Sports is about efficiency. On and off the field, teams look to use resources in a manner that will produce the best results. In some cases results are wins and losses, other times it’s revenue generated.
In September, KORE Software announced a key addition to their Sponsorship & Partner Engagement
application with KORE KONNECT. KONNECT increases efficiency relating to professional sports teams’, leagues’ and venues’ sponsorship and advertising deals. It acts as a central activation hub that provides consistent and reliable communication between properties, agencies and brands.
With the size of the sports sponsorship industry growing from year to year, a platform like KONNECT has never been more important. According to IEG, in 2017 alone North American professional sports teams have spent $16.37 billion — a significant spike compared to the $11.66 billion in 2010.
Naturally, with the enormity of spending, issues can arise amidst communication between teams and brands.
“[We were] hearing the same problem over and over again; having a consistent way to collaborate with their partners and sponsors was not available,” explained Chase Williams, VP of Sponsorship, Media and Entertainment for KORE. “Every team that we’ve worked with has a different way.”
Some would use email or share excel files while others utilized cloud-based software like Google Drive and Dropbox. There was no consistency with how properties collaborated with their key partners. As KORE spoke to the brand partners they heard the same complaints.
As a remedy, some organizations have tried creating their own homegrown product as far as an interface that can be used by sales and service teams. When you think of the breadth of corporate partnerships sports organizations deal with daily, creating an effective solution on your own is daunting and typically not cost effective.
Ryan Bishara, Director of Corporate Partnership Strategy for the Los Angeles Football Club (LAFC), has seen organizations go the homegrown route. He’s also seen solutions with a similar approach as KORE.
“We [LAFC] went with KORE because of the hands-on service, customization and ability to innovate as we choose — as we come up with ideas,” said Bishara.
As a user of KONNECT, LAFC tracks all aspects of their corporate partnerships. Bishara says the platform makes it easier to take a thoughtful approach to each relationship. Not only does it ensure they’re meeting a partner’s objectives, it also maximizes profitability for the club.
“The platform allows us to manage and report on the actual deliverables, or what we call tasks, in real-time,” Bishara explained. “Various tasks that need to happen to actually make something come to fruition on time, on pace and under budget.”
KONNECT allows LAFC to keep each partner in the loop when it comes to delivering on the terms of a deal. The portal, with all the assets relating to the partnership, can be shared between both parties in a customizable way. LAFC, for example, can filter information most crucial to the client such as deadlines, specs, reporting, important files, etc.
This creates a live, organized ‘inbox’ where both parties can manage a deal harmoniously.
“Many people are either coming from traditional spreadsheets, shared documents or other systems that don’t go as deep as they need,” said Adam Grow, KORE’s VP of Customer Strategy & Success. “KONNECT is designed to replace those systems and streamline the process. By providing in-depth detail, teams can reanalyze their portfolio of assets and ask important questions like, ‘what is each asset truly worth? How much money is our entire portfolio worth? How much money are we leaving on the table with our current deals?'”
This is what helps LAFC develop innovative deal strategies. KORE’s understanding of sponsorship data and how to leverage business intelligence visualization platforms ensures potential deals meet the organization’s expectations. It also means the sales team can create detailed reports for ownership on a weekly, sometimes daily, basis.
For those who haven’t used sponsorship management software, the idea of adopting a new system can be intimidating. With that in mind, KORE goes through a six-to-eight week adoption process with each company prior to launch. They then continue working closely with clients as part of their customer success program to ensure adoption and effectiveness.
One of KORE’s primary missions is helping companies evolve. There’s an understanding from KORE’s side that a full organizational adoption of a new system might take up to three years. After all, similar to athletes and team culture, it takes time to change the culture of a company. True progress doesn’t simply happen by plugging in new software.
“We’re not the type of software company that says, ‘thanks for your business, good luck with your new product’,” commented Grow. “We continue to work very closely with each of our customers, setting up weekly or bi-weekly meetings and offering consulting help along the way. We develop our relationships, learn and understand our customers challenges and help drive improvements throughout the entire subscription..”
Each feature within KONNECT is built to work together in serving as the central hub where buyer and seller can view the status of a partnership. The product creates an opportunity where both property and brand stand to mutually benefit from its use.
“That’s where we see KONNECT going,” added Grow. “Brands and properties will encourage one another to utilize KONNECT to improve collaboration.”