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Sponsorship in Tough Economic Times 101 – for Sponsors
For brands, sponsorship spending is certainly not immune to the corporate belt-tightening that accompanies depressed economic times. Given the decreased budgets available, does that mean that sponsorship still has a role to play for companies and brands?
Absolutely, and without hesitation, yes it does.
This is certainly not the first blog written on the topic – nor will it be the last – but here’s my brief take on ‘Sponsorship in Tough Economic Times 101′ for sponsors:
1. Do some sponsorship housekeeping:
- Do your key partnerships still align with your brand and corporate values?
- Do your sponsorships still enable you to (through smart leveraging) to achieve specific measurable business objectives related to brand, sales, or employee engagement?
2. Assess value to save money
- Determine accurate value of sponsorship tangible and intangible benefits
- Negotiate or/renegotiate your partnerships to align with valuation (properties will be more willing to negotiate to keep sponsors during tough times as well
3. Revisit activation tactics and ROI metrics
- Consumer needs and behaviors change. So instead of relying on the same old activation tactics, it may be worth taking a look at some new strategies and ideas. There are some cool new trends out there that don’t cost a fortune.accurate value of sponsorship tangible and intangible benefits
- ROI-driven activation. Aiming for a positive return on your sponsorship investment shouldn’t be new to you, but your business objectives may have shifted over the years. Take control of your sponsorships to ensure that they support your business in the right areas. Oh, and be sure to include metrics when developing the activation plan so that you can measure results.
4. Dial in your sponsorship strategy
- With so much going on in your ‘regular job’ (most people don’t have the luxury of being able to focus solely on sponsorship), keeping regular tabs on your corporate sponsorship strategy may be difficult. Take some time to revisit, and hire an expert if you need another perspective.
- Sponsorship can be applied in different areas of business to drive results. Taking a focused look at your sponsorship strategy alongside your business plan may enable you to rejuvenate existing corporate programs.
Sponsorship remains a valuable tool in every smart marketer’s toolbox but only if it is used properly and efficiently.
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