s a clear sign of a positive brand image.
  3. Customer Engagement: Healthy brands have engaged and satisfied customers who actively interact with the brand. This interaction happens through various channels, including social media and customer feedback surveys.
  4. Market Competitiveness: A robust brand can maintain or increase its market share and competitiveness. It can adapt swiftly to market changes and shifting consumer preferences.
  5. Metrics & Monitoring: Measuring brand health involves the use of specific metrics such as Net Promoter Score (NPS), customer feedback, social listening, and surveys. Monitoring brand health is essential for identifying areas for improvement, measuring the impact of marketing efforts, and adapting to change.
  6. Consistency and Differentiation: Healthy brands consistently deliver memorable and differentiated customer experiences. Brands with less satisfactory health struggle to maintain these qualities.

Now, let’s explore how sponsorship performance ties into these foundational elements of brand health.

The Role of Sponsorships in Brand Health

Sponsorships are a powerful tool for shaping brand health. They have the potential to create a cascade of positive effects.

  • Positive Buzz: Well-executed sponsorships can generate tremendous buzz and conversation around your brand. For example, partnering with an influencer, athlete, or celebrity can ignite conversations, getting people to talk about your brand in both online and offline platforms.
  • Positive Impressions: Sponsorships offer a unique opportunity to showcase your brand in environments that resonate with your target audience. This leaves a lasting, positive impression in the minds of consumers.
    • Online, each time your brand logo or message is displayed in conjunction with an event or a personality, it creates impressions. These impressions translate to brand visibility and recognition.
  • Positive Quality: Partnering with entities that share similar values or have a reputation for quality can enhance your brand’s perceived quality. It’s a powerful way to elevate your brand’s image.
    • Online, the quality of your sponsorship promotions plays a significant role. Factors like position, clarity, and viewership affect the perceived quality.
  • Positive Value: This is where KORE’s methodology for quantifying sponsorship value through Adjusted Ad Value (AAV) comes into play. It involves three critical steps:
      1. Identify Brand Promotion: Understand where and how your brand is promoted through the sponsorship.
      2. Calculate Max Ad Value (MAV): This involves multiplying total engagements with Cost Per Engagement (CPE).
      3. Determine Adjusted Ad Value: The MAV is adjusted based on promotion quality factors like position, coverage, logo clarity, competition, crowding, and viewership, as shown in the provided KORE image.

Why Social Listening Text-only social listening tools miss significant visual attribution.

  • Evaluate Social can capture a brand’s social value through:
    • Clear, quality logo visibility
    • Audience data and watch-through rates
    • Built-in computer vision for authentication

These features create a robust data story. We can track the AAV of any content created on social media that displays clear logos, deliberate tags, and keyword mentions. Other social listening tools do not capture the promotion quality that the AAV model provides.

Leveraging KORE’s Technology to Track and Optimize Sponsorship Performance

To maximize the performance of your sponsorships, it’s crucial to have tools that can measure, analyze, and monitor their impact. Here’s where KORE’s state of the art solutions can elevate your partnerships.

  1. Evaluate Omni: With KORE’s Evaluate Omni, brands can drive more valuable partnerships by collecting essential data across social media to assess performance against key metrics, thereby quantifying ROI. This platform allows brands to unify diverse data, apply universal metrics, and adjust their partnership strategy for maximum performance.
  2. Maximizing Performance: KORE offers tools to demonstrate the value of your partnership investments easily. With real-time reporting and analytic tools, showcasing the ROI of sponsorships to partners and executives becomes a breeze.
  3. Smarter Investments: KORE’s tools allow brands to identify high and underperforming partnerships, enabling them to make data-driven decisions and invest smartly.
  4. Value Throughout the Partnership Lifecycle: KORE offers solutions designed to unlock a brand’s potential, right from the research phase to activation, helping brands invest in the right partners.

Sponsorships are no longer just about your brand’s logo being placed everywhere. It’s about strategic placements, quantifying the performance, and optimizing for better results. By effectively tracking and analyzing sponsorship performance, brands can ensure they remain at the forefront of their industry, capturing audience attention, and driving brand health to new heights.

Are you looking to elevate your brand’s partnership strategy and performance? Don’t fall behind industry trends. Schedule a demo with KORE today. As the global leader in engagement marketing and data intelligence in sports and entertainment, we are committed to matching you with the right solution tailored to your brand’s needs.

