WATCH: Sponsorship with Purpose Panel at SportsPro Live 2022
On Wednesday 27 April, Story10's Managing Director, James Dobbs moderated the panel Sponsorship with Purpose at SportsPro Live 2022. James was joined by panellists from Formula 1, AC Milan, Nissan Motor Corporation and The Jockey Club, where they discussed how purpose is embedded into sport and how to market to consumers who are increasingly socially aware. View the discussion below.
Here are our key takeaways from the panel discussion:
Brand values don't necessarily change but how you talk about them does
The core values mostly remain consistent but the balance and focus can change depending on priorities within the business and wider society. It's also key that the chosen brand values are those that the company is fully committed to and can deliver on. For example, F1's recent focus on sustainability based on societal issues and the Jockey Club's collaborative bottom-up approach using internal staff and external stakeholder feedback to identify meaningful values.
The input commercial processes have on brand values
Values help drive the commercial reality of the business. If you are able to tell a compelling story backed up by how you are 'living and breathing' those values, they can become a really strong commercial narrative. Every part of the organisation needs to be working collaboratively, so the brand values are credible and authentic and ones that you can stand behind.
Purpose elements are being more integrated into the sponsorship conversation
As brands look to collaborate, a key consideration should be whether their values are aligned. This should be part of the due diligence when discussing an initial partnership. As well as being clear about what the objectives are, there could even start to be more contractual language related to purpose moving forward.
Measuring success in this space
Success can focus predominantly on customer sentiment or building loyalty as well as promoting a vision, it doesn't necessarily have to focus on ROI or a monetary value. Tracking success based on your previously set goals is important and relevant to the culture of the business as a whole, helping to build a rounded picture of whether the values are resonating with various stakeholders.
How we can help
If you are looking to amplify your purpose-led messaging, as the world’s largest sports video distribution network, Story10 is in the perfect position to help you. We connect brands and federations to an engaged global sports audience through authentic storytelling, helping you reach your target audience on any platform, in real-time. To find out more about how Story10 can help put your brand at the heart of the global sports conversation.