The big problem with sponsorship measurement is that it’s difficult to see all sides of your activation with true clarity. Thus, measurement has historically been one-dimensional: either biased, inadequate or both.
Bias comes into play with time-consuming and expensive polling and surveys; inadequacy comes into play with human error manipulating tedious sponsorship measurement spreadsheets (does this sound familiar? If so, you’re not alone).
But, there’s a better way to review the success of a sponsorship to gain much better transparency – and, it does not have to cost a lot of money, take a lot of time nor rely on Excel spreadsheets.
Three dimensional sponsorship measurement
There are 3 sides to judging the efficacy of a sponsorship (and, in fact, any marketing campaign) and being aware of them will make or break your activation:
1) How you perceive your sponsorships – Subjective responses from you and your team; usually biased, not surprisingly
2) How others perceive your sponsorships – Subjective responses from surveying and polling attendees; survey bias
3) How they are really perceived – Objective responses from consumers; outcomes that are quantified
How you and others perceive an activation can be important, but your CMO and CFO want quantifiable feedback that is rooted in real data, just like the quantification and reporting they get from your company’s digital and TV ad spending!
One of the ways to move beyond expensive and time-consuming polling is to track the efficacy of the social media data surrounding your sponsorship. This can be done quickly, inexpensively and in an automated way. Some of the key items to look for include:
- Brand/product lift pre-, during and post-activation: did your key performance indicators move up or down during the time period you measured? And, so what? How will this dictate your tactics for future activations?
- Share of voice with other sponsors during the activation: Did your activation resonate with the attendees/fans or was your voice drowned out by a savvier sponsor?
- Share of voice vs. your competitors: If your competitors sponsored the event, which of you got the most awareness and consideration?
- Purchase intent: Are you tracking your activations to Lead Gen? If so, is it reliable?
Ultimately, efficacy is what matters when measuring the value of a sponsorship activation. And, you’ll be a hero if you can provide this data to management on time and on budget.
We’ll be discussing this topic during our upcoming webinar on Tuesday, November 12th. Please send me an email if you’d like to attend: firstname.lastname@example.org