THOUGHT FOR THE DAY

Success

“In order to reach your ultimate success, you first must be able to celebrate the success of others” - Lacey Byrd

TOPIC OF THE DAY

Six Steps to Successful Sponsorships

1.Clearly define your objectives. Determine which of your current goals or strategies the sponsorship can help achieve, versus creating new ones.

2.Identify your equity opportunity. Find the space you can actually "own" and what you can achieve with it.

3.Assess your partner's equity fit. There's nothing worse than partnering with a property that doesn't align with your current brand or where you want to take it. Make sure your partner will enable you to reach a key target and reinforce — or define — what you stand for.

4.Value what you bring to the table. Every successful sponsorship also helps the promotional partner. Jay-Z's Facebook page increased by one million fans during Bing's promotional period, which helped his book reach #2 on The New York Times best seller list the week after launch. Use the value you bring to the table to negotiate opportunities; otherwise, you may overpay.

5.Look for ways to activate the sponsorship across all relevant channels. By understanding all of the ways your target moves toward transaction, you can utilize the sponsorship to create value and drive key behaviors. You can also utilize the sponsorship to activate your sales force, retailers, distributors, and internal departments — all of which add return to your investment.

6.Capture data and measure results. Clear objectives should drive opportunities for measurement and optimization, which will be the key to quantifying and improving sponsorship ROI moving forward.

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