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KORE is the global leader in engagement marketing solutions, serving more than 200 professional teams and 850+ sports and entertainment properties worldwide, providing practical tools and services to harness customer data, facilitate sponsorship sales and activation, and create actionable insights.

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2023 Sponsorship Governance Series: Part 3; FAQs & Key Components

FAQs to Understanding Sponsorship Governance 

Use these FAQs and key components to gain a clear understanding of the basics of Sponsorship Governance.  

What is the definition of sponsorship governance? 

Sponsorship governance can be defined as the framework that governs the planning, implementation, and evaluation of sponsorships within an organization. It encompasses the processes, structures, and policies that guide sponsorship decisions and activities. 

What is the role of sponsorship governance in managing sponsorships effectively?  

Sponsorship governance plays a pivotal role in managing sponsorships effectively. It provides a structured approach to identify and evaluate sponsorship opportunities, select the most suitable partners, and define the terms and conditions of the sponsorship agreements. Additionally, it ensures compliance with legal and ethical standards, manages conflicts of interest, and facilitates ongoing monitoring and evaluation of sponsorships.

What are the key components of sponsorship governance? 

Effective sponsorship governance involves several key components. These include: 

  • Governance Structure: Establishing a clear governance structure with defined roles and responsibilities for sponsorship decision-making and oversight. 
  • Policies and Guidelines: Developing comprehensive sponsorship policies and guidelines that outline the organization’s objectives, criteria for sponsor selection, evaluation mechanisms, and ethical considerations. 
  • Accountability and Transparency: Ensuring accountability and transparency in the sponsorship process through clear reporting and disclosure mechanisms. 
  • Monitoring and Evaluation: Implementing mechanisms to monitor and evaluate the effectiveness of sponsorships, including key performance indicators (KPIs) and regular reporting. 
  • Stakeholder Engagement: Engaging relevant stakeholders, both internal and external, in the sponsorship governance process to gather insights, build relationships, and enhance decision-making. 
  • Effective Communication Channels: for collaboration between the sponsorship team and other relevant departments. 
  • A Centralized Management System: Find ideal matches using a weighted scoring system based on governance policies and guidelines and generate reports for full transparency. 
  • Metrics and Measurement Mechanisms: to assess the success and impact of sponsorships through, ideally in a centralized management system like Intake  
How do I begin building a sponsorship governance framework for my organization?  

To start get the framework started it is recommended to: 

What tools or resources can aid in effectively managing sponsorship governance? Various tools and resources can assist in managing sponsorship governance effectively, such as: 

  • Sponsorship management software platforms like Activate or Evaluate for tracking and evaluating sponsorship activities.
  • Templates and guidelines for sponsorship agreements, performance metrics, and reporting.
  • Industry publications, case studies, and best practice guides for staying updated on sponsorship trends and strategies.
  • Collaboration tools and project management software for streamlining communication and task management within the sponsorship team. 

At KORE, we understand the importance of sponsorship governance in optimizing the needs of the largest footprint of teams, leagues, brands, and agencies. Our comprehensive services cater to your sponsorship requirements, ensuring success at every step. Let us guide your team towards effective sponsorship governance and elevate your sponsorship strategy. Reach out for a demo anytime. 

KORE is the global leader in engagement marketing solutions, serving more than 200 professional teams and 850+ sports and entertainment properties worldwide, providing practical tools and services to harness customer data, facilitate sponsorship sales and activation, and create actionable insights.

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2023 Sponsorship Governance Series: Part 2; How to Steer Clear of Chaos & Maximize Partnership Success

Partnerships never go out of style 

We can all recall instances where an artist, influencer, or athlete’s personal life turns into a brand partner’s nightmare or a shiny new partnership ends in bankruptcy within a year (cough, FTX, cough). With global spend on sponsorships expected to grow to $116B by 2027, partnerships will only continue to evolve. You can avoid the mayhem (thank you, Allstate) by implementing a 3-step airtight vetting process that saves your team time and surfaces the right sponsorship opportunities. 

