Sponsorship has been an important part of sports and entertainment for decades. The combination is a win-win in that sponsors have the ability to reach large audiences while teams and promoters enjoy a solid stream of revenue. But in the digital era, the most successful sponsorship strategies are driven by data.
Here is another way to say it: data-driven sponsorship management drives ROI in sports and entertainment. If you market sports or entertainment in any way, shape, or form, the value of your sponsorships will be directly related to the data you rely on to secure them.
KORE specializes in data-driven strategies. Through their platform, organizations can:
- Sell more sponsorships.
- Negotiates smarter agreements.
- Create organizational alignment.
- Streamline workflow.
KORE is just one of a number of technology companies servicing the sports and entertainment industry. They are a trusted voice, so it is worth understanding why they are convinced of the importance of data-driven sponsorship strategies.
Data Improves Targeting
Data’s primary role in driving sponsorship strategies is providing deeper insights into both sponsor activities and fan behaviors. The writing data offers a deep dive that allows for improved targeting and better personalization.
With the right data, sports and entertainment organizations can zero in on the most lucrative partnerships that benefit their bottom lines as well as helping sponsors maximize exposure and fan engagement. Targeting the right sponsors and fans leads to good things happening.
Data Powers Performance Tracking
Sponsors are very much interested in making sure they are spending wisely. And rightly so. They rely on data to tell them whether they have engaged with fans. They look at data to better understand whether their sponsorships are solidifying their brands.
Sponsors also want data presented in a usable format. They want to see customizable dashboards and reports that facilitate better decision making based on performance data. They need and want data that is relevant, current, and actionable.
Data Enhances Value Proposition
In sports and entertainment, data capabilities have become a key differentiator for rights holders. Brands expect sponsorship partnerships that align to their business strategies. Meanwhile, rights holders rely heavily on data to ensure they are meeting sponsor needs.
When sponsors and rights holders both get what they want, everyone wins. Data driven sponsorship strategies are designed to ensure that kind of success. Thus, the value proposition for both sponsor and rights holder is enhanced.
Data Optimizes Future Opportunities
Finally, data driven sponsorship strategies optimize future opportunities. Not only that, but optimization is also continual as data is collected, analyzed, and acted upon. Solid strategies facilitate:
- Identifying the assets and actions that drive the most value.
- Refining messaging based on performance data.
- Allocating budgetary resources more effectively across all sponsorships.
Underscoring all of this is leveraging data throughout the entire sponsorship life cycle. From day one to the very end of a sponsorship deal, data informs decisions. It offers insights, identifies winning propositions, reveals areas of improvement, and charts a path moving forward.
Data Worth Every Penny
Placing a value on marketing tools is challenging, at best. Most marketing tools cannot be clearly defined in a straight dollars and cents way. Nonetheless, the right data is worth every penny an organization spends to obtain, analyze, and leverage it.
In sports and entertainment, sponsorships are everything. They are the bridge between provider and consumer. How a sports team or entertainment venue leverages its sponsorships ultimately determines the organization’s long-term viability. That being the case, attempting to manage sponsorships devoid of data isn’t wise.
Is data driving your ROI? If not, contact KORE to learn about their services.
