Definition Of Sponsorship Management
Sponsorship Management is the way an organization oversees its sponsorship activities. That is, managing pivotal aspects such as project selection, monitoring and assessment.
Breaking Down Sponsorship Management
Big corporations such as Coca-Cola, Mastercard, McDonald’s and so on spend a lot of money in sponsorship activities and they usually try to focus on those events that pull in a large and targeted audience. Moreover, they select projects relevant to their brand mission and coherent with their goals. The objective it to get top-of-mind awareness and gain loyalty, thus, differentiating from the competitors.
As stated above, investing in sponsorship activities can be risky and unsuccessful. The likelihood of this happening largely depends on a lack of strategical thinking. As a matter of fact, many companies don’t think in terms of competitive advantage, relevance and coherence and they invest in meaningless partnerships. In order to have an impact and gain a good return, in fact, a sponsorship project needs to address a specific target that relates to your brand identity. This project, moreover, must perfectly integrate with your overall marketing strategy.
Define a Plan
A sponsorship manager can’t do without a specific and clear plan. The latter focuses on four main points:
- Define your culture: make sure everyone in your company perfectly know what the corporate mission and culture is. It’s the first step for activating any marketing project.
- Identify objectives: What you want to achieve with your sponsorship idea? Brand awareness? Loyalty?Also, make sure to establish clear and valid KPIs.
- Select the projects: select those projects that best align with your criteria. On the other hand, discard those who aren’t relevant.
- Manage them: this is the most delicate step. Constantly administer and monitor your projects, collaborate with your sponsees and step in if something is going wrong. If you have many ongoing projects at the same time, a good software can help you track them and make sure they are integrated with your overall marketing strategy.
- Measure them: in conclusion, based on your KPIs, finalize your efforts by assessing the success your projects. Did you reach your target?