WARC Report: Three steps to measure sponsorship ROI
Our Director of Effectiveness, Tom Goodchild, shared best practice for marketers seeking to understand both the short- and long-term impact of their sponsorship activities with WARC
Writing for the February issue of Admap our effectiveness director, Tom Goodchild, argues that “sponsorship has fallen through the net and is far behind more traditional forms of marketing when it comes to measurement and ROI”. Goodchild says that if marketers are to develop a new world of advanced measurement, they have to shift the way sponsorships are approached from the outset.
In his report, he outlines three key steps:
- Start with objectives and focused KPIs. “Currently, measurement within the sponsorship industry is not a key part of initial strategy conversations and is often treated as an afterthought.”
- Understand your sponsorship data. “It is often the case that the data is not being collected or processed in a way that supports existing marketing analytics.”
- Break down silos. “By integrating sponsorship measurement into existing measurement approaches and teams it can allow direct comparison to other marketing channels.”
Alongside existing measurement techniques, Goodchild proposes new measurement approaches that are tailored to uncovering the sales and business value impact of sponsorships. These include assessing the impact of sponsorship on brand values, developing sponsorship attribution and understanding audience impact.
For more details, read Tom Goodchild’s article in full here: Three steps brands must take to measure the business return of sponsorship. Tom also joined WARC’s Alex Brownsell to discuss our measurement offering in more detail for a WARC webinar which you can view here: WARC webinar.