What is the Next Evolution of Sponsorship Management?

What do we mean when we say “The next evolution in sponsorship management?”

Well, it’s pretty simple really. For years, sponsorship managers have been focused on a transactional approach. The next evolution, in our view, is all about looking at sponsorships as a strategy and implementing a plan. It’s about treating your brand partners as customers, plain and simple. The next evolution takes sponsorship from the transactional to the engaging.

Many organizations view sponsorship as just a revenue stream. But with a detailed strategic plan in place, your customers become more like trusted advisors—true partners. Not only can you both gain from the the sharing of information, but when a partner feels that they are engaged, they spend more money and offer better experiences for your participants.

Creating a strategic plan that works, starts with listening. It is imperative that you learn what your brand partner’s goals and objectives are so that you can create experiences that help to reach them.

But it doesn’t stop there. You need to consider other aspects of the process too. For example, every sponsorship should be viewed through four lenses: 1) Does it align with your brand?; 2) Does it drive revenue?; 3) Does it help meet the goals of the brand partner; and 4) Does it add value to the participant? The last lens being the most important!

So, you’ve worked collaboratively with your brand partners to create memorable experiences for your participants that drive value and align with your brand. Now what?

Most organizations stop there, but there is still vital work to be done if you want to build a truly trusting (and lasting) relationship with your partners. It’s time to close the loop for your partners and provide them with the analytics they need to make future improvements. If you do this well, it will make all the difference. During the event, walk the floor and ask your partners how things are going. Then go the extra mile and ask the questions so rarely asked—create focus groups and send out post-event surveys and ask your partners about how satisfied they were with traffic and lead generation. Here’s one of my favorite ideas—at your next event, have an impromptu partner appreciation party on the show floor during set up. All of these tactics lead to a deeper more informed relationship between you and your brand partners, and will ensure success at your next event.

FazeFWD has created the next evolution in sponsorship management through collaboration with our clients and by building trusting relationships. We love creating connections and believe when people connect, everybody wins. Interested in putting the next evolution in sponsorship management to work for your next event? Connect with Meg Fasy at meg@fazefwd.com.