How can you use data to get the most of your sponsorships?
When it comes to sponsorships, sponsors always try to find the perfect partner (sports team, event, etc.) who share the company’s values and the same audience in order to get the most of this relationship.
But how can marketers know if they are making smart partnerships? Can data help to strengthen partnerships?
Actually data are key when a company has to make decisions, for example when it has to think about its strategy or decide the type of event to sponsor. Usually, decisions are based on a feeling or cool factor. However, it’s not always as easy! In some cases, data can prevent organisations from missing opportunities. Football, for instance, is thought of as a male sport but in the US, in reality 47% of National Football League viewers are women. Indeed, CoverGirl, an American cosmetics brand, took advantage of this situation and now it is seen as the top makeup brand among NFL viewers.
Nonetheless, helping to make decisions is not the only role of data. The association of National Advertisers found out that only 35% of marketers measure the impact and effectiveness of their sponsorship activities and 80% of them reported that the need to measure sponsorship ROI has increased during the last two years. Thanks to these results we know that companies are investing more and more money in sponsorships but they don’t really use data for optimizing their investments.
Since having data and persons aligned is becoming harder, marketing teams use traditional methods for measuring metrics and for understanding if the investment is worth it. Even if several companies are promoting new ways of using and collecting data through email, social media and gated wi-fi – Indiana Pacers team, for example, is collecting data and is able to show changes in audience affinity over time – sponsors still have difficulties for measuring ROI due to the lack of centralisation of their data. And at Optimy, we particularly know this challenge as before buying our software, our customers didn’t have any central tool to manage their sponsorships from the selection of projects to reporting and the assessment of their performance.
In short, data is key to help you to make decisions and to report. Don’t underestimate their value!
To learn more:
Brands: How to Score with Sports Sponsorships
The Perfect Match: How to Best Evaluate Third-Party Event Sponsorships
The Science Behind Sports Sponsorships