The Sponsorship Marketing Funnel

Summary

In this video, Chris Bayless discusses the sponsorship marketing funnel, drawing parallels to the traditional marketing funnel. He explains the importance of various asset types—awareness, interest, desire, and action—and how they impact sponsor value. Awareness assets like logo placements are less valuable, while assets that encourage consumer action yield higher returns for sponsors. Bayless warns against black-and-white thinking, urging sponsors to consider a mix of assets that align with their goals. Ultimately, understanding sponsor objectives is crucial for crafting effective proposals that benefit both the brand and the audience.

Takeaways

• 😀 The sponsorship marketing funnel mirrors the traditional marketing funnel, emphasizing different asset values at each stage.
• 🤔 Awareness is the first stage, where potential customers become aware of a brand without taking action, often through logo placement and social media mentions.
• 🔍 Interest comes next, where consumers begin to consider the benefits of a product, such as sampling or visiting a sponsor's website.
• 💖 Desire is the stage where potential customers show a genuine interest in making a purchase, often encouraged by test drives or store visits.
• 💵 The final stage, Action, occurs when a consumer makes a purchase or signs up for a service, generating significant value for sponsors.
• ⚠️ Sponsors are generally willing to pay more for assets that generate desire and action rather than just awareness.
• 🛑 Black and white thinking should be avoided; offering a range of assets from awareness to action can better serve sponsors' goals.
• 🎯 Understanding the sponsor's goals is crucial in determining the right mix of assets to offer in a sponsorship package.
• 📈 Effective sponsorship packages can convert prospects into clients while also providing a positive experience for the audience.
• 👍 To succeed in sponsorship marketing, you must balance offering awareness, interest, desire, and action assets based on the sponsor's objectives.

Q & A

What is the sponsorship marketing funnel?

The sponsorship marketing funnel is a framework that helps understand the various types of assets from most to least valuable, and which experiences are most attractive to sponsors and brands.

How does the sponsorship marketing funnel relate to the traditional marketing funnel?

The sponsorship marketing funnel follows the same stages as the traditional marketing funnel—awareness, interest, desire, and action—but different assets appear at each stage.

What are the stages of the traditional marketing funnel?

The traditional marketing funnel includes four stages: Awareness, where consumers become aware of a brand; Interest, where they show interest in products; Desire, where they develop a desire for the product; and Action, where they take steps towards purchasing.

What types of assets generate awareness in sponsorship?

Awareness assets include logo placement, social media mentions, and acknowledgments of sponsorship at events.

What is the significance of interest assets in the sponsorship funnel?

Interest assets, such as sampling and trials, help move potential customers closer to a purchase, making them more valuable than mere awareness assets.

What constitutes desire assets in sponsorship?

Desire assets involve engaging potential customers through experiences like test drives or in-store interactions, indicating a stronger interest in making a purchase.

Why are action assets the most valuable in the sponsorship funnel?

Action assets, which include actual purchases or sign-ups, are the most valuable because they directly convert prospects into customers, and sponsors are willing to pay more for these outcomes.

What is the challenge associated with offering awareness assets?

The challenge is that while awareness assets are easy to provide, they are less valuable to sponsors, who prefer offerings that lead to actual customer conversions.

What is the ideal approach for developing sponsorship packages?

The best approach is to offer a balanced mix of assets from all categories in the marketing funnel—awareness, interest, desire, and action—to meet the diverse needs of sponsors.

Why is understanding sponsor goals crucial in sponsorship marketing?

Understanding sponsor goals allows you to tailor your offerings effectively, ensuring that you provide the right mix of assets that align with what sponsors are trying to achieve.