Sports Sponsorship Flashcards
What are the important societally factors for Branding?
- Accessibility
- Familiarity
- Competition
What is a brand made up of?
- Organizational actors
- Personalities
- Catchphrases
- Promises/ agreements
- Logos
- Iconic names
What questions should be answered for choosing a brand?
Serving a purpose? Likable by the consumer? Memorable to the consumer? Adaptable in nature? Unique? Transferable?
What are the four steps in the brand management process?
Creating the Brand.
Implementing the Brand.
Measuring brand performance.
Growing the brand.
What are the steps to build a brand?
- Identify the target audience,
- create a brand mission statement;
- research competing brands;
- determine what benefits your brand will provide for the consumer;
- design the creative aspects of the brand;
- create your brand message and pitch;
- highlight your brand;
- implement your brand into business; and
- be consistent and diligent with your brand.
What is the best ability in business?
Availability = If you can’t reach the customer/cunsomer it doesn’t matter if you have the best product and price
What are the 3 different ways to utilise partnerships?
branding partnerships, exclusive licensing agreements, and utilizing endorsements from icons.
What are the 3 different forms of brand measurement
- Behavioral Measurement
- Perception Measurement
- Performance Measurement
What’s the formula for behavioral measurement?
100 employees * 200 interactions * 52 weeks = 1,040,000 branding opportunities
What are the three ways of growing a brand?
- New products in new markets
- New extensions to products in the current market
- Joint ventures/ acquisition of existing organizations
What is the disadvantage for new products in new markets?
When the organisation has to invest too much time and money.
What are the different phases within a sales process?
- Discovering prospects and identifying leads,
- qualifying prospects,
- preparing for the sale,
- presenting the proposal,
- overcoming objections and negotiations,
- closing the sale, and
- maximizing and growing the relationship.
Why is constant prospecting essential?
Some clients needs change as well as the market you are in.
Some clients are only short term
Sometimes the relationship sours
What are the three prospecting methods?
- Random Prospecting
- Focused Prospecting
- Prospecting through CRM
What are the forms of Random Prospecting?
Cold calls. Email blitz. Direct mail blitz. Traditional advertising. Social media advertising.
What are the forms of Focused Prospecting?
Current and former clients.
Industry partner information databases.
Networking organizations.
Government organizations.
Organizational surveys and feedback channels.
Associates and executives within the organization.
Professional services agencies and organizations.
What are the four main benefits of your CRM when it comes to sports sponsorship and prospecting?
Efficiency.
Data accuracy.
Teamwork.
Accountability.
Steps to establish and applying the prospecting plan?
Allocating time. Establishing goals. Tracking progress. Evaluating progress. Establishing consistency.
What are SMART Goals?
S=Specific M=Measurable A=Attainable R=Realistic T=Time sensitive/Time based
How much of the time should a client speak in a meeting?
80% of the time
What are the three steps in preparing for a sale?
Investigation,
Engagement.
Cultivation.
What are BANT metrics?
B=Budget A=Authority N= Need, T=Timeline
What should be done before a meeting with a client?
Establish the agenda with the client beforehand
Prepare with a few personal contact points
The first meaning of this phrase is to meet at the earliest date possible
What should be done at a meeting with a client?
- Start with the personal touches and humor
- Be Positive
- Keep the client talking
- Gather inquiries
- Review and establish next steps
What should be done to cultivate an existing client?
A meal at a favorite restaurant.
A sport match or event.
An industry-related event.
A community gala.
What are the key things you need to include in a proposal for a client
Opportunity - it's like an executive summary Objectives Measures of success Value to the sponsor Personalized wow factors Terms and agreements
What should you do when presenting the proposal?
Lead with the vision Be concise with your points Cut the fat - Keep a Power Point as precise and short as possible Use data sparingly Stick to the schedule Be confident and stay positive Ask questions
How do you overcome objectives?
Listen and Gather information Questions/ Clarify Confirming your understanding Address the problem Check for an agrement
What needs to happen to close the deal?
Make sure all documents are reviewed and signed by the appropriate parties.
Log all agreements electronically.
Immediately notify any impacted parties within your organization.
