My car’s odometer recently passed 150,000 miles. I am well aware that regular checkups and preventative maintenance are essential to maximizing my vehicle’s potential.
Similarly, brands of all size need to regularly monitor and perform checkups on their sports and entertainment sponsorship portfolios to make sure their strategies are properly aligned with their changing objectives.
How does one effectively monitor and perform a sponsorship portfolio checkup? Based on our experience and best practices, here are a few tips:
Review and Analyze.
- Firstly, review the objectives and strategies that were used when sponsorship decisions were made. Analyze if the portfolio is still a good fit and working toward those objectives. Ask yourself if the objectives and strategies remain the same today or if they have evolved due to a change in competition and/or consumer behavior.
- Secondly, when reviewing the sponsorship portfolio, be as efficient as possible. Eliminate wasteful spending on sponsorships that aren’t focused on target audience or similar sponsorships that have audience overlap. Make sure sponsorships are diversified enough to obtain maximum exposure for minimum investment. Regularly modifying the portfolio to better align with the brand’s core values and objectives will provide the best ROI.
Research the Current Landscape.
- Moreover, the current landscape is continually evolving with new or improved platforms to engage the target audience. Work with experts who are adept at the current trends to help showcase your brand in authentic and unexpected ways.
- In addition, there are sometimes internal changes that impact the sponsorship portfolio’s success. Understanding that leadership shifts and reorganization can dramatically affect the sponsorship portfolio’s outcome is an important part of the regular checkup process. Internal changes can greatly diminish the ability to properly achieve measurable business results. Even a good sponsorship strategy will not be successful without well-executed activation.
I know it can be difficult to schedule the preventative visit to the mechanic. Monitoring your vehicle and performing regular checkups will keep it running smoothly until you’re ready to trade it in for a newer model. Likewise, provide your sponsorship portfolio the attention it deserves and have a professional regularly take a look under the hood.
Check out our previous Blog Posts to learn more on topics/tips surrounding sponsorship portfolio checkup. Contact Us for specific content questions.