With IndyCar and IMSA wrapped up for the year and other series close behind, it’s hard to believe we’re already talking about 2019. Before you get too excited about your next year’s sponsorship or start slashing budgets, make sure you’re evaluating your sponsorship correctly. Like any part of your business, evaluation of your sponsorship is critical. Here are a few questions to lead you through the post-season evaluation process and for renewal discussions with your property.
What did we do this year? Reflect on key learnings.
- So you bought a sponsorship with a property… what did you do with it? Did your sponsorship generate awareness for your brand or engage with your target clients? Did you expect the property to activate the sponsorship for you? Take time to reflect on key learnings from the year; learning what not to do is just as key as learning what to do.
- Tell the story of your year in motorsports sponsorship. Did one particular race or event stand out? What anecdotes can you reflect on to better tell the story of why your brand participated in motorsports?
How can we measure what we did? Ensure your assets were maximized.
- Utilize KPIs that make sense to you. Was a social media campaign used as a part of your sponsor activation? Make sure you have all engagement data from the campaign. Have a display at races this year? Compare leads to past events and understand your cost per lead. Use attendance numbers, TV exposure value, PR engagement data – anything to best tell your story.
- Similarly, determine if it’s worth sponsoring the property. If you’re not receiving enough value to justify the cost or generating the exposure wanted from the sponsorship, it may be time to pull the plug and find something more worthwhile. However, maybe the answer is a resounding “Yes” and you find that you want the sponsorship to grow.
How can we improve next season? Talk to your property.
- Talk to your property about what they would like you to do for next year. Do they have any recommendations after a year of sponsorship? While it may lead to them trying to up-sell you, it’s worth asking. With so many avenues for sponsor engagement in motorsports, there may be opportunities that they may be able to open doors for.
However you recap your season, use this time to take a step back and look at the big picture. Analyze what’s working (and what’s not) in your motorsports sponsorship. Before you know it we’ll be back at a race track in 2019, will you be ready?