It’s Like Data Governance but for Sponsorship 

Analysts, partnership managers, brand managers, and rights holder’s data scientists use sponsorship data. Systems can be put into place to create and change data for usable purposes such as reporting, research, identifying the right partnerships based on a certain set of criteria, highlighting value, marketing and beyond. But everyone needs to abide by a set of rules and reporting standards to follow for using the data. Simply doing things with data is the easy part, but only if the data is of good quality and is useful. Often, organizations that have sponsorship data don’t have a way to manage it in a useful way. For example, an internal portal designed to vet sponsorship applications based on customized criteria set by your stakeholders or governance polices will surface the data that you can use to make the best decisions for the brand.  

Effective sponsorship governance is crucial for organizations aiming to maximize the benefits of their sponsorship investments. It helps: 

  • Establish clear guidelines and accountability measures 
  • Mitigates risks 
  • Ensures transparency in the management of sponsorships 

By implementing robust sponsorship governance practices, organizations can enhance their ability to build successful partnerships and achieve their desired outcomes. 

How Brands Benefit from Sponsorship Governance 
Ensuring alignment with organizational objectives 

One of the primary benefits of sponsorship governance is its ability to ensure alignment between sponsorships and an organization’s objectives. By defining clear criteria and evaluating sponsorships against strategic goals, organizations can select partnerships that are most likely to contribute to their success. Sponsorship governance enables organizations to prioritize sponsorships that align with their brand values, target audience, and overall mission. 

Maximizing return on investment (ROI) 

Effective sponsorship governance helps organizations maximize their return on investment (ROI) by ensuring that sponsorships deliver measurable value. Through careful evaluation and monitoring, organizations can assess the impact of their sponsorships and make informed decisions about ongoing or future investments. Sponsorship governance facilitates a data-driven approach to sponsorship management, allowing organizations to optimize their strategies and allocate resources effectively. 

Mitigating risks and managing conflicts of interest 

Sponsorship governance provides a framework for mitigating risks and managing conflicts of interest that may arise in sponsorships. By establishing ethical guidelines and due diligence processes, organizations can identify potential risks and ensure that sponsorships align with their values and legal obligations. Additionally, sponsorship governance helps manage conflicts of interest by implementing transparency measures and clear decision-making protocols. 

Enhancing transparency and accountability 

Transparency and accountability are vital aspects of successful sponsorships. Sponsorship governance fosters transparency by establishing reporting mechanisms, disclosure requirements, and guidelines for managing relationships with sponsors. This not only promotes trust and credibility but also helps organizations demonstrate their commitment to ethical practices to stakeholders and the public. 

Implementing Effective Sponsorship Governance 
Establishing a clear governance structure 

To implement effective sponsorship governance, organizations need to establish a clear governance structure. This involves defining roles and responsibilities for sponsorship decision-making and oversight, such as creating a sponsorship committee or appointing a sponsorship manager. By clarifying decision-making authority and lines of communication, organizations can streamline the sponsorship process and ensure accountability. 

Defining roles and responsibilities 

Clearly defining roles and responsibilities is crucial for effective sponsorship governance. Each stakeholder involved in the sponsorship process should understand their responsibilities, from identifying opportunities to evaluating sponsorships and managing relationships. This clarity ensures that everyone involved is aligned with the organization’s objectives and can contribute to successful sponsorship outcomes. 

Developing sponsorship policies and guidelines 

Comprehensive sponsorship policies and guidelines provide a framework for consistent decision-making and accountability. These documents should outline the organization’s sponsorship objectives, criteria for sponsor selection, evaluation mechanisms, and ethical considerations. By establishing clear guidelines, organizations can avoid ad hoc decision-making and ensure that sponsorships align with their overall strategy. 

Implementing monitoring and evaluation mechanisms 

Monitoring and evaluation are integral parts of sponsorship governance. Organizations should establish mechanisms to track key performance indicators (KPIs) and regularly evaluate the impact and effectiveness of sponsorships. This data-driven approach allows organizations to make informed decisions about ongoing or future sponsorships, adjust their strategies if needed, and demonstrate the value of sponsorships to stakeholders. 

Best Practices for Sponsorship Governance 
Conducting due diligence on potential sponsors 

Before entering into sponsorship agreements, organizations should conduct due diligence on potential sponsors. This process involves researching the sponsor’s reputation, financial stability, alignment with the organization’s values, and any potential conflicts of interest. By assessing the credibility and compatibility of potential sponsors, organizations can make informed decisions and establish successful long-term partnerships. 

