Sponsorships are an integral part of sports marketing in the 2020s. As sponsorships go, so do teams, leagues, and promoters. Therefore, measuring sponsorship success is non-negotiable. But how is that success measured? Through data and its accompanying analytics tools.
Data and analytics are at the heart of everything New York-based KORE Software does. The company combines industry-leading sponsorship management software with data harvesting and business intelligence to help organizations maximize sponsorships in sports.
KORE recognizes that data is the engine that drives analytics. They are quick to remind clients that sponsorship analytics tools make measuring sponsorship success easier. But data and analytics tools are just that: they are tools. How the tools are used matters.
Determining Key Performance Indicators
At the heart of maximizing sponsorship analytics tools are the key performance indicators (KPIs) an organization chooses to look at. In sports marketing, common KPIs include things like:
- Brand awareness – Fan brand recognition after sponsorship activities.
- Engagement – The level of interaction between the brand and the audience.
- Impressions – The number of times a sponsorship is viewed.
- Media value – The equivalent value of exposure.
Return on investment (ROI) is the bottom line KPI that many organizations rely on. In terms of marketing, ROI refers to the return generated relative to the cost of the sponsorship.
Choosing Measurement Strategies
Once KPIs have been determined, it is time to choose the measurement strategies. This is done on a case-by-case basis. Therefore, not every sponsorship is going to be measured the same way. It’s important that organizations set clear objectives that include a series of specific, measurable goals. There should be goals for both measuring success and sponsorship achievement.
It’s also critical that organizations:
- Choose metrics that are aligned with objectives.
- Regularly monitor, track, and analyze data.
- Benchmark performance against industry standards and competitors.
- Take a holistic approach to applying data to sponsorship effectiveness.
The metrics an organization chooses are especially critical given the fact that it’s easy to chase meaningless metrics. Metrics that are not directly related to sponsorship objectives can and should be ignored.
Opt for Advanced Analytics Tools
Sponsorship analytics tools, and even sponsorship management software to some degree, are not as effective as they could be if they still rely exclusively on legacy technologies. To compete in today’s sports marketing environment, organizations need more advanced analytics tools.
For example, AI and machine learning are transforming how sponsorship management software produces data and analytics. Both facilitate deeper insights; both can be leveraged for predictive analytics that keeps sponsors ahead of the game.
Organizations would do well to opt for tools that provide real-time analytics. These are tools that continually monitor sponsorship effectiveness to give organizations a 360-degree view. KORE Software does exactly that. Better yet, it’s a fully integrated platform that offers a comprehensive view of all sponsorship investments and rights.
Don’t Ignore Emerging Trends
In the drive to measure sponsorship success, don’t get so wrapped up in metrics and analytics tools that you forget emerging trends. Embracing emerging trends is how an organization stays ahead of the game. Here are three trends to pay attention to:
- Big data integration that combines data from multiple sources.
- Real-time optimization that allows for immediate adjustments.
- Social media analytics that measure the impact of social engagement.
Thanks to sponsorship management software and advanced sponsorship analytics tools, it’s easier than ever before to measure the success of the sponsorships that make sports and entertainment the industry it is. Now you know how to measure your sponsorships. It’s time to go do it. Consider contacting KORE to learn more about how they do things.
