Sponsorship analytics can be leveraged to maximize brand exposure within the sports and entertainment fields. But as with anything involving data, the key to success is how data is utilized. Aggregating data for its own sake does very little to maximize brand exposure. It needs to be acted upon in a way that helps organizations connect with fans.
According to KORE, a sports marketing software and data intelligence company, most BI teams spent up to 80% of their time aggregating and normalizing data. That leaves only 20% to actually analyze the data they have collected. KORE maintains that it should be the other way around.
It Starts With Data Collection
It is true that BI teams should flit the 80-20 ratio KORE speaks about. But that does not mean ignoring data collection. Leveraging sponsorship analytics starts with collecting the right data in sufficient volume. In fact, the foundation of effective analytics is gathering comprehensive data.
Brand visibility should be tracked across multiple channels covering everything from social media to digital platforms. Engagement metrics should also be monitored. These include things like impressions, interactions, and reach. Tie everything together with demographic information that points to the most coveted target audiences.
Add Real Time Performance Tracking
Next, leveraging sponsorship analytics requires adding in real-time performance tracking. A good sponsorship analytics software platform facilitates sponsors monitoring their performance on a moment-by-moment basis.
Sponsors should have access to customizable dashboards highlighting key performance indicators as events take place. They should be able to identify trends and patterns of audience engagement. All feedback gathered during an event can be leveraged to make agile adjustments to sponsorship strategies.
Target Audiences Better
Data gathered before and during events plays a crucial role in segmenting audiences. Why engage in audience segmentation? Because it allows for more precise targeting. The right data can identify specific fan segments that are most likely to respond to sponsor messages.
Content can also be tailored and optimized based on audience preferences and behaviors. Activations should likewise be tailored to different groups based on data. It is all about getting the right message to the right segment for each and every event.
At this point it’s important to stop and consider how all of this affects brand exposure. Simply put, getting a message in front of people who have no interest in it is not going to solidify a sponsor’s brand. Targeting audience segments the data shows are likely to respond positively is the better way to go.
Don’t Forget to Benchmark
Maximizing brand exposure needs to be quantifiable in order to know whether or not goals are being achieved. Benchmarking is the best way to do it. Furthermore, analytics provide the data and insights needed to better understand the broader sponsorship landscape.
Performance should be benchmarked against industry standards and best practices. However, organizations should also be comparing their own performance with similar organizations in the same industry. The best benchmarks are achieved by combining industry standards with competitor performance.
With benchmarking comes opportunities to identify untapped markets for sponsorship messaging. That opens more opportunities to develop new audience segments.
Don’t Just Aggregate, Analyze and Act
The bottom line here is that data for its own sake is worthless. Any organization going through the trouble of utilizing sponsorship analytics should make a point of emphasizing actionable analytics over mere data aggregation.
Do not just aggregate, analyze data and act on it. KORE Software might be able to help. Their platform excels in sponsorship analytics that can be combined with the company’s data intelligence to maximize brand exposure and performance.