Negotiating and documenting sponsorship agreements 

Clear and well-documented sponsorship agreements are essential for successful sponsorship governance. Organizations should engage in thorough negotiations to define the terms, rights, and obligations of both parties. This includes specifying the duration of the sponsorship, promotional activities 

At KORE, we understand the importance of sponsorship governance in optimizing the needs of the largest footprint of teams, leagues, brands, and agencies. Our comprehensive services cater to your sponsorship requirements, ensuring success at every step. Let us guide your team towards effective sponsorship governance and elevate your sponsorship strategy. Reach out for a demo anytime.

Read FAQs & Key Components

KORE is the global leader in engagement marketing solutions, serving more than 200 professional teams and 850+ sports and entertainment properties worldwide, providing practical tools and services to harness customer data, facilitate sponsorship sales and activation, and create actionable insights.

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2023 Sponsorship Governance Series: Part 1; Why Governance is Essential for Your Sponsorship Strategy

What You’ll Learn  

  • The concept and significance of sponsorship governance for brands 
  • How brands can minimize risk, and safeguard their reputation while maximizing sponsorship value  
  • How to avoid athlete sponsorship pitfalls  
  • Ways to mitigate negative impact, and ensure compliance with brand values in response to reputation risks  
Introduction  

Sponsorship is an essential aspect of many organizations’ marketing and branding strategies. When we think of Michael Jordan, we think of a champion, basketball, the Chicago Bulls, Air Jordans and Nike. Partnerships provide financial support and resources to events, campaigns and initiatives, or athletes, influencers, artists, teams, clubs and leagues in exchange for brand visibility and association with the sponsored entity. Sport and entertainment unify people through emotional connection like Proctor & Gamble’s “Thank you, Mom” campaign featuring the childhood journey of Olympic athletes and the unwavering support from their moms. Sponsorship lies in the core of engaging with audiences that may result in loyalty and even passion. How do you assess that value, all while safeguarding your essence: your brand, reputation, assets, and beyond? Sponsorship Governance aids in elucidating this undertaking. 

While the concept of sponsorship is widely understood, the role of sponsorship governance is often overlooked. Through this series, we will explore what sponsorship governance is, why it is critical for a successful sponsorship strategy, and how organizations can implement effective sponsorship governance practices to ensure aligned brand values and avoid costly mistakes or harm to their brand reputation. 

What is sponsorship governance? 

Sponsorship governance is like any other governance. You have probably heard of corporate governance or more recent terms like data governance. Sponsorship governance refers to the set of processes, policies, and structures that guide the management and oversight of sponsorships within an organization. It involves the strategic planning, decision-making, and monitoring of sponsorships to ensure they align with the organization’s objectives and deliver measurable value. 

Importance of sponsorship governance 

Sponsorship governance is crucial for organizations involved in sponsorships. It reduces risks, safeguards brand reputation, and maximizes sponsorship value. Let’s review some ways that sponsorship governance can prevent or minimize expensive errors and reputational damage in certain situations that involve high profile athletes and partnerships between organizations.  

An Athlete or Brand Partner Sponsorship Blunder 

Through the years we’ve all read the headlines when a prominent athlete becomes involved in unethical conduct like performance enhancing drug use or allegations of abusive behavior. Often the athlete loses high-profile sponsors resulting in significant losses for the athlete, influencer and their sponsors. Sometimes the ethical concerns over conduct involve a brand partnered with an organization under fire. With proper protocols and approval processes in place, organizations can conduct thorough due diligence on athletes, artists, influencers and other organizations and then implement clauses to protect themselves from reputational damage in the event of ethical or legal violations. Here are some tips to follow when creating governance policies: 

  • Conduct rigorous assessments of potential partnership risks and align values regarding current public perception around relevant issues. 
  • Implement effective monitoring and reporting processes to ensure ongoing compliance with mutually agreed-upon welfare standards, as it pertains to each business. 
  • Establish regular dialogue and collaboration between the organizations to address emerging issues, make necessary adjustments, and provide transparent communication to the public. 
  • Have provisions in the sponsorship agreement that allow for termination or amendment in response to significant reputation risks related to any welfare, ethical, or legal concerns within each business structure. 

By implementing robust sponsorship governance practices, organizations can proactively identify and address potential pitfalls, adhere to ethical standards, and protect their brand reputation from the adverse effects of sponsorship-related controversies. This is where our tools can help with your organization’s policies or governance smoothly, safely, and securely.

