Improving sponsor retention is crucial for maintaining strong partnerships and maximizing their value. Data-driven strategies that rely heavily on analytics can enhance a promoter’s ability to do just that. At the heart of it all are sponsorship analytics tools.
KORE is the leading provider of sports and entertainment data intelligence. Their data and analytics tools could be just what your organization needs to improve sponsor retention. You might want to check out their website. In the meantime, here are some things your organization can begin doing right away:
1. Define Clear Objectives and Metrics
It is a mistake to dive into sports data analytics without first figuring out what you want to accomplish. Therefore, the first step is to define some clear objectives and the metrics you will rely on to demonstrate whether those objectives are being met.
Look at key performance indicators (KPIs) that are closely aligned with each sponsor’s objectives. Look at things like customer engagement, ROI, brand awareness, and reach. Above all, be choosy about your metrics. Concentrate on the ones that most accurately reflect the relationship between sponsors and your objectives for each one.
2. Establish Data Sources and Strategies
Just like not all metrics are worth chasing, organizations need to be incredibly careful about data sources. You want to collect comprehensive data from as many relevant sources as necessary to get a holistic view of sponsorship performance. But vet your sources.
Some of the sources KORE recommends include:
- Fan surveys and polls.
- Social media channels.
- Event registration data.
- Web analytics.
You are going to use your sources to glean important information about everything from revenue generation to audience engagement to brand visibility and strength. So it’s important to ensure that your sources are relevant and trustworthy.
3. Analyze Data for Real Meaning
Gathering data is just the start of improving sponsorship retention. The data needs to be transformed into meaningful information you can act on. Here is where sponsorship analytics tools earn their keep.
Employ qualitative analytical strategies to better understand sponsor opinion and experience. Look at potential trends, patterns, and areas of improvement that could help you meet sponsor needs more effectively. All the data and its subsequent analytics should lead your organization to better sponsorship offerings.
4. Customize Sponsorship Opportunities
One of the big keys to retention, in any industry, is making the customer feel special. It applies as much to sponsorship management as any other industry. So with data collected, analyzed, and transformed into actionable information, use it to customize your sponsorship opportunities.
Customize offerings based on each sponsor’s goals and priorities. Offer things like tiered options, multiple brand exposure opportunities, and technology-specific strategies. Developing a customized package for each sponsor makes it difficult for sponsors to go elsewhere for an off-the-shelf solution.
5. Keep the Lines of Communication Open
Finally, data and sponsorship analytics tools only go so far. As such, there is one fundamental principle that provides cohesion among the previous four points: clear communication. It is imperative that organizations and their sponsors keep the lines of communication open and available.
Sponsors need to be kept up to date on their performance. Promoters should excel in their reporting capabilities. And between them there should be a constant flow of information back and forth. The more freely that information flows, the easier sponsor retention becomes.
Retention isn’t always a straightforward thing in sports and entertainment sponsorships. Sponsors are easily discouraged when they don’t see things happening according to their expectations. But with the right data and analytics, even the most skittish sponsors can be brought and kept on board.
