Sponsorship Effectiveness Measurement: Part 2
Brands invest billions of dollars in various events every year worldwide, but only few of them know how to measure the return they get. In this article we will see why calculating media equivalence is not enough and learn about other approaches to measuring the effectiveness of sponsorship deals. Sponsorships give brands unique opportunities for deep customer engagement and access to huge audiences, but like with other investments their effectiveness needs to be evaluated to make sure the money is not wasted. Measuring sponsorship effectiveness has been a serious challenge for CMOs. According to a research by MASB (Marketing Accountability Standards Board) and ANA (Association of National Advertisers), 40% of marketers don’t even make attempts to do it, and 70% of companies don’t allocate enough money for the necessary market research and measurements. It happens because some brands are just starting to adopt the discipline of budgeting, or they don’t have a clear sponsorship strategy and need to manage a portfolio of deals with different objectives. Another issue is the lack of tools that can cope with the task. In this article we will cover key metrics to track and tools that can be used to measure sponsorship effectiveness. The… Read more »
