Driving Business Value through Sponsorship and Shared Experiences
Charlie Wylie, Managing Partner at MKTG opened the session by explaining the importance of ensuring the “business value” that all sponsorship programmes need to deliver’ to brands, and how the power of shared experience can be used to create meaningful connections between brands and their audiences.
Continual digital interruption combined with modern life pressures has led to a lack of attention by consumers, yet the desire and craving for “real and authentic” experiences to enhance their day-to-day lives continues to grow — delivering brands an opportunity to share in and be part of their audiences passions — while at the same time building brand affinity. Whether it be huge concert-style events or just a single one-off moment, sponsorship offers brands the opportunity to not only create connections with their audiences and build upon brand preference and consideration, but to also influence business metrics.
However, for an industry with an estimated global spend of $60 billion, alarmingly, only 20% of sponsorship programmes are believed to be strategically planned and follow a process that aligns them with an organisations overall business objectives. In today’s world of procurement driven purchasing, the need for transparent accountability for all stakeholders is paramount, as too is the importance of establishing objectives and key measurements that align to and support overall business goals.
Put simply, sponsorship is as accountable as any other marketing channel, as it can be measured just as effectively and accurately.
According to Wylie, “The best sponsorships align to brand, business and corporate objectives and are well supported with integrated activation plans after the rights’ deal has been secured.”