Updated: Oct 17, 2018
Driving substantial increases in sponsorship revenue is not an easy feat in the dynamic world of sports. According to IEG, sponsorship spending is estimated to increase 4.7% in 2016, topping $60.2 billion.
Whether your goal is to secure new partners or to up-sell existing ones, outlined below are crucial tools for any successful sponsorship deal:
Prospect Management: Do you have a process for sponsorship that includes training, research and sales tools? Do you have the right people who can create and management partnerships? Having the right professionals, tools and research to support the sales effort is critical.
Value: An accurate valuation of your potential partner removes risk and can shorten the overall sales cycle. Doing research and educating yourself will help you demonstrate to your prospect the value and opportunity of the proposed partnership. Sponsorship platforms can take many forms, but those with the highest value build engagement will result in increased revenue for the sponsor.
Technology: Technology is continuously evolving, which means we no longer need to choose between media buys that offer limited scale. Finding sponsors who can leverage the partnership across mobile, online videos, social media, etc. can create richer experiences for your fans, and will help your partnership stand out in the crowd.
Integrated Marketing Solutions: If I had a dollar for every time a prospect, sponsor or client state’s "Give me something different and unique" I would be on an exotic island right now, not writing this article. Being creative, and offering integrated solutions to your sponsor will give you a competitive advantage. Some of these solutions will include:
Exclusive and desirable content
Fan experience enhancements
Integration across many platforms
Purpose: Can you identify the purpose of your partnership? Purpose is extremely important to sponsors, especially since research shows it’s a significant driver of shareholder value. Knowing the purpose of your sponsorship offer will be a key factor in revenue increases.
By incorporating these components into your sponsorship sales efforts, you will see an increase in closing rate as well as sustainable increase in sponsorship spend. As the late great Maya Angelou said, ”People will forget what you said, people will forget what you did, but people will never forget how you made them feel.”
About the Author Jennifer’s client portfolio consists of corporate organizations, professional sports teams and pro athletes. She aggressively seeks influential and lucrative opportunities for her clients to ensure that their brand not only remains relevant, but continues to grow, thrive, and influence.
Jennifer Mamajek, SportsLink Marketing