More marketers are investing in sponsorships as a way to get noticed in the local community. This trend is great news if your media company is managing events and selling ad space at the same time. New data from Association of National Advertisers (ANA) and Marketing Accountability Standards Board (MASB) explains what marketers should be looking for when they agree to sponsor events.
Many marketers believe the road to higher sales is paved with sponsoring events ranging from the local baseball tournament to a holiday parade. Beyond the general goodwill they’ll earn in the community as a result of this investment, they should be measuring results. Currently, only 37% of marketers do so.
Marketers typically use metrics such as overall financial return (65%), total media exposure financial return (57%) and increased product or service sales to measure the ROI on sponsorship investments. They also highly value these same metrics. Over half of marketers also value the financial return on social media exposure and TV exposure. To date, many marketers haven’t figured out how to use that data. In addition, 42% of marketers value sponsorship-related promotions and ads, but only 28% are using this metric.
Your clients and prospects should also be thinking about their return on objective (ROO) when they measure their sponsorship investment. Over 70% of marketers say they use the following metrics to determine ROO:
- Awareness of brand
- Consumer awareness of company’s sponsorship effort
- Attitude toward brand
What your clients are really hoping for, at least 70% of them, is that consumers will start to prefer their brand over another company's products. And they hope that their sponsorship efforts will bring about that kind of change. Currently, only 57% of marketers use metrics to help them obtain that information.
Marketers can make a big impression with their investment in event sponsorship by targeting the right audiences. They should be promoting their sponsorship and the events in your media space. To learn more about consumers who attend activities like Ethnic Festivals, Arts Festivals and Local Community Festivals, check out their AudienceSCAN profiles on AdMall from SalesFuel. The information in these profiles also highlights which media formats resonate with these audiences.