Sponsorships are commonplace in sports and entertainment marketing. You could make the case that teams, venues, and promoters all rely on sponsorships to keep revenue streams flowing. But in some situations, corporate partnerships are even more important.
When they are, corporate partnership management takes on many of the same aspects of sponsorship management. But because corporate relationships run much deeper, more comprehensive management is required. Corporate partnerships need to be carefully controlled and maintained at every level in order to keep partners happy.
The Basics of Corporate Partnerships
Compared to sponsorships, corporate partnerships in sports and entertainment marketing involve a deeper level of commitment and collaboration between parties. The parties in any given arrangement could be corporate sponsors, teams or leagues, individual athletes, or even events. The door is pretty much wide open when corporate partners are looking to invest.
A typical partnership is subject to multiple levels of integration that include everything from marketing to production to research and development. The corporate partner becomes an active participant in the product being produced.
Key Aspects of Corporate Partnerships
KORE, a leading data intelligence firm catering to sports and entertainment marketing, explains that corporate partnership management is a multi-faceted endeavor. They create software solutions to make that endeavor easier. Contact them to learn more. In the meantime, KORE points out some key aspects of corporate partnerships:
- Brand Exposure – Brand exposure is one of the primary motivations for entering into a corporate partnership. Companies expect to take advantage of significant visibility among large audiences that are actively engaged.
- Targeted Marketing – Companies also expect access to diverse demographic groups, allowing them to employ targeted marketing techniques.
- Personal Connections – Companies often choose corporate partnerships with sports teams because pro sports create a personal connection with fans. They expect to be able to take advantage of that connection.
- Networking Opportunities – Corporate partners tend to network with one another around shared events. Enhancing their networking opportunities opens the door to new business opportunities, which is something corporate partners obviously appreciate.
- Customization Potential – Yet another motivation for engaging in sports and entertainment marketing is to take advantage of the potential to customize. As such, customization plays a significant role in developing compelling corporate partnership proposals.
Keeping corporate partners happy is not always an easy task. But with a proven corporate partnership management plan, state-of-the-art management software, and an expert team dedicated to their craft, it can be done consistently and effectively.
Benefits to Corporate Brands
Corporate partnerships are all about revenue from the marketer’s perspective. But what about the companies and their brands? Revenue is certainly part of the equation, but there are other benefits to corporate partnerships:
- Increased brand awareness
- Enhanced brand image
- Improved brand loyalty
- Enhanced engagement with consumers
Ensuring that partners achieve the desired brand goals relies heavily on data. Partners need to know that their efforts are resonating with fans. They want data demonstrating that their brands are benefiting from corporate investment.
According to KORE, marketers give their partners the information they want through data-driven insights generated by sports and entertainment marketing software. A competent software platform gathers data from a variety of sources, analyzes it, and produces insights both marketers and corporate partners can put into action.
Management Makes the Difference
In sports and entertainment marketing, sponsorship is part of the deal. But so are corporate partnerships. These partnerships dive more deeply than sponsorships, so they require a more comprehensive level of management. The most successful partnerships are successful because they are managed well. And when partnerships succeed, every stakeholder gets something out of it.