One of the most common complaints we hear in the sponsorship industry is from brands that are trying to measure ROI with no source of truth for sponsorship investments or portfolio allocation oversight. Whether it’s not being able to access or evaluate data from internal or external social teams, tracking multimillion-dollar partnership investments in spreadsheets or a lack of consistency and clarity on aligning for national or global campaigns, we’ve heard repeated frustrations about how not having a centralized system creates roadblocks, budget drains and lack of insight. A single-source platform for managing partnerships can help solve all of these issues and provide a way to measure your entire sponsorship portfolio.
What factors do you consider when measuring the success of a sponsorship?
To measure the success of sponsorship, there are a few key factors that need to be considered. The first is the overall objective of the sponsorship. What business outcome do you hope to achieve? Partnerships can be used to drive awareness, increase sales, attract a new fan base, or deepen loyalty among those fans. Once you know what your goals are, you can start to measure how well the sponsorship is performing in achieving that goal.
Another factor to consider is the target audience of the sponsorship. Are you targeting a new niche, or elevating your brand’s visibility? Additionally, you should track the reach of the sponsorship – how many people saw or heard about it? And finally, measure the engagement of the sponsorship. How many people interacted with it in some way? How did they feel about it? By tracking all of these factors, you can get a good idea of whether or not the sponsorship is successful. It sounds simple, right? We go deeper into this topic in our article on the steps for defining and measuring your sponsor partnership objectives, but first let’s look at how the right tools can save a vast amount of time and money for your organization, implementing a system that can do the managing, tracking, and measuring for you and your partners.
The benefits of using a single-source portfolio intelligence platform
In a single-source platform all data, insights, and communications are consolidated into one place. Brand directors and leadership can gain a bird’s-eye view into any aspect of how partnerships are performing. From brand activation, sports marketing, and asset creators, to finance and operational groups, any team involved can easily track partnership assets and activity and identify areas where they can improve communication, collaboration, and performance. We’ve taken a single-source platform a step further by including our data, one of the deepest datasets in the industry, to integrate with your data, delivering a game-changing Portfolio Optimization Platform that can provide real-time insights at every stage of the partnership life cycle.
The Portfolio Intelligence Platform centralizes the following:
- Key partnership details including deal terms, contact information and categorization features
- Objectives and key results (OKRs) that help define partnership goals for teams to measure performance progress
- Portfolio allocation insights that are presented in a visually appealing format for team and leadership review to support critical decisions
- Data security from multi-level, cloud-based access with custom filters and views to see exactly what you need and when
Single-source platforms provide an essential overview of how all partnerships are performing collectively against set objectives. This allows for better allocation of resources and fine-tuned decision-making when it comes to investment in future partnerships. In addition, it offers a clear view of how much value different partnerships are generating so that underperforming ones can be addressed more efficiently. As such, using a Portfolio Intelligence Platform is an efficient way to manage your sponsorship portfolio and ensure you are achieving your desired business outcomes. Request a demo to see how we’ve been helping hundreds of brands meet their ROI goals with our industry-leading platform.
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.