With only 3% of sponsorship budgets devoted to research, several companies can’t answer the following questions with any certainty:
- What was the impact of the sponsorship program?
- Did it work?
- What was our return on investment?
There is no point investing a penny in sponsorship if, as an organization, it’s impossible to confirm whether or not the set objectives were met. Of course, the efforts invested in measurement tools should reflect the importance of the sponsorship for the organization. The bigger the sponsorship, the greater the need to measure the results.
To measure the impact of a sponsorship, it’s important to understand every piece of the puzzle, and to keep in mind that the criteria will change depending on the company and the sponsorship. But you don’t need to be a business analyst or a numbers person: when you understand how the process works, measuring sponsorships becomes an instinctive tool that you can build upon as you go.
A little reality check before we continue: budgets often leave no room for research, and companies often don’t have the specific expertise required to build a program to measure performance. Here is a brief guide to help out in that regard.