Assessing Prospect Potential - Sponsorship in Marketing Cornwell
Summary
TLDRIn 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.
Outlines
📊 Sponsorship Fundamentals and Preparation
In this section, Bettina Cornwell introduces the topic of sponsorship and marketing, focusing on assessing potential sponsors. She emphasizes the importance of understanding sports, arts, and entertainment as platforms for brand communication and engagement. The key question addressed is which prospective sponsors should be pursued. Bettina outlines a 100-point system, with 50 points dedicated to fundamentals such as preparation and relationships. Preparation involves researching the sponsor's process, lead time, and readiness for a sponsorship opportunity. Additionally, relationships, both past and future, with sponsors and key individuals, are critical. Overlapping values between the brand and organization are assigned 30 points, as shared values are crucial for long-term success. Bettina emphasizes the need for organizations to clearly define their own values before assessing potential sponsors.
🎯 Relevance, Objectives, and Synergies in Sponsorship
This section explores the relevance of a sponsorship relationship, particularly the alignment of audiences between the sponsor and the property. Bettina discusses how the target audience of the sponsor should overlap with that of the organization. She also stresses the importance of being able to meet the sponsor's objectives, such as providing space for a car display or hosting hospitality events. Synergies between the networks of the sponsor and the property are key for creating additional value, with the ability to clearly articulate and demonstrate these synergies being vital. Bettina suggests that if an organization cannot accumulate more than 50 points from the outlined criteria, including preparation and overlapping values, they should reconsider their approach or wait another year before pursuing a sponsor.
Mindmap
Keywords
💡Sponsorship
💡Prospect Potential
💡Fundamentals
💡Preparation
💡Relationships
💡Overlapping Values
💡Relevance
💡Synergies
💡Objectives
💡100-Point System
Highlights
Introduction of assessing prospect potential in sponsorship and marketing, particularly in sports, arts, and entertainment.
Fundamental question: which prospective sponsors should be pursued?
100-point system used for evaluating potential sponsorships.
50 points are allocated to 'fundamentals'—preparation, relationships, and overlapping values.
Preparation includes understanding the sponsor's assessment process, their lead time requirements, and determining if it’s too late to pursue the sponsorship.
Evaluating past relationships with sponsors is essential—knowing who they’ve worked with and what they may want in the future.
Relationship-building also involves personal connections—leveraging prior work or networks with people within the sponsor's organization.
Overlapping values are critical—make sure the sponsor’s values align with the property’s values, and this carries 30 points out of 100.
The organization or property must have clearly defined values, which should be communicated openly, such as on a website.
A mismatch in values (e.g., child health focus vs. unrelated sponsor values) can result in a failed or unhealthy sponsorship.
Another 50 points are allocated to 'relevance'—focusing on audience overlap, objectives alignment, and synergy between sponsor networks.
The relevance of audience overlap is key—do the property’s audience and the sponsor’s target audience align?
Evaluate if the sponsor's objectives can be achieved through the partnership (e.g., hospitality needs, product display opportunities).
Synergies between sponsor networks can create new value, and sponsors should be convinced of these synergies clearly and compellingly.
A total score of less than 50 points suggests a need to reassess the sponsor pursuit, particularly if the fundamentals or values don’t align.
Transcripts
hello i'm bettina cornwell
and this is sponsorship and marketing
and we'll be talking about assessing
prospect potential and so this is about
sports
arts entertainment as a
partner for a brand or for an
organization
as a platform usually for communication
for engagement and we're going to be
answering this fundamental question
which prospective sponsors to pursue now
having said that this is very much
um oriented to the sport property
art property and their decision of
who might sponsor them next right
so um i have a hundred point
system that i use so
and how might i divvy those up so
i start with fundamentals
and in total we'll give that 50 points
so fundamentals um begin with this idea
that
i need to know uh about the potential
sponsor enough to decide if this is
has an opportunity so i would argue here
that we need
preparation
so i'm preparing
to know about them by learning what is
their sponsorship
assessment process like
how much lead time do they typically
want when they take on
a sponsorship do they need a year are we
already inside of that window and it
would be too late
well let's not go there right so
learning
those uh fundamentals of what it is that
they're going to
have in terms of a process in place
so that's 10 points right
and then also to know the relationships
again ten points yeah so
um the relationships that they have had
in terms of sponsorship what
what are their past relationships like
and what might they want in the future
also relationships could include
relationships with people do you know
any people in this organization do you
did you work with them before can you
talk with them frankly about what the
sponsor
might be looking for and then
for me
this is big 30 points overlapping values
that is to say that the values
um that you see for the partnership
that the the brand or the organization
that you might
look um for for sponsorship that they
have values that are in keeping with
yours
and that when that sponsorship is maybe
secured
that that would be expressing your
values
look to their mission statement look to
their uh online information to learn
what their values are
now if you don't have your values sorted
it's hard to know if you have
overlapping values so i'd say one of the
first things you need to do is say
well what are our values as a sport as a
symphony whatever it might be and
express
those and state those write those put
them on your web page
and then you're more able to say do we
have overlapping values
so the kind of situation you don't want
to have and so you're all about child
health
in this brand that would like to sponsor
you is is not about
child health then that would be a
mismatch and you wouldn't have
overlapping values you get a zero
and it's really hard to have a
relationship even if you get it
to continue it and for for it to be
healthy over time
okay so fundamentals and then let's talk
about
relevance
now relevance is often times where other
people would start
its relevance to me is with audience
so is there an overlap where
your audience
matches their target audience and you
can clearly say
that we're going to be allow you to
speak to people you want to speak to
as well objectives can they with a
relationship with your property
achieve the objectives that they have in
mind if they wanted to have a display of
cars
is there space for that if they wanted
to host hospitality can you support that
all of those kinds of things that are
about answering the question of can we
serve
the objectives that the sponsor might
have
this is one of my favorites and it takes
some evaluation
but it's worthwhile and that is to look
at synergies
so you have a um a network
of sponsors for a property
as well you have a network or a
portfolio
of relationships that the the company
the brand the sponsor
potential sponsor might have can you
look in that network
and this network and see an opportunity
where if you work together
over time you're going to be able to
create something new or something
special that adds value
i would also say that you need to be
able to convince any synergy you
identify
in a compelling way so you need to make
sure you can really
articulate this relationship and explain
it fully
okay so this is another 50 points
right so we have our 100 and my argument
would be
that unless you can go through this and
get
more than 50 points total and this is
you need to go back to the drawing board
and especially if you don't have uh
preparation and overlapping value points
that are relatively high you really need
to think through that
uh if you're below 50 i would work
through it another year and then maybe
go in the next year
to pursue that sponsor it doesn't have
to be
the largest company in the region
headquartered there it could be
if you if you break out of that thinking
there could be a lot of sponsors you've
never identified
thank you very much to sponsorship and
marketing and assessing prospect
potential
you
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