While the sport of Yacht Racing goes back a long way, the business of the sport of Yacht Racing is relatively new. Many sailors and teams that we talk to are happy to take the sponsorship money, but don’t quite understand their responsibilies.
Sailing can learn a lot from other sports, where the business of that sport is taken seriously. Here is an excerpt from an article published by The Sponsorship Insights Group.
“The Importance of Sponsorship Fulfillment Reporting”
By, Tom Stipes, President of SponsorshipPRO+
…the consistent message from many sponsors is that the recap reports are the single most important element in the buyer-seller relationship, even more important than the recall and loyalty shown their own brand as a result of the buy. This doesn’t even address the notion of quality or detail contained in the report – just that they are done, at all!
…a large percentage of properties admit they aren’t producing them in any format – at all. By large percentage I mean nearly half of those surveyed, a shocking number to me. And I always wonder, “How do they expect to renew the deal if the buyer can’t review what they received?”
The simple answer may be that the best (in any industry) always earn that distinction based on their actions. But today’s sponsorship buyer is begging for better service in this area.
I was recently at the National Sports Forum in Phoenix, where the overall message from some of the leaders in sports marketing, event and media management was that now is the time for properties to better focus on the basics – including the stewardship of the relationship with those who trust a portion of their precious marketing budgets with you.
Now let’s talk about the reality of actually changing the way you manage the sponsorship recap reports process. The question some may be wondering: “How do I do more, how do I show more given the constraints of time plus the lack of budget and personnel?”
While not meant as anything more than a few good ideas in a small space, following are some things that change-oriented property senior management can do:_
- Compete. Be open to new ways of doing business – your competitors are.
- Learn; one example is IEG’s excellent, recurring Webinar on this topic.
- Search. Look for tools, technical solutions or applications that can help your group enter the digital age.
- Expand. Work all year – not just in the weeks after the event.
- Share. If you’re a multi-event organization, use mid-term reports.
- Listen. Talk to your sponsor to find out what they want: It’s not a one-size-fits-all model.
- Accentuate. Focus particularly on over-delivery.
- Enumerate. Metrics can be scary to some but jump in and embrace the numbers. Impressions still count with many sponsors.
- Motivate. Be upbeat with your staff – the rising tide lifts all boats…
- Modernize. A $250 video cam and an intern can turn your property into a video-sharing property in no time.
Summary: Post-event fulfillment reports are often discussed at conferences these days but often forgotten until the last moment of need. And the days of producing heavy, environmentally-challenging, one-dimensional binders are largely over in terms of establishing value with your sponsors. They simply want more from you now.
While we’ll be happy to share more as to why we believe so strongly in the affordable, digital advantage of www.SponsorshipPRO.com our basic hope is that no property gets shown the door simply because they did nothing or didn’t know what to do. There’s much work to be done…let’s get started.