Data Driven: How to Glide Through Sponsorship Renewal Season
Are you in or out? Despite best efforts, contract renewal seasons are often a time of uncertainty as properties aim to lock existing brand partnerships in for another trip around the sun.
Renewals are a time for properties to showcase what they bring to the table. However, 57% of sponsorship professionals agree that delivering value to partners is one of the biggest challenges they face.
At SponsorPulse, we empower marketers with consumer insights that supercharge sponsorship strategy. So when your brand partner asks for proof of value, you’re locked and loaded with a fountain of metrics that echo your impact.
Data is the Key to Unlocking Smooth Sponsorship Renewal Seasons. Here’s why:
Benchmarking
In order to win over your brand partner, it’s imperative to chart your journey to success by setting mutually agreed upon benchmarks from the start. Through our robust dataset, we aim to empower our community to establish a baseline from which they can track their progress over time.
In our recently published MLB Sponsorship Impact Report, we leveraged our insights to develop a detailed profile of MLB fans. The demographic picture included everything from household income to number of children and beyond. Used strategically, the MLB could leverage the portrait to compare against brand partner users to establish appropriate benchmarks for the future.
All in all, by tapping into the hearts and minds of your users or fans, you can accurately determine what benchmarks align with the brand you’re looking to keep on board. Once you hit them? Report your success back and paint an enticing picture of a continued relationship with your brand partner.
Value Demonstration
After you’ve established a clear baseline to measure success on, it’s time to quantify your sponsorship impact. Our Impact Reports provide brands and properties with the granular data necessary to determine and communicate the value of their partnerships.
In our MLB Sponsorship Impact Report, we turned the spotlight on the league's partnership with Budweiser. From measuring target efficiency—68% of MLB fans are beer consumers, to equity impact—1 in 3 were aware of the partnership and believe it positively drives equity statements, the report served as a trove for beer brands considering a partnership with the MLB.
Glide through Renewal Season with SponsorPulse
At the end of the day, access to user insights empowers properties to identify what’s performing, while leveraging their findings to optimize value. It’s clear that when it comes to negotiating contract renewals, properties must identify partner ROI and communicate their value with clarity and precision.
Ready to glide through your next renewal season with ease? Create your free SponsorPulse account today.
