Customer relationship management (CRM) is a concept that involves engaging with customers across their entire journey rather than just selling them something and then forgetting about the. Thanks to the digital transformation, CRM is now managed via advanced software hosted in the cloud. It’s an ideal scenario for activating and managing sponsorships in sports and entertainment.
Leveraging CRM tools by way of sponsorship management software can substantially enhance sponsorship activation and management. But as with anything else, employing best practices is the key. The best practices listed below are complements of KORE Software. Check out their website to learn more about KORE Sports CRM.
1. Centralize Data
Activating and managing sponsorships effectively requires data-driven decision making. Doing it with CRM and sponsorship management software centralizes data in a hub environment. Data is immediately accessible to anyone who needs it while communication across the hub is encouraged.
Centralized data should include:
- Sponsor details, contracts, and contact info.
- Interactions and touch point data.
- Records of assets, deliverables, and fulfillment.
Centralizing data ensures that no one is left out of the loop. That leads to fewer errors, better collaboration, and more reasonable expectations.
2. Integrate Software Wherever Possible
Sports sponsorship management software works best when it is fully integrated with the rest of the software an organization utilizes. Fortunately, most CRM platforms connect with other relevant tools to create a more comprehensive ecosystem.
A sports-based CRM tool should integrate with marketing, financial, and even event management software. Better yet, get it all in a single package that covers all a brand’s needs. Activating and managing sponsorships gets even easier then.
3. Streamline Workflow
One of the main reasons for adopting a CRM solution is to increase efficiency. To that end, it’s in an organization’s best interests to streamline workflow and processes as much as possible. For example, establish approval workflows for contracts. Use automated task management to delegate responsibilities to various members of the team. Use your CRM software to create automatic reminders related to deliverables and time sensitive tasks. It all leads to more effective sponsorship activation and management.
4. Take Advantage of Real Time Tracking
CRM software offers a big advantage over legacy systems from the standpoint of tracking data. In other words, software can track data in real time. It can also report that data in real time as well. Such capabilities add insights and value to sponsorship management software.
Here are just a handful of things a good sports-based CRM should be able to track:
- The sales pipeline.
- Available inventory and rate comparisons.
- Contract completion and as set delivery.
- The most important financial KPIs.
Real time data promotes data-driven decision making. It facilitates showcasing ROI to potential sponsors. It keeps everyone on the same page once sponsorships are activated and in the management phase.
5. Ensure Compliance and Security
The final best practice should be obvious: organizations must ensure regulatory compliance and data security. To that end, setting up sponsorship management software based on appropriate user access levels and permissions should never be a question.
In addition, organizations are compelled to comply with data protection regulations in every active jurisdiction. This is also non-negotiable.
Activating and managing sponsorships with CRM software makes perfect sense in the digital era. CRM software itself was originally developed to streamline the customer journey and a brand’s interaction with it. The concept works extremely well for sponsorship activation and management, given that sponsors are effectively customers investing in marketing and brand enhancement opportunities. What better way to manage relationships with sponsors than a purpose-built CRM package?