Read How to Steer Clear of Chaos & Maximize Success

KORE is the global leader in engagement marketing solutions, serving more than 200 professional teams and 850+ sports and entertainment properties worldwide, providing practical tools and services to harness customer data, facilitate sponsorship sales and activation, and create actionable insights.

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NBA Sponsorship Trends Uncovered: Across Social, NBA Steals the Show in Video Content

While global football is generally in its own universe when it comes to world-wide fandom, the NBA is in a league of its own regarding social video viewership across the world of sport.

Basketball is the second most engaged sport, globally, on social media and the NBA and its teams, and the players create 76% of that engagement. Here, we walk you through highlights of buzzworthy insights from our recent NBA mid-season market intel workshops, where brands and teams learn trends, and tactics they can immediately implement into their partnership strategies.

Trend: Spend is up with fewer deals

Sponsorship spend in the NBA bounced back big in 2021. With moderate growth YoY, but solid growth vs Pre-Pandemic, brands are focusing on the right partnerships, doing fewer deals but signing longer terms with larger annual spend. This aligns with the data we’ve seen across all sectors which we go into deeper in our annual State of the Industry, a 2022-2023 data-driven review of sports marketing and sponsorship spend trends.   

This spending trend means that rather than spreading their budgets thinly across multiple partnerships, brands are doubling down on their high-performing relationships. This not only ensures a higher ROI but also strengthens the partnerships by allowing brands to better understand what makes them successful. When partners get clear on what the objectives of the partnership are, they can work together more effectively toward the common goal. Follow our tips on how to ask your partners what their objectives are, in order to measure progress. 

Based on the sponsorship spending trends, choosing the right partnerships is more critical than ever. Here are 4 essential steps to selecting the right partnerships.

Top assets in NBA partnership contracts

The top assets used in partnership deals is consistent with global trends. Across all North American big leagues, signage and tickets & hospitality are the most frequently utilized assets, occupying either the number one or two spot in each league. Interestingly, despite its growing importance in the marketing world, digital accounts for just 7% of the total spend on assets. However, it’s written into 46% of all partnership contracts, which is just slightly less than entitlements, which are included in 47% of basketball partnership deals. This could suggest that digital assets are relatively affordable and underutilized in comparison to other assets. 

Social Trend: Engagement slightly down, views up

Social media drives significant exposure and value for brands with the added benefit of near real-time measurement & optimization.

The 2022/23 season to date is seeing a 7.6% decrease in engagement vs the same time last season, but an 82% increase in video viewership – both trends are fueled largely by the push to short video from the platforms, and fans. This is where the NBA dominates.

Social leaders: Warriors & Lakers

The Warriors and the Lakers alone drive more than 1/3 of the total amount of engagement in the NBA and have 22% of the total followers amongst all NBA teams.  

  • The two teams have 66 million followers, but Golden State generated 230 million engagements so far this season versus the Laker’s 150 million 
  • Nine teams are above the average of 37 million followers 

In terms of loyal fans interacting the most, the Memphis Grizzlies have the highest engagement per follower at 4.6. Close behind are the Nets with 4.0, the Suns with 3.7, the Warriors at 3.5, and the Boston Celtics with 3.0 engagements per follower. The average across the league is 1.9.

Ranking of top 10 team value drivers 

Golden State Warriors drive 21% of all brand value from team owned accounts 

  • Warriors have most total posts, most branded posts and most branded interactions
  • Nets have the highest value per follower ($5.9K)
  • Wizards (ranked 27 by AAV) have the highest average promotion quality (32.2%) 
Top campaigns, activations & posts across the NBA 22/23 season, so far

The posts that work the best are behind the scenes, fan interactions, heartwarming, funny, or raw display of talent and history in the making.  To learn: 

  • Which posts went the most viral 
  • Which athletes are driving the most value for brands 
  • Which brands are getting the most value through athletes, teams and from which platforms 

Simply request the full report to review.  

Below are explainers on what goes into KORE’s evaluation, what we analyzed and the type of data and insights you can garner from it.

Understand KORE’s evaluation model

Our deep-data analysis tools are designed to help you identify the best opportunities for investment and growth in the sports industry. The insights provided helps brands identify areas of value and uncover the best opportunities for investment and growth. They can also help you decide which assets to invest in and see how your industry, brand or team stacks up against the industry’s richest dataset available.

