How to Capitalise on Sponsorship
14th July, 2015
One of the most common mistakes brands make when entering sponsorship is expecting that by simply aligning their name and logo with a property the ROI will come. Many brands spend a great deal of time planning and selecting which sponsorship would be most beneficial for their business but once the deal has been signed, brands should focus their efforts into making sure they capitalise on the sponsorship.
Create your own noise
A key reason why brands are often unsuccessful in sponsorship is because they fail to capitalise on the opportunities afforded to them once the deal has been signed. Brands spend months analysing the assets of a property and at the point of the handshake it is then up to the brand to exhaust all assets available to them. Unfortunately, a common trend is that sponsors expect the rights holder to create the ‘noise’ during the partnership – this is not always the case. There is a responsibility on the rights holder to support as much as they can, but it is not the rights holders’ primary focus to truly create the impact. Communications of the brand to the audience should be collaborated on rather than isolated to create the best outcome.
Save budget for activation
Another common error is that sponsors spend the entirety of their budget on the sponsorship fee, leaving no additional budget for brand activation during the partnership, therefore brands are unable to capitalise on the opportunities available to them. In essence, the sponsorship fee is the price for rights to utilise the assets. As part of the planning phase sponsors should weigh up the potential costs involved in order to take advantage of the assets e.g. entertaining, promotional products and activation costs. Sponsors must take this into account before committing to any sponsorship or risk an ineffective investment.
Experiment and be creative
The majority of brands stick to what they know best. If a brand continues a one dimensional approach to sponsorship and fails to experiment with different properties and channels they will inevitably miss out on opportunities to progress and reach new audiences. Sponsors should always make use of every vehicle available to them. Through the use of analytics and measurement tools, brands can now assess their success post sponsorship better than ever – considering a property is only as good as its assets, a brands’ success alongside that property is only as good as their determination to make the best use out of the assets purchased.