Creating Value: Best Practices for Developing New Sponsorship Inventory
Hello, Stephen Nagrant here, and today we're diving into an essential aspect of sports marketing and sponsorship – developing new inventory, crafting a cost strategy, and conducting performance analysis. These components are crucial in optimizing returns from sponsorship deals and ensuring the growth and sustainability of your sports property.
Developing New Inventory
Inventory in sports sponsorship refers to the assets a property can offer potential sponsors. This could include naming rights, logo placements, on-site activations, digital marketing opportunities, and exclusive experiences.
When developing new inventory, consider the following:
1. Understand Your Audience: Create an inventory that resonates with your audience. Understand their interests, behaviors, and preferences to design engaging sponsorship opportunities.
2. Innovation and Creativity: Stand out from the crowd by offering unique and innovative inventory. This could include virtual or augmented reality experiences, interactive fan content, or integration with popular social media platforms.
3. Customizability: Provide opportunities for sponsors to customize their activations to align with their brand image and marketing objectives.
Crafting a Cost Strategy
The cost strategy refers to how you price your sponsorship inventory. Here are some strategies to consider:
1. Market Research: Understand the market rates for similar sponsorship opportunities to ensure competitive pricing.
2. Value-based Pricing: Instead of simply factoring in costs, consider the value the sponsorship opportunity can deliver to the sponsor. This could include brand exposure, customer engagement, or potential sales opportunities.
3. Flexible Pricing: Offer flexible pricing options, such as tiered packages or discounts for long-term deals, to attract a broader range of sponsors.
Performance Analysis
Performance analysis is crucial in understanding the effectiveness of sponsorship activations and providing value to sponsors. Here are some tips:
1. Set Clear KPIs: Before the sponsorship begins, set clear key performance indicators (KPIs) aligned with the sponsor's objectives.
2. Use the Right Tools: Utilize analytics tools to track and measure performance. This could include social media analytics, web traffic analytics, or specialized sponsorship measurement tools.
3. Regular Reporting: Provide regular reports to sponsors showing the performance of their sponsorship activations. This transparency builds trust and can lead to more long-term partnerships.
Summary
In conclusion, developing new inventory, crafting a cost strategy, and conducting performance analysis is crucial in maximizing the value of your sports sponsorship deals. By implementing these best practices, you can ensure that your sports property remains attractive to sponsors and delivers a strong return on investment.