(GumGum Sports is a proud partner of Front Office Sports)
Fans are exposed to hundreds of different brands every time they watch a game on television or in person. Brands are willing to invest thousands or, in some cases, millions of dollars in order to make sure that they stand out. But with that kind of money on the line, brands can’t afford to run an ineffective campaign.
In GumGum Sports’ latest report, titled “Deals To Dollars: The Brand Guide To Optimizing Sponsorship Performance,” marketers can take away several important tips and insights to make sure their sponsorships are as effective as possible.
Below are a few examples:
- Understand What Media Value Really Means
GumGum defines Sponsor Media Value (SMV) as what it would have cost a brand to run the same amount and quality of exposures in a broadcast commercial or social media campaign when compared to a sponsorship campaign. This can be determined by monitoring media platforms, determining the financial cost of a campaign, and then determining the exposure quality.
- Get The Most Value Throughout The Entire Campaign
This is done by leveraging performance data to create the most effective strategy possible. Some brands do this by choosing properties and assets with the highest potential for success, using benchmarking data from comparable assets to set suitable campaign KPIs with partners, and optimizing athlete and influencer strategies with that same data.
- Be Ready And Willing To Make Adjustments
With today’s technology, brands have direct access to data that allows them to optimize sponsorship creative input, assess the value of campaigns, and make adjustments in real-time to increase sponsorship effectiveness. Brands are able to make adjustments throughout the season if a particular strategy isn’t working initially.
There is no doubt that brands will continue to align their marketing strategies with sports. Furthermore, improved technology will continue to enable marketers to directly evaluate the performance of their sponsorships.
To get the most out of your strategy and turn insights into action, download The Brand Guide to Optimizing Sponsorship Performance.