How do you manage sports sponsorships?

1 Identify and attract sponsors

The first step in managing sports sponsorships is to identify and attract potential sponsors that match your sports organization's profile, objectives, and audience. You need to conduct a thorough research on the market, the industry, and the competitors to find out what kinds of sponsors are interested in your sport, what benefits they are looking for, and what budget they have. You also need to develop a compelling sponsorship proposal that showcases your unique selling points, such as your fan base, media coverage, social impact, and brand image. You should tailor your proposal to each sponsor's needs and preferences, and highlight how you can help them achieve their marketing and business goals.

2 Negotiate and structure deals

The next step in managing sports sponsorships is to negotiate and structure the sponsorship deals that suit both parties. You need to have a clear understanding of what you can offer and what you expect in return, such as the sponsorship fee, the duration, the scope, the rights, and the obligations. You also need to have a good communication and negotiation skills to build trust and rapport with the sponsors, and to address any issues or concerns that may arise. You should aim for a win-win situation that creates value for both sides, and avoid unrealistic or unfair terms that may jeopardize the partnership.

3 Activate and measure outcomes

The third step in managing sports sponsorships is to activate and measure the sponsorship outcomes that demonstrate the effectiveness and impact of the partnership. You need to have a detailed plan on how to implement and execute the sponsorship activities, such as logo placement, product sampling, event hosting, social media promotion, and content creation. You also need to have a reliable method to track and evaluate the sponsorship outcomes, such as brand awareness, customer loyalty, sales growth, media exposure, and fan engagement. You should use both quantitative and qualitative data to measure the return on investment (ROI) and the return on objectives (ROO) of the sponsorship, and to provide regular feedback and reports to the sponsors.

4 Maintain and renew relationships

The fourth step in managing sports sponsorships is to maintain and renew the sponsorship relationships that ensure the long-term success and satisfaction of both parties. You need to have a consistent and proactive communication with the sponsors, and to keep them updated on the progress and performance of the sponsorship. You also need to have a positive and respectful attitude, and to show appreciation and recognition for the sponsors' support and contribution. You should seek to create a strong bond and alignment with the sponsors, and to explore new opportunities and ideas to enhance and extend the partnership. You should also be prepared to renegotiate and renew the sponsorship deals when they expire, and to address any changes or challenges that may affect the partnership.

5 Deal with challenges and risks

The final step in managing sports sponsorships is to deal with the challenges and risks that may arise in the sponsorship process, and to mitigate and resolve them effectively. You need to be aware of the potential challenges and risks, such as contract disputes, performance issues, ethical dilemmas, legal problems, and crisis situations. You also need to have a contingency plan and a crisis management plan to handle any unexpected or unfavorable scenarios, and to protect the reputation and interests of both parties. You should communicate and collaborate with the sponsors, and to seek professional advice and assistance when needed, to overcome the challenges and risks, and to maintain the trust and confidence of the partnership.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?