In a new MediaPost column, MMi Senior Sponsorship Specialist BJ Roth provides readers with best practices for implementing a disciplined sponsorship accountability program.
He outlines three key areas:
- Translate your business objectives into specific, measurable sponsorship KPIs
- Ensure specific sponsorship elements (and the KPIs and methodology for measuring them) are written into your sponsorship agreements and your plans for activating them
- Measure and validate each sponsorship’s performance against these KPIs in order to quantify success and to inform continuous improvement
According to a July, 2018 study by the Association of National Advertisers (ANA) and Marketing Accountability Standards Board (MASB), 63% of marketers do not have a standardized process for measuring return on sponsorship initiatives. As BJ notes, "Sponsorship spending in the U.S. was more than $24 billion in 2018, per ESB Properties. It is time for marketers to develop the necessary processes and partnerships to fully capitalize upon and demonstrate return in this substantial investment."
Read the entire column here.
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