The Irish sponsorship market has arguably never been in ruder health, and it is undoubtedly a good time to be a rights holder of any size. By the same token however, the market has never been so competitive and sponsors have never been as demanding of rights holders as is currently the case. Brands are no longer willing to merely badge an event or team; more and more they are looking to leverage rights and assets in ways which gives them ownership and which enhances fan experience, while delivering bottom line impact.
Livewire works with rights holders to grow sponsorship revenue through brand-centric solutions; providing insight and consultation on every step of the sponsorship process, from bringing assets to market, measurement, reporting to renewal.
Here are Livewire’s essential sponsorship recommendations for rights holders:
- A Clear Vision. As a rights holder, you know what your asset stands for and where you see it going. You know the values which underpin your organisation and you know its plans for the future. The key in attracting the right sponsor for your asset is to communicate this vision clearly and effectively; potential sponsors need to be aware of the values and objectives which drive your asset.
- Long Term Strategy. For a brand, sponsorship is a long term play. It is not an investment which is likely to pay off in the short term and so brands plan accordingly. In order for a rights holder to attract and retain sponsors, it is necessary that they do the same. In the same way which your organisation has a plan for development in a business sense, the sponsorship structure requires a long term strategy which details how to approach, select and retain sponsors.
- Resources and Capabilities. Brands are no longer satisfied acting independently of the rights holders whom they sponsor. Increasingly, brands seek a true partnership in every aspect of the sponsorship, including activation. The resources available to a brand will vary depending on its size and so it is important that rights holders are willing and able to work hand in hand with their sponsors to deliver enhanced fan experiences. At the same time, it is vital that a rights holder does not over-promise to a brand and commit to delivering something which its resources cannot meet.
- Know the Audience & Market. The first step in readying your opportunity to go to market for a sponsor is to develop a keen understanding of both its audience and the market in which it operates. It is vital for a rights holder to know its audience profile; including key demographic information such as age, gender and social status, to their needs, perceptions and behaviours. Knowing your audience allows for greater understanding of who engages with your opportunity and how a brand may leverage a sponsorship to connect with its target audience. Knowledge of your competitive market is also extremely important, as rights holders can gauge the activity of its competitors, as well as profile the types of brands already active in the sector.
- Know the Value of Rights & Assets. When a rights holder has identified a suitable brand as a potential sponsor, it is paramount that before negotiations begin that the rights holder knows its rights and assets, and their value. The entire worth and reputation of an asset is wrapped up in these rights and knowing what benefits to give a sponsor and at what price is hugely important. A rights holder must know what rights it can and can’t grant to a sponsor and must be aware of the appropriate fee attached to those rights.
- Price & Packaging of Opportunities. Similarly to the above point, a rights holder must be able to package its sponsorship opportunities in an attractive manner for potential sponsors, and at an appropriate fee. Whether the opportunity is as an event title sponsor, or as a supplier, packaging assets and benefits appropriate to the fee being paid is vital for rights holders to protect the value of their rights and assets. Designing packages for different levels of sponsor allows a rights holder to maximise sponsorship revenue without over-exposing its assets.
- Tailored Presentations. There are few surer ways to dissuade a potential sponsor from coming on board with your asset than by presenting a generic proposal document. Brands need to know what an asset will do for them specifically, and how it fits alongside its business and marketing objectives. Tailored proposal and presentations allow brands to see specified detail on how an asset can work for them, speak to the audience they are targeting and answer challenges in their own competitive set. Bespoke presentations showcase to a brand the potential for partnership between the brand and rights holder.
- Measurement & Reporting Plans. This is perhaps the area which has seen the greatest increase in demand from sponsors on rights holders in recent years. Brands want to see how a sponsorship is performing in real terms, rather than merely anecdotally. Measurable evidence is key for brands in deciding on renewals of deals and this is a burden which has fallen to rights holders. The most effective and successful partnerships between sponsors and rights holders are underpinned by regular reports measuring performance against key performance indicators, as determined by the brand.
For help with any aspects of the above, and for all your strategic needs, please contact Noel Martyn (01-6496322) or Colm Roche ( 01-6742918)