Opinions expressed by Entrepreneur contributors are their own.
Q: My company sponsors events in ourcommunity, but I'm not sure if they're getting tangibleresults. How can I tell if they're paying off?
A: Gauging your ROI is of keyinterest to businesses today. To get the most from your sponsorshipdollars:
- Choose events that serve your target market.
- Commit to at least one yearlong sponsorship (if not more) inorder to fully maximize the association and commitment you'vemade. Often, measuring exact ROI can be challenging, and you may bequitting too soon if you don't commit for at least twoyears.
During the event/sponsorship opportunity:
- Provide a special offer that needs to be acted upon within 36hours of the event, and use a separate code on it to determine yourresponse rate.
- Collect data on attendees at these events to follow up andmeasure your ROI. Who attended the event? Are they potentialcustomers?
For more help determining your ROI, try these Web sites:
- NFO PlogResearch Inc.: Here, researchers analyze the effectiveness ofsponsorships and determine your ROI.
- CRM MetrixInc. provides insight, analyzes data, and helps determine whichsponsorship will be most effective.
- MarketingProfs.com: This site contains articles on allaspects of marketing, including measuring the effectiveness ofsponsorships.
is president of ImpressionImpact.com, a marketing consultingcompany.
