Businesses are a prime target for sponsorship requests and most are worthy, but how can you be sure that your investment will deliver value to your brand.
When asked by clients to evaluate and recommend sponsorship opportunities we analyse them using a number of measures. Some of the key issues to be investigated when considering suitable sponsorship opportunities include:
The proposed sponsorship should be in sync with your company and PR objectives, and should appeal to your target market. It is important that the sponsorship is a good fit with your brand and you leverage off your alliance and integrate it into your marketing program.
Value for money
It’s your company’s money so spend it wisely. The organisation must be able to offer your company high level exposure of your brand to their audience, assist in endorsing your products/services and provide an opportunity for your brand to engage directly with new potential customers. Long term relationships should be the name of the game, then it is a win for both parties.
Is the sponsorship going to be a lead generator? Will the leads be qualified? Are you looking to grow your opt-in list for future marketing materials and activities? Answers to these questions will help determine if the sponsorship is right for you.
And your return is…?
Ideally it should be at least double your investment. In trying to determine the success of the sponsorship you need to take into account all the associated costs involved. You will need to set a budget for promotion of your sponsorship and expenditure on maximising the value for your company such as branded giveaways, extra staffing and hospitality if you are sponsoring a sporting team or other live event, for example.
No matter how much you have invested you need to do the sums and decide how you wish to measure your investment. It could be by the level of increased exposure calculated by advertising value; the level of engagement through social media; an increase in sales; or greater brand awareness. You should have recorded these values at the start of the sponsorship so you can put a value on the increases achieved.
If the value of some sponsorship is based around corporate social responsibility, there are still commercial and branding considerations to be taken into account. For example, if the sponsorship involves employees offering their services during a work day, you would still like to be recognised for this ‘donation’.
What to sponsor
Sporting sponsorships are popular — from grass roots to elite level, but more prevalent are trade shows, live shows, exhibitions, stunts and charities.
Sponsorships can help promote your company and brands, and can introduce new audiences to share your passion and values. Make sure the sponsorship you choose is right for you.
If you would like some help and guidance, don’t hesitate to contact WMC Public Relations.
A: 5a Hartnett Close, Mulgrave VIC 3170
T: +613 9803 2588