Assessing Prospect Potential - Sponsorship in Marketing Cornwell

Summary

In this video, Bettina Cornwell discusses the key factors for assessing potential sponsors in the context of sports, arts, and entertainment. She introduces a 100-point system, emphasizing the importance of preparation, understanding sponsorship processes, and evaluating past relationships. Cornwell highlights the critical role of overlapping values between the sponsor and the property, assigning 50 points to this area. The remaining 50 points focus on relevance, audience alignment, sponsor objectives, and identifying synergies. The goal is to exceed 50 points, ensuring a strong, mutually beneficial partnership before pursuing sponsorship opportunities.

Takeaways

• 🔍 Focus on assessing prospective sponsors by analyzing their suitability for sports, arts, and entertainment partnerships.
• 📊 A 100-point system is used to evaluate sponsors, with 50 points dedicated to fundamentals and 50 to relevance.
• 📋 Preparation is key: understand the sponsor’s sponsorship process and lead time (10 points).
• 🤝 Relationships matter: consider the sponsor’s past sponsorships and any personal connections within the organization (10 points).
• 💡 Overlapping values are crucial: alignment between the sponsor’s and property’s values is weighted heavily (30 points).
• 🎯 Relevance is determined by audience overlap and whether the property can meet the sponsor’s objectives (e.g., car displays, hospitality) (50 points total).
• 🔗 Look for synergies between the sponsor’s and property’s networks to create added value over time.
• 💬 It’s important to articulate and present identified synergies in a compelling and clear way.
• 📝 If a sponsor scores less than 50 points in the evaluation, reconsider pursuing them for that year and try again later.
• 🏅 Don’t limit sponsor selection to the largest companies—consider exploring previously overlooked prospects.

Q & A

What is the primary focus of Bettina Cornwell's presentation?

The presentation focuses on sponsorship and marketing, particularly assessing prospective sponsors for sports, arts, and entertainment as platforms for brand partnerships.

What is the main objective when pursuing a prospective sponsor?

The main objective is to determine which sponsors to pursue by evaluating their potential as partners for communication and engagement with the property’s audience.

How does Bettina Cornwell divide the 100-point system for evaluating sponsorship prospects?

Cornwell divides the 100 points into two main categories: 50 points for 'Fundamentals' and 50 points for 'Relevance.'

What elements are considered under 'Fundamentals' when assessing a sponsor?

Under 'Fundamentals,' Cornwell considers preparation (10 points), relationships (10 points), and overlapping values (30 points).

Why is preparation important in assessing a potential sponsor?

Preparation is crucial because it involves understanding the sponsor's assessment process, the lead time they require, and whether the timing aligns with the opportunity.

What role do relationships play in evaluating a sponsor?

Relationships are important as they help assess the sponsor's past partnerships and whether there are personal connections that can provide insight into the sponsor’s preferences.

What does 'overlapping values' refer to, and why is it significant?

'Overlapping values' refer to the alignment of the property’s values with the sponsor’s values. This is significant because a successful partnership requires shared values for long-term sustainability.

What is 'Relevance,' and how is it evaluated?

Relevance is evaluated based on the overlap between the property’s audience and the sponsor's target audience, as well as the sponsor's ability to achieve their objectives through the partnership.

How are 'synergies' defined in the context of sponsorship?

Synergies refer to the potential for mutual benefit through collaboration between the property’s network of sponsors and the sponsor's existing relationships, creating new value over time.

What should a property do if they score less than 50 points in the evaluation process?

If a property scores less than 50 points, Cornwell suggests reassessing the opportunity, particularly focusing on improving preparation and identifying overlapping values, and considering pursuing the sponsor in the following year.