Heading into the first quarter of a new year is the perfect time to reflect on your team or organization’s objectives and goals, and how they can be achieved. If you are looking to make gains in the sponsorship space, then leaning into KORE’s mission to help you improve your partnerships could be the game-changer needed. Let’s take a look at four ways you can get the most out of your partnerships this year, with the latest insights, tools, and industry expertise.
1. Objective Setting: Start Small For Big Gains
No two brands or teams are the same and each have their own objectives and goals. With every client that we onboard the first step to improving any pain point is identifying and setting measurable objectives. Let’s say you’re part of a major NFL team that wants to increase revenue from long-established brand partnerships. Figuring out how to start that process can be overwhelming. Our tools and support can help you identify a plan. Here’s a high-level example of how to approach this.
Goal: Increase revenue from established brand partners
- Define your team’s objectives and key results (OKRs)
- Example objective to focus on: first, evaluate the performance of partnerships to come up with a strategy to drive more revenue
- Understand your partners objectives
- Regularly meet with partners to have productive conversations about their objectives
- Collect information, insights and data that relate to your partners objectives
- Ensure total alignment with partners measurement and methodologies
- Provide near-time reporting (from days to 24-hours) to partners
- Measure against benchmarks, adjust strategy or OKRs as needed
- Set milestones to reach
- Build in opportunities for revenue increase
All of these can be achieved based on performance or other metrics identified through this process. Simplified, this process looks easy, but it takes an aligned team to build, and the right tools to accomplish. Each relationship is unique and it’s important to have tracked all the information that goes into that partnership, the data and the results, on a consistent basis to be able to have a conversation with your partners. This helps identify what you both deem is an important objective to meet together.
PRO TIPS: It’s important that these objectives are:
- Carrying a specific timeline for completion
Following these tips will help ensure that your team sets goals they can reach. The goal is to not get overwhelmed by too much noise from other tasks that could derail real progress. Once objectives have been identified, it’s time to start measuring them with data-driven insights that will help inform decision-making and improve strategy.
2. Adopt a Single Source That’s Safe, and Secure
In a single source platform, all data, insights, and communications are gathered in one place. You can easily track performance metrics such as cost of asset, alongside utilization of creative assets like videos or images for each partnership’s activations. Any aspect of how partnerships are performing can be seen from the top by brand or partnership directors and leadership through on-demand reporting. This makes it easy to identify which partnerships are performing well and which ones need improvement or attention. Every team involved in a partnership, including brand activation, sports marketing, and asset creators, as well as finance and operational groups can easily track partnership assets and activities and improve communication, collaboration, and performance.
We’ve taken a single-source platform a step further by including our secure data, one of the deepest datasets in the industry, to integrate with your data, which supports real-time insights at every stage of the partnership life cycle.
3. Attract Support & Increase Value
By accessing all of your partnership information in one secure place, it makes it easier for brand managers, CMOs, partnership managers and the like to justify their budget allocations for certain sponsorships. This helps gain support from stakeholders who need tangible results before approving expenditure for further partnerships. With KORE’s Portfolio Optimization Platform, teams can provide data-driven insights that allow users to increase the value offered to their partners while meeting (and exceeding) their own organizational objectives.
4. Gaining a Competitive Edge
Data-driven insights are critical to making the right sponsorship decisions in today’s partnership environment. Here’s an example: imagine you work with an English Premier League (EPL) team that creates the most value out of your entire portfolio, but the value across social media remains in the middle of the pack compared to other EPL teams. Then, you might have a Formula 1 driver who has quadrupled their following and engagement, which potentially could double the value they create for your brand across social. It’s helpful to understand what led to the growth. Maybe a new demographic is responding to a different form of content. You can use deep insights to work with your partners across various sport to test new activation strategies quickly or over time.
Here’s an example of how our Evaluate Social tool quantifies value across social.
How you go about managing the data, measuring and optimizing it for each partnership can become your competitive edge. When your team is aligned with efficient processes that work toward common goals it’s much easier to gain inspiration, test new ideas and make strategy decisions to support your return on investment (ROI) or return on objectives (ROO).
Here, rights holders can explore more of our solutions designed help you build deeper relationships with fans and to measure, manage and optimize your partnerships more effectively:
- Clean ticketing data integrations to create a best-in-class CRM ecosystem
- End-to-end sponsorship sales software to accelerate your sales pipeline
- Easily access and track partnership assets and activation metrics from one spot
- Quantify and take control of your social media value to power revenue
- Report on the metrics that matter to your partners to drive value
- Drive deeper fan relationships with a fraction of the effort
We understand that every brand or team has different needs when it comes to optimizing their portfolio of sponsorships; whether they want more transparency over their investments or better ways to track performance metrics, our platform offers the ability to add the tools when the time is right, as your business grows. Let us know how we can help.
Contact us for a demo of how the new and improved platform works.
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.