Adjusted Ad Value (AAV) for Measurement

The Adjusted Ad Value (AAV) formula assigns a dollar value to a social post based on how clearly logos or brand mentions are displayed within text, image, or video and how much engagement the post generates. Features include:

  • Text-only social listening tools miss significant visual attribution. 
  • Evaluate Social, designed by Hookit, can capture a brand’s social value through: 
    • Quality logo visibility 
    • Audience data and watch-through rates
    • Built-in authentication + more 

These features create a robust data story. We can track the AAV of any content created on social media that displays clear logos, deliberate tags, and keyword mentions. 

How Was the NBA Mid-Season Report Analyzed?

Sponsorship spend data from the majority of NBA teams against 16 sectors.  

  • 250k+ social media posts from the league, teams, and players from October 1, 2022 to March 15, 2023. 
  • Social media data includes followers, posts, engagement, valuation & audience data.
  • Platforms include Facebook, Instagram, TikTok, Twitter, YouTube, Weibo and VK. 
About KORE Market Intel Reports

KORE, acquired Hookit, an innovative AI-powered sponsorship analytics and valuation platform in February 2022. This acquisition is transforming the way brands and rights holders manage, measure, and optimize their partnerships together. By integrating Hookit’s data and analytics into KORE’s Portfolio Optimization Platform, specifically its Evaluate Social tool, both sides of the sponsorship can gain unparalleled insights into the performance of their partnerships and make quick adjustments to their strategies. 

If you’re looking to examine your 2023 partnerships with strategic insights & impactful data, then please contact our team. We’re happy to share the full NBA mid-season report, deeper insights, or take a look at any other sport season, group, or event. With a full report or presentation, you can: 

  • Learn what kind of impact the sport, leagues, events, and athletes have on fan engagement and why that matters 
  • Find inspiration for partnership concepts 
  • See how industry experts and peers are tracking impactful data and insights that help you measure return on objectives (ROO) or even return on investment (ROI) 
  • Gain strategic and tactical actions you can implement right away 

KORE is the global leader in engagement marketing solutions, serving more than 200 professional teams and 850+ sports and entertainment properties worldwide, providing practical tools and services to harness customer data, facilitate sponsorship sales and activation, and create actionable insights.

Read More

Insider Insights: Sponsorship & Activation Spotlights Surrounding Super Bowl LVII on Social Media

The impact of Pepsi’s Super Bowl ad teaser campaign featuring Steve Martin and Ben Stiller continues to gain traction across the social scene. Lean into our quick snapshot of the highlights that our social media intelligence tools measured immediately following Sunday’s big game. Oakley and Invisalign climbed the ranks of engagement thanks to Patrick Mahomes, while Verizon’s headlining Pro Bowl Games partnership garnered the most video views. Then see the stir that Jennifer Lopez created for Super Bowl fans with just one post. Follow the infographic to see what KORE’s partnership analytics uncovered.

KORE is the global leader in engagement marketing solutions, serving more than 200 professional teams and 850+ sports and entertainment properties worldwide, providing practical tools and services to harness customer data, facilitate sponsorship sales and activation, and create actionable insights.

Read More

Global Football Market Intel Recap: The sponsorship impact of the most engaged sport across social media

Brands looking to engage with fans around the world are well aware of global football’s value. The world’s beloved game accounts for more social followers and engagements than all other sports combined. KORE’s 2022 Global Football Market Intel Recap provides insightful analysis of the sport’s performance as it relates to sponsorship value across social media. Here, we’ll share 2022 highlights from our recent workshops.  

From Leo Messi’s record-breaking year, the strength of women in global football, why the swoosh dominates and how Louis Vuitton stole the show of FIFA 2022 World Cup; read on to learn how these events impacted sponsorship value for brands, leagues, teams and athletes across the most followed sport in the world.  

Part 1: How the Global Football Evaluation Works

In February of 2022, KORE acquired Hookit – a groundbreaking AI-powered sponsorship analytics and valuation platform. This acquisition is revolutionizing the way brands and rights holders manage, measure, and optimize their partnerships. The integration of Hookit’s data and analytics into the Evaluate Social tool (found within KORE’s Portfolio Optimization Platform) provides an unprecedented level of insight into the performance of brands and rights holders partnerships, allowing them to evolve their winners by adjusting strategy on the fly. 

Understand our Evaluation Model.

