What makes a successful sponsorship
When talking about what makes a successful sponsorship, we have to first define what successful mean to us in our own terms. This way, we can then go about deciding whether the sponsorship was successful or not. When it comes to sponsorship, usually being successful can be defined by whether the result of the sponsorship activity has met your requirement and the original purpose of the objective.
The purpose of having an objective in first place is to identify what exactly you want within this sponsorship activity which has given you the reasons to spend money on the sponsorship. After discovering what the purpose is, you will be able to identify whether or not the sponsorship was successful.
Here are a few points to help you identify whether or not your sponsorship activity was successful.
When choosing to sponsor a project, of course the benefits applies to both you and the party that you are sponsoring, however as you are the party that will be spending money in order to get access to the project’s audience, is the consumer demographic right for you? Is it worth the amount you have agreed to sponsor for? If the demographic of the consumer has met your objectives and criteria then you can consider the sponsorship successful but every sponsorship criteria is different therefore each has to judged individually.
AFTER SPONSORSHIP CONSUMER ENGAGEMENT
The point above will also be relevant to this point. If the sponsorship has the demographic you’ve been aiming for, how is your after sponsorship engagement with that certain demographic? Is the sponsorship a good investment based on your objective that you’ve been meaning to meet through the sponsorship?
MEETING AN OBJECTIVE
As mentioned in the introduction of this article, the purpose of having an objective gives you the purpose of why you should be sponsoring in first place. Whether the sponsorship activity was successful or not depends on what you have set as your objective and if the result of the sponsorship has met the objectives or close to what you expected. A lot of money is spent on sponsorship along side organising many other things that will make the sponsorship activity work. Nobody else but you can decide whether it has been successful or not. Sponsorship activities work best when there is something to focus on and the goal is measurable.
Were you able to measure the result of every single objective you have? No matter how successful you think the sponsorship may be, if you were unable to measure the results of the objectives then you cannot tell whether or not a certain objective was successful which means, overall, you will not be able to tell how successful the sponsorship has been which will not give you the idea whether or not you can sponsor this again in the future.
Sponsoring isn’t just about the one time event itself but it is about what you make your consumers see in you. Have you added value to them by making them remember you by something you did within the sponsorship. Did you go above and beyond just placing your logo everywhere?
There you have it, few points to help you measure whether or not your sponsorship activity was successful. For more articles like this, don’t forget to subscribe to our newsletter so you’ll never miss any updates!
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