I’d like to start this post by posing a question: Would you invest your personal savings and retirement funds without a plan or advice? The answer is probably no. Well I hope it’s no and the same should go for sponsorship. Sponsorship is a financial investment not just a tool and the following five tips will help you maximize the value of your sponsorship arrangements:
1) Fund your investment. There is no point paying to get in the door of a stadium or entrance to an event if you don’t bring your brand to life once you are there. Sponsorship is not just about paying to play. It requires incremental funds to activate. How much? Well, the most successful sponsors will invest activation funds that are two to three times the cost of entry.
2) Plan, plan, plan. This concept is not new in the world of marketing and it shouldn’t be overlooked when it comes to sponsorship. Clearly define your objectives.
3) Collaborate in partnership. Sponsorship should be embraced and optimized by an organization in its entirety. Take advantage of its ability to serve a wide range of business needs and work together with the sponsor property to forge a partnership that builds a strategic alliance between your entities. The opportunities to develop strategic solutions to support one another’s needs are endless.
4) Resource up. In addition to securing funding for activation, partnerships require time, thought and expertise. Don’t manage a significant partnership investment from the corner of your desk.
5) Measure, refine and evaluate. Again, this is not a new concept. Always refer back to your objectives and make sure that you have the appropriate metrics in place to evaluate the success of programs and initiatives.
When it comes to personal investing, I like to seek advice from experts and build a plan accordingly. I am a huge fan of the Globe and Mail’s finance columnist Rob Carrick. I seek out Rob’s column each weekend and follow him on Facebook and through his blog. Rob shares his financial investment knowledge in a personable and friendly manner. In a similar fashion, this blog will deliver personable, friendly advice from the world of sponsorship.