One could make the case that professional sports would not be the successful industry it is today without sponsorships. That being the case, sponsorship management is critical to maintain thriving teams and leagues. Teams and promoters alike rely on sports sponsorship software produced under the banner of something known as ‘spontech’.
The term ‘spontech’ is shorthand for ‘sponsorship technology’. It is a term originally coined by a company known as Hookit. The company was eventually acquired by KORE, a leading data intelligence firm specializing in the entertainment and sports industries.
KORE is committed to developing spontech to its fullest potential. Why? Because integrating sponsorship management with cutting edge technologies creates a more efficient, data-driven, and profitable enterprise.
More About Spontech
Although sponsorship management software is a big part of spontech, the spontech concept goes well beyond software alone. The concept reaches down to the most granular aspects of managing sponsorship deals. There is a lot to the sponsorship life cycle, a lot that can be lost in the flow when sponsorships aren’t properly managed.
It is safe to say that spontech is rooted in the concept of improving sponsorship management through digital technologies. Think of it as being similar to fintech (financial technology) and its ability to improve financial services across the board. Just as fintech has brought the financial services industry into the digital era, spontech is doing the same thing for sponsorship management.
Data Plays a Huge Role
KORE explains that data plays a huge role in their sports sponsorship software. In fact, data is the heart and soul of sports sponsorship management. Promoters rely on relevant data to make decisions. Sponsors need data to understand what works and what doesn’t.
Data-driven decision making is what separates successful sponsorship deals from those that merely get by or outright fail. To make good decisions, organizations need solid data. A sponsorship management software platform not only gathers that data, but it also analyzes it to provide relevant insights.
Robust data is enhanced by real-time analytics. KORE’s sponsorship software leverages analytics to provide live dashboards customizable for each client. Clients have access to social media statistics, campaign metrics, and other dynamic data that can help maximize ROI.
Because Performance Matters
At this point, it might seem that spontech does little more than make sports sponsorship management more efficient. But efficiency is just the beginning. Spontech, in principle, is dedicated to improving performance at every stage of the sponsorship life cycle. Spontech matters in sports sponsorships because performance matters as well.
Bear in mind that the value of a sponsorship is tied directly to its performance as a marketing tool. A sponsor is rewarded for achieving sponsorship goals and outcomes in a way that aligns with objectives. Simply put, performance equals success. A lack thereof equates to failure.
Given that so much about modern business rests on how data is gathered, analyzed, and acted upon, sports teams and their promoters can’t afford to not join the digital revolution. They need the data that only digital technologies can provide. That’s why spontech is gradually proving itself to be an invaluable resource in sponsorship management.
KORE is an industry leader in sports management software. If you work in the pro sports industry, do you and your team use any kind of advanced digital platform to manage sponsorships?
Contact KORE to learn more about their platform and what it does. It’s all about spontech. With the right technology and the drive to integrate it, you and your team can take sponsorship management to a whole new level.
