Where should you spend your marketing dollars? Does one sponsorship opportunity provide a better return then another?
Sponsoring an event, concert tour or sports properties isn’t as simple as picking your favorite group or team. It is a strategic business decision based on evidence of an expected return on investment. Loving your sports team might be what pushes you into a sponsorship deal, but you’ll want to do your homework to make sure that you will see the benefits of the sponsorship.
When you’re considering sponsorships, there are metrics you measure to determine your ROI
- Media Exposure Value
- Social Media Reach
- Brand Awareness
- Customer Interaction
- Level of Engagement
- Relevance to the Brand
- Lead Generation / Sales
- Cost of Customer Acquisition
I use a sponsorship grid or scorecard. It lists out these areas and a handful of custom criteria areas based on the brand and the sponsorship offering. The opportunities are set to the criteria and weighted based on goals and objectives. The opportunities that rate higher against the criteria are the ones selected.
While consumer purchases are often emotion, marketing decisions should be made based on math!
If you would like help in creating your scorecard, contact Marketing Operations Group at sheila@marketingopsgroup.com.
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