As we roll into the start of the 2021 race season, now is the time to take a deep dive and reevaluate your sponsorship strategy before you get too busy traveling.
Do you struggle to keep sponsors coming back to you? Have you noticed that the biggest teams get new sponsors often, and keep their sponsors for a long time? It’s because they keep track of everything and send ROI reports to impress them to renew, and they use this data to put into decks for new potential sponsors.
In order to know how to send an ROI report, also known as a fulfillment report, first you need to understand their goals:
To boost sales, do this:
???? A logo on your car isn’t going to generate sales, instead, give out samples and do demonstrations. Make sure to have them measure sales before, during, and after the sponsorship to know if it was a success.
To build their brand and customer loyalty, do this:
???? Leverage your social media by tracking engagement and audience demographics. I send a monthly report to our sponsors with all of our social media stats to keep them up to date on how much we’re growing online.
To grow lead generations, do this:
???? If your racing sanctioning body allows it (some don’t, thanks NHRA), have an activation in you pits or pay for a midway interactive display with games and prizes. Always have a place for them to sign up to get their contact information and feedback.
The big picture
If you struggle to keep sponsors renewing with you, then you probably need to level-up your sponsorship program. If you don’t stay in constant contact with them, and prove how you’re helping them out, they will forget about you and won’t see a reason to stay on. I promise, if you write down their goals that they mentioned when you met with them and keep track of how you are delivering (or over delivering) on what you promised, the renewal process will be a breeze.
You’re going to do great things this year, and if you want to make sponsorships your secret weapon, we have a program for that! You’ll get my exact blueprint to engage, attract, and secure up to 6-figure sponsorships to keep you in the cockpit doing what you love. Learn more about Fueled and Funded