Measuring Sponsorship and Events

This week, with Katie Paine's book, Measure What Matters, we are going to continue to look at different lists of steps. This week we are going to take a look at the seven steps for measuring sponsorship and events. The steps are as follows:

1. Define your objectives
-It's important to know what you want to measure and what your goals are. It's also important to know your primary objective, whether they are increasing your product or company aw
areness, selling more of your products, launching a new product, driving affinity between customers and a brand or reaching new markets and customers.

2. Determine your measureable criteria of success
-You need to know what you exactly want to measure and how you're going to go about measuring. When measuring it's important to measure everything that same, so you are able to compare your current results to past results.

3. Decide upon your benchmarks
-When deciding your benchmarks, you need to know where you want your company to go. In order to determine your benchmarks you should look at past results, to see what you need to beat. You should also look at your competitors because you'll be able to see where you stand compared to them and will now how possible it is to be similar if not better than the competitor.

4. Select a measurement tool
-Know how you want to measure, whether you do in-depth phone surveys, online surveys or create a specific hashtag for Twitter.

5. Define your specific metrics
-In this step it's important to know exactly what your goal is. If the goal is to change peoples opinions. you're able to do this by increasing percents in perceptions and awareness, preferences and likely to purchase. The other goal is to sell. You're able to reach this goal by knowing cost per contact or length sales of cycle.

6. Choosing a measurement tool
-In this step, it's now time to decide what tool you want to use to measure. The options for measurement range from counting tools, survey tools, sales tracking tools, web analytic tools and content analysis tools.

7. Analyze results
-It's now time to look at your results and compare them to your benchmarks and see how you did. These results will then help you determine where you need to go next and what your next objective should be.

By using these seven steps for sponsorship and events, you'll be able to know where you company needs to go, but you'll also know what your company is doing right and where they're lacking.