Sponsorships offer many brands a high-profile way to advertise to a large audience, but at an equally large cost. Many marketers struggle to prove the impact of their sponsorship strategy–and rightly so, as these types of investments can typically only be measured by reaches, clicks and views–none of which correlate to a brand’s revenue.
Cue 2020, when sponsorship opportunities were hit with yet another curveball: The pandemic’s infection rates and restriction of in-person spectators, resulting in decreased ratings that only continue to decline. While sponsorships can offer brands a unique and appealing way to reach consumers, how are you measuring the financial impact they’re creating for your brand?
It’s time to re-evaluate your sponsorship marketing strategy and align your investment decisions around what tactics will drive profit and future growth.