Sponsorship management in sports and entertainment has been evolving at a much faster pace since the industry began adopting the digital transformation. That evolution continues unabated thanks to what technology brings to the equation. Here is what you need to know if you are a sponsor: technology is revolutionizing what companies like KORE do in relation to sponsorship management.

Data driven sponsorship strategies are a big part of it, of course. But there is more to it than just data alone. An organization needs to do something with the data it gleans – whether it is a team, promoter, entertainment venue, or sponsor.

Data Driven Valuation

At KORE, advanced analytics is the name of the game. With it, the company is able to deliver data driven sponsorship valuation. Their software is able to value and measure things like fan engagement and sponsorship return on investment (ROI). However, one could argue that this concept is not new. Players in both entertainment and sports have been gathering and analyzing data for quite some time.

What is different in the 2020s is the ability to apply clean room data technologies for better understanding of consumer engagement. Clean room data includes no identifying information that would otherwise skew interpretation. In this way, sponsors are given a more clear demonstration of advertising effectiveness.

Driving Fan Engagement Further

Data driven sponsorship strategies are being made better by technology in terms of actual fan engagement. Today’s fan engagement is now hyper personalized for a level of customization never seen before. How are promoters doing it?

They are employing things like virtual and augmented reality. They are creating immersive experiences fans can have at home. They are developing centralized media hubs to distribute social media content alongside mobile apps and in-venue experiences made possible with Wi-Fi.

He all works together to create a fan experience difficult to forget. As fans are engaged, they become more loyal to their favorite teams, bands, etc.

Exploring New Revenue Streams

Technology is even opening the door to new revenue streams. For example, consider virtual advertising. Advertisers can take advantage of virtual technologies to place different ads for local, regional, national, and global broadcasts. People in different locations can see the exact same broadcast but different ads.

New revenue streams are also being realized by integrating sponsor products into sports operations. Teams rely on technology-based equipment for better training and analysis. Through their use of such technologies, they become brand ambassadors of sorts.

Tech Companies Investing in Sponsorships

The proverbial icing on the cake is observed in the tech companies themselves. Not only are they providing the software and hardware necessary to transform data driven sponsorship strategies, but they are also investing in sponsorships themselves.

We’re seeing an increase in tech company sponsorships of all sorts of sports and entertainment offerings. The biggest names – like Microsoft, IBM, and SAP – are both providing the tech solutions the industry needs and using those same solutions to further their own sponsorship opportunities.

The Rise of Esports Will Change Things Further

Right now it is an exciting time to be involved in sports and entertainment sponsorship management. Technology is seeing to that. Companies like KORE Software also have an eye on esports as they become an emerging force in the broader entertainment picture. They are poised to change things even further.

KORE Software is a leading provider of data driven sponsorship strategies across both sports and entertainment. Whether you are looking to attract more sponsors or are a sponsor looking for partners to work with, you might want to give KORE a shout. Their technology is leading away.