What Are the Goals of Sponsorship?
The answer to this question is not as complex as it may sound. The goal of any sponsorship is to generate revenue. This is true whether your property is a non-profit, a not-for-profit, or a regular for-profit organization. But as the old saying goes, “The devil is in the details.” The ways we go about generating revenue determine our strategic sponsorship goals.
In this article, we’ll discuss goals and tips that will enable you to reach your revenue objectives.
Setting Clear Sponsorship Objectives
Clear sponsorship objectives ensure that all activities align with a brand’s strategic priorities. Clear and concise goals enable measurement of sponsorship success and maximize sponsorship benefits. Take Red Bull, for example. Red Bull’s sponsorship of extreme sports events focuses on building brand image and connecting with a young, adventurous target audience. By defining these specific goals, Red Bull tailors its activations to resonate with its target market.
Establishing goals also facilitates better communication with stakeholders and aligns and synergizes your team’s efforts toward achieving the same objectives. Clarity allows for more targeted and impactful sponsorship strategies, driving meaningful results and fostering long-term partnerships. Clear sponsorship goals are vital for realizing the full potential of any sponsorship investment.
Understanding Sponsorship Objectives
Sponsorship goals and objectives guide a brand’s sponsorship activities and investments. Key sponsorship goals include:
- Increase brand awareness
- Improve brand image and market position
- Enhance audience engagement
- Establish desired market position
- Support corporate social responsibility (CSR)
- Generate sales leads
- Create networking opportunities
As you set sponsorship objectives, make sure that each sponsorship in your portfolio aligns with the overall brand strategy and benefits all parties. For example, a goal like audience engagement might focus on interactive activations that foster a deeper connection with the target market. Clear goals help measure success, optimize strategies, and achieve meaningful results.
Brand Awareness
Sponsorship increases brand awareness by placing your brand in front of targeted, engaged audiences. For instance, Emirates’ sponsorship of the Arsenal Football Club helps Emirates reach football fans worldwide. The brand’s reach aligns with its sponsorship goal to enhance global visibility and connect with passionate sports audiences. By including partnerships like Arsenal in its sponsorship portfolio, Emirates builds brand recognition and loyalty.
Audience Engagement
Audience engagement activities foster direct interaction with potential and existing customers, creating memorable experiences and personal connections. Under Armour’s partnership with NBA star Stephen Curry includes interactive events like basketball clinics and social media challenges.
These audience engagement activities align with Under Armour’s sponsorship goals to deepen customer relationships and enhance brand loyalty. By incorporating audience engagement events into its sponsorship portfolio, Under Armour achieves sponsorship benefits, including increased customer affinity and brand advocacy. Clear sponsorship objectives strategically focus and drive meaningful and lasting connections with audiences.
Market Positioning
Sponsorship can position a brand as a leader or innovator in its industry by associating it with cutting-edge events and influential figures. A good example is Intel. Intel’s sponsorship of the International Consumer Electronics Show (CES) showcases its commitment to technological advancement. It supports Intel’s goal of highlighting tech innovation and leadership.
By including CES in its sponsorship portfolio, Intel reaps sponsorship benefits, including enhanced credibility and industry recognition. Clear sponsorship objectives ensure these efforts strategically promote Intel’s image as a trailblazer and reinforce the company’s market position as a leader in technology.
Corporate Social Responsibility (CSR)
Sponsorships can support community initiatives and enhance a company’s CSR profile by associating the brand with positive social efforts. Take TOM’S of Maine. TOM’S manufactures natural personal care products. Its sponsorship of local community events and social programs aligns with its sponsorship goals to promote social responsibility and community support.
These activities, part of TOMS’ sponsorship portfolio, provide sponsorship benefits such as increased goodwill and strengthened community ties. By setting clear sponsorship objectives focused on CSR, TOM’S boosts its brand image and contributes meaningfully to societal well-being.
Lead Generation
Lead generation is a key sponsorship goal that enables brands to connect with potential customers. A good example is Salesforce’s sponsorship of the Dreamforce annual user conference. Sponsoring the conference aligns with Salesforce’s objective to attract and engage business leaders and decision-makers.
This event, part of Salesforce’s sponsorship portfolio, offers significant sponsorship benefits by generating high-quality leads and fostering direct interactions with potential clients. Clear brand sponsorship objectives guide Salesforce’s efforts, boosting sales and expanding the company’s customer base.
Networking Opportunities
Networking opportunities facilitate connections with industry leaders and potential partners. For example, IBM’s sponsorship of the Cannes Lions International Festival of Creativity aligns with its sponsorship objectives. This event provides an opportunity to engage with top creatives and tech innovators and offers significant sponsorship benefits such as fostering relationships, exchanging ideas, and exploring collaborations. Strategic and impactful networking efforts are made possible by clearly defining sponsorship objectives.
Managing a Sponsorship Portfolio
Managing a sponsorship portfolio is essential to align a brand’s strategic goals and deliver maximum value. Best practices include setting clear sponsorship goals and objectives, regularly evaluating sponsorships, and maintaining open communication with partners.
General Electric (GE) manages a diverse sponsorship portfolio that includes sports, technology, and community events, all aligned with its brand sponsorship objectives of innovation and community engagement.
Here are a few tips that will help you manage your sponsorship portfolio:
- Start by clearly defining your sponsorship objectives.
- Next, categorize and prioritize sponsorship opportunities based on their potential to meet objectives.
- Regularly review and analyze the performance of each sponsorship using metrics and feedback to assess impact and ROI.
- Maintain a flexible approach to adjust strategies as needed based on performance data.
Effective management of a sponsorship portfolio will foster strong relationships with partners. Regular check-ins and collaborative planning sessions encourage alignment and cooperation. Each partnership in your portfolio should contribute positively to your overall brand strategy and goals.
Measure Sponsorship Success
You should measure several key metrics to help you track your sponsorship goals and objectives. These include many of the goals we’ve discussed, plus a few more.
- Brand awareness
- Audience engagement
- Lead generation
- ROI
- Media exposure
- Sales impact
- Customer feedback
- Website traffic
- Activation success
Tools like Google Analytics, social media analytics, and customer surveys can track performance. Google Analytics can measure web traffic and conversions driven by sponsorships. Social media analytics can assess engagement and reach. Customer surveys provide direct feedback on brand perception and the effectiveness of activations.
Pre- and post-event analysis will provide insights into how your sponsorships are performing. A regular review of key metrics will identify areas for improvement. Ongoing measurement and evaluation empower you to make informed decisions that enhance the value and impact of your sponsorship portfolio.
Benefits of Using SponsorCX
SponsorCX can help streamline the goal-setting process. It will help you align sponsorship goals and objectives with overall brand objectives. Its sponsorship management platform provides tools to track performance, measure ROI, and optimize sponsorship benefits.
With SponsorCX as your partner, you can optimize efforts to meet your sponsorship goals and take the guesswork out of decision-making. SponsorCX will help you maximize the value of your sponsorship investments.
The Bottom Line
In conclusion, setting clear sponsorship goals and objectives will help you get the most from your sponsorship portfolio. By aligning sponsorships with your brand objectives, tracking performance, and leveraging tools like SponsorCX, you can optimize sponsorship benefits and achieve impactful, strategic outcomes for your brand.
