The Definitive Guide to Measuring Sponsorship Success for Brands
- July 26, 2022
- SponsorPulse Staff
With that in mind, it came as no surprise to us when our State of Sponsorship report echoed what we instinctively understood – industry insiders are struggling to measure sponsorships. When brands were asked about the biggest challenges they faced when investing in the sports sponsorship space, the results painted a clear picture of concern:
69% – Internally demonstrating the value of sponsorships versus other marketing spend
66% – Measuring attribution and impact
44% – Educating internal and external stakeholders on the value of digital
In order to optimize spend and get key stakeholders on board and excited about sponsorship, it’s imperative that brands are equipped with the knowledge of how to measure sponsorship success. Reality is that each day CMOs are contending with a variety of mitigating factors that impact sponsorship decisions. For that reason, asking questions is the first step towards optimizing campaigns.
Is our sponsorship working? How do our sponsorships stack up against other marketing channels? Do we have the data required to negotiate a fair deal? These questions are top of mind for brands looking to make waves in the sponsorship space.
Without further ado, here’s everything you need to know about how to measure sponsorship success:
The Power of Effectiveness Reporting
Sponsorship Impact Reports deliver fact-based guidance on the effectiveness of your partner investments. If you’re seeking to identify benchmarks, or wondering about the efficacy of your marketing spend, effectiveness reporting has got you covered.
With detailed reports that highlight and measure sponsorship success, effectiveness reporting enables you to establish a baseline for your partners, understand what’s working for you, and leverage your learnings across your portfolio.
Even further, effectiveness reporting empowers your team with a common measurement system and language to simplify communication at every step of the campaign journey. This not only proves value to key stakeholders, but allows you to arrive prepared to the negotiation room when contract renewals are on the table. Demonstrating your value to parters with an effectiveness report helps build the trust necessary to nurture long-lasting professional relationships that go the distance.
The SponsorPulse Approach
So you’re ready to start churning out data-driven effectiveness reports? Don’t worry, we’ve got you covered. At SponsorPulse, our Impact Reports enable us to tune out industry static and provide a clear channel of understanding for our community.
Here are select data points we mine to determine the success of a sponsorship effort:
Health: What is the size and strength that the sponsored property provides for the brand?
Awareness: Unaided and aided – were you aware that the brand sponsored this property?
Source of Awareness: How did you become aware of this sponsorship?
Equity Statements: Does this sponsorship improve key equity statements?
Purchase Consideration: Does this sponsorship change your consideration to purchase this brand’s products and services?
Favourability: Does this sponsorship make you more or less favorable of the brand?
In addition, our reports cover the frequency of engagement that consumers have with properties, the emotional connection they foster with them, and details on how many people a sponsor can expect to impact through the property it is considering partnering with.
From there, SponsorPulse determines the opportunity that exists for your current and prospective partners before isolating for partnership performance and outcomes in order to provide actionable recommendations for the future by identifying key drivers of growth.
Start Measuring Success Today
At SponsorPulse, we measure for effectiveness. We understand that transparency is a key factor in producing results. Through impact reporting, we ensure you have a clear picture of your sponsorship campaigns, arming you with the information necessary to optimize your sponsorships.
It’s our mission to empower properties, brands and agencies to cut through the noise of the sponsorship space. At the end of the day, we understand that sponsorships thrive when they are based on transparent consumer insights that bridge the gap between industry challenges and consumer perspectives.
Download a free impact report preview today!