KORE’s social valuation tool helps brands learn where opportunities are to invest in sport sponsorship, with who and what assets to invest in. It helps sport teams understand how they stack up, and where to optimize their strategy and content for the best ROI for their brand sponsors. While the Evaluate Social formula is more complex, here is a high-level outline of how we quantify sponsorship value to follow along.  

The Adjusted Ad Value (AAV) formula assigns a dollar value to a social post based on how clearly logos or brand mentions are displayed within text, image, or video and how much engagement the post generates.

  • Text-only social listening tools miss significant visual attribution. 
  • Evaluate Social, designed by Hookit, can capture a brand’s social value through: 
    • Quality logo visibility 
    • Audience data and watch-through rates
    • Built-in authentication 
  • These features create a robust data story. We can track the AAV of any content created on social media that displays clear logos, deliberate tags, and keyword mentions. 
How Was the Global Football Social Scene Analyzed?

Our tools analyzed: 

  • Over 9M posts from leagues, clubs, athletes and any content that referenced (via @, # or keyword) them during the 2022.  
  • 455K posts related to the 2022 FIFA World Cup in Qatar from Novemeber 15th – December 20th 

Social media data includes followers, posts, engagement, valuation & audience data. 

Platforms include Facebook, Instagram, TikTok, Twitter, YouTube, Weibo and VK. 

Part 2: Most Followers Engage with Global Football

Sometimes people follow accounts and then forget about them. Globally, people don’t forget about football. If you aren’t engaging in some way with the sport on social media, then data tells us that more than half of your friends and family could be. Global football has more total followers and engagement than all other sports combined, and 54% of social followers of sport are following some type of global football entity. 

The year of Leo

The world responded to Lionel Messi’s record-breaking year by following and engaging with his posts in a mirrored, record-breaking fashion. The legendary footballer drove more than two billion interactions on Instagram in 2022 with over 35% of them just from the last two months of the year. Only forty players in the world have 38M followers total, which was the amount that Messi acquired between November and December of 2022. Messi’s sponsors received more than $59 million in AAV from his social posts, with his world championship post becoming the most liked post in the history of social media, across the globe.

It’s here, it’s there, it’s everywhere

Across sport, we’re swoosh promoters whether we choose to be or not. It would take a carefully curated photo in a stadium featuring any teams, players or fans where the swoosh isn’t visible. For example, the Nike logo appears on scores of elite soccer teams jersey’s, shoes, and fan’s gear. Any time the team, a player or a fan posts a picture of themselves in their kit, Nike receives sponsorship value due to the Swoosh on the shirt. This value even comes from posts by athletes sponsored by rival apparel brands like adidas or Puma. 

Nike and adidas alone account for 73% of value in the sporting goods & apparel sector. Most recently, Nike earned 35% of the total value ($80.9M) earned by the top 10 brands of 2022’s FIFA World Cup. While the swoosh is everywhere, there is still opportunity for others. A well-designed campaign activation can drive outsized exposure and value seen in our next highlight. 

A luxury state of mind

You know when the ultra-cool person in the room speaks, and everyone leans in to hear? That’s the worldwide equivalent response on social to the Louis Vuitton x Messi x Ronaldo “Victory is a State of Mind” campaign. Both legendary football players posted on the campaign launch day, November 19, 2022. Ronaldo’s post created over $6.1M and Messi’s post created more than $4.3M in AAV for the luxury brand by the end of the tournament. 

With just 232 posts, Louis Vuitton earned 28x and 25x more value per post than the two leading sportswear brands during this year’s biggest global football tournament. This clearly indicates that having more promoters does not always correlate with more value, especially in the case of a luxury state of mind at the helm. 

The female fight

The incredible story of the women’s plight in the world of sports continues to grow across continents. Women’s global football is growing around 2x faster than men’s across social. The female side of the sport is attracting major sponsors like Visa, Barclays, Volkswagen and Stanley Black & Decker, who are earning millions in AAV amongst the big sporting apparel brands on social. 

However, the most viral women’s football post in 2022 was two players who almost started fighting but turned into a helping hand. Posts that show awe-inspiring moves and goals, alongside emotional, heartwarming moments garnered the most engagement. 

If you’re looking to examine your 2023 partnerships with strategic insights & impactful data, then please contact our team. We’re happy to share the full report on Global Football, or one of our other market intel reports.  

With a full report or presentation, you can: