What is the point of spending quite a budget on sponsorship projects if you don’t know what the success rate of the project you’ve sponsored? Let this article be your guide to how you can easily measure your sponsorship projects ROI (Return On Investment).
Sponsorship has been known to be one of the most successful ways to advertise your brand. It brings your brand an awareness in all forms from getting your brand out there and actually meeting your exact target audience but how are you going to know whether or not it has been successful? Measuring how successful your sponsorship was is very important as you can find out whether or not to sponsor the same project again.
Sometimes you may think that this is the right target audience and you will find out through the sponsorship that it isn’t the right target audience because people don’t show interest in what you have to offer or what your brand is about. It gives you an opportunity to work on the right things faster when finding out whether or not your sponsorship project has worked.
Let’s have a look at how you can do that.
How successful the project has been depending on what you are trying to achieve. If you are trying to gain more consumers for your product, you must measure it by how much you spent on the sponsorship and measure it against the income you are expecting. If you are aiming for social media interactions, measure how many followers or mentions you’ve received. You can measure the success of the project based on the goals you are trying to achieve.
Sometimes one project may have many goals and if you were sponsoring many projects, it will be difficult for you to keep track of all project’s goals. Using a tool will help you clarify clearly which goal is for which project and you will be able to get a clear vision of everything in one dashboard. A tool will definitely be worth your investment if your company is taking sponsorship to the next level.
A survey is a good method to find out whether or not your sponsorship project has been successful. You can send a survey to attendees and people who were at the event you were sponsoring to find out some answers to your question. A convenient way to design a survey for different people who do different roles at the same event would be to use a tool to help you design each survey and send it to the right group of people. This way, the tool will be able to help you track data for the right group of people you sent each survey to.
Once you have received the result of the survey, you can analyse that based on real data rather than data that you’ve supposedly made up based on who attended. From the answers you’ve received from the surveys you’ve sent, put that into data so you can have a visual view of how the whole project went. A good tool will allow you to design a survey and allow you to extract data right away it in whatever format you wish to export that into for your convenience.
There you have it, some tips and tricks on how to measure ROI for projects you’ve sponsored. Waste no more time on spending your budget on things that won’t bring any return to your brand and start spending the budget on things that will bring you a good return on investment.