In today’s data-driven world, the only way to measure the impact of a sports sponsorship campaign is by assessing its key performance indicators (KPIs.) When you calculate the metrics of a campaign, it can help you ensure that your marketing and sponsorship spend is being utilized in the right places.
KPIs can also help you monitor your campaign and make needed changes to how you approach sponsored entities and their audiences. Moreover, sports sponsorship campaign metrics can also help you find the entities that have the power to drive maximum brand engagement and deliver excellent value to you.
As a brand marketer, you can partner with a reliable sports sponsorship and marketing agency to measure these KPIs and work with potential sponsored entities to help you achieve your business target, boost your sales, and more. So, without any ado, let’s look at the KPIs you can measure to ascertain the success of your sports sponsorship campaigns!
KPIs to Measure for Sports Sponsorship Campaigns
Here are some helpful KPIs you should measure in sports sponsorship campaigns:
The Return on Investment
ROI is an effective metric to measure for sponsorship campaigns. It evaluates the engagement of the promotions, enabling you to compare the budget spent on sponsorships to other marketing spends, such as PR. Use a reliable tool to calculate your ROI by placing value on the promotions coming in from all sponsored properties.
To calculate an accurate ROI, make sure to measure your engagements and sales before the campaign and compare them with the data generated during and after your campaign. Moreover, you also need to have accurate sponsorship costs for different entities, such as the MotoGP sponsorship cost and other budget details to determine the correct ROI figures.
If you want to measure the success of your sponsored campaigns, you will need to assess which brand people are more inclined to follow, engage with, and form a loyal customer-business relationship with to help you figure out how consumers perceive your brand. You will also need to measure the success of individual sponsored entities since they are “brands” in their own right, and they can help you increase your engagement.
Only marketing specialists can help you figure out the value of each entity. For instance, MotoGP marketing specialists specialists can help you assess whether your sponsorship with them will work in your favour or not. Not all entities will deliver the same engagement. The more online attention you receive, the more opportunities you will have to build a better relationship with your consumers and increase your brand preference.
Increase in Localized Sales
You also need to measure the boost in your local sales to determine if your campaign was a success or not. Look at your sales trend data and compare it with the engagement driven promotions from your sponsored entities. It will help you assess whether your sponsored entities are boosting your sales or not and what you can do to ensure maximum engagement and increase in sales.
Quality Promoted Posts
Millions of social media posts are generated every day, but not all of them are relevant to a brand sponsor. After all, sponsored teams, leagues, and sportsperson often post on different social media platforms, and these posts have nothing to do with their sponsors. Moreover, these sponsored entities might have many sponsors other than you.
It’s why you need only to measure the promoted posts of your sponsored entities. These promoted posts are the ones in which you are featured in a hashtag, mention, logo, keyword, or link. It will ensure that the final value and data you receive from these posts is accurate and based on relevant mentions only.
Additionally, you also need to measure the quality of those promoted posts. Many factors will influence the promotional value of a post. For instance, you need to determine whether a post mentions your brand solely or has other featured brands as well. To assess their impact, you also need to determine how prominent your mention and logo are in the social media post. The answer to these questions, among other factors, will help you assess the quality of your mentions and create an accurate promotion quality value.
The purpose of any sports sponsorship isn’t just the promotion of your brand. After all, eyes on your product and brand are great, but they won’t amount to much if there isn’t subsequent engagement to drive brand value. You need the consumer to take the required action and engage with your brand the way you want them to engage with it.
Brand engagement will lead to favourable outcomes for all types of sponsorship activation, such as digital or physical products, physical promotions, etc. You can measure engagement by monitoring the number of likes, shares, comments, and video views (when applicable) on your promoted posts. Your engagement success will depend on the platform’s industry-specific cost per engagement metrics. Once you measure them against said metrics, you will better understand your campaign’s performance.
A reliable sports sponsorship and marketing agency can help you measure these and other metrics to better your current and future sponsorship campaigns.