Whether you work for a sponsor or a marketing agency, controlling the risks associated with managing your sports sponsorship assets and contracts is important to your business—and your career. Here are ten management and execution risks that are important to identify and control:
Missing opt-out and renewal deadlines. Few things are worse than missing a key contract deadline, but a close second is failing to be prepared for opt-out and renewal negotiations and decisions. Use automatic tools to log and track dates and send reminders in advance.
Not knowing what you have. You can’t manage what you can’t see. Be sure you can quickly find every asset by platform, property, sport, asset category and custom key words. If you can’t do this, it’s just a matter of time before some assets will go unused or fail to be properly activated.
Not knowing where you stand. For most sponsors, activation drives return on investment. Be sure you and your team can quickly see the status of every asset and task and any related deadlines.
Failing to tie venue-specific assets to events. Knowing what assets you have at each venue and event is essential to managing activation and delivering a return on those investments. Tag all your assets by venue, showing every game and special event where they will be used. Be able to display assets and asset details in map view when needed.
Failing to request and track approvals. It’s easy to lose track of creative, budget and other approvals. Use a system that lets you request and track approvals by category for every relevant asset—and that lists and flags overdue items. Attach creative spec requirements to every asset.
Being unable to answer questions. Whether the query is important or arcane, be sure you can quickly and correctly answer portfolio questions posed by your boss or another senior executive.
Being unable to do this is frustrating for everyone and can hurt your career. Be able to search your assets by platform, property, sport, category and key word.
Failing to confirm fulfillments. Be sure you can show you’re getting what you are paying for, every year. For tangible assets, use photographs and notes to confirm fulfillments.
Missing the big picture. Use an integrated database to see the big picture and keep your whole team on the same page. Track, value, rate and analyze assets by contract, property and the custom measurement factors that are important to your business.
Overlooking the importance of securing your information. In today’s world of data breaches, securing your sponsorship data is critical, whether it’s stored on Excel or in the cloud. At a minimum, be sure all access is password protected, different users can be given different access privileges, and data is encrypted in transit and at rest.
Managing your contracts and assets with spreadsheets, emails and one-off apps. Using spreadsheets, emails and one-off apps requires redundant data entry and manipulation, limits collaboration, increases security and execution risks and makes monitoring and analysis difficult.
At Playoff Technologies, we’re reducing all of these risks with Sponsor Locker, a cloud-based management platform that enables brands and their marketing agencies to optimize the value of their sports and entertainment sponsorships. By integrating everything into a single database—while still allowing individual applications and features to be implemented and used separately if desired—Sponsor Locker helps sponsors see what they have and where they stand, 24/7, improving collaboration, decision-making, activation and guest experiences across their entire sponsorship portfolio.
Every week, leading sponsors and marketing agencies use Sponsor Locker to manage thousands of sponsorship assets, events and guests across a wide range of platforms and properties from motorsports to golf to college and professional sports. Check it out at www.sponsorslocker.com.