Managing multiple partners in the same category can be very complex. It requires a strategic approach that can ensure that each partner is receiving the attention and benefits they expect. Although dealing with multiple partners in the same category can be difficult, it is important to manage that conflict, and have clear communication and a tailored plan for each of the partners. Each partner is unique, and treating them as such is essential for a strong partnership.
Nowadays, we see some universities have anywhere from four, to five, to six different car manufacturing brands as partners. When this happens, the value of having that partnership can become diluted, but if it is tailored correctly for each party, it can still provide benefits to every manufacturing brand. At the end of the day, it is a lot easier to keep a client than to find a new one. That’s why learning how to effectively manage partnerships with multiple clients from one sector is of vital importance.
Here are some tips and tricks on how to effectively manage multiple partners in the same category:
First, college greatly differs from the pros, every college is different and the college towns they are a part of are not the same. Tallahassee is different from Morgantown, and Knoxville is different from Houston. These colleges belong to completely different landscapes, each town has different dynamics. At the end of the day, the main goal for the sponsorship side of sports is to generate the most revenue possible for the school. When dealing with all these different dynamics, it makes managing partners that much harder, because not every town is the same and not every partner has the same goals.
Second, technology also plays a huge role in how the world of sponsorship in college sports has evolved so much over time. There are new properties involved, and with the advancement of technology came a completely different view of how to deal with sponsorships in these schools. Technological advancements have completely changed what partners want from their sponsorships, it is no longer just tickets or radio-plugs. That is why it is important to tailor each plan for each partner differently, some like the old “grass-roots” way of doing things, but others will want the “new-school” way.
“Our world looks completely different now and with the evolution of technology and new sponsorship opportunities and all those things, our properties have started to mature,” Brandon Parks, Associate General Manager at the Vol Network said.
Third, IP (intellectual property) rights have become a focal point of sponsorship in the world of sports as a whole, specifically college sports. Most universities will have a spending threshold to garner access to said IP, while only a small number of schools do not. Although some disagree, it is important to have the spending threshold, because if not, the value of IP and exclusivity can become heavily diluted. Not all partners will want the IP rights, but others will. It is important to know what the client wants in these situations, it will help greatly with managing their expectations.
Finally, at the end of the day, the goal is to keep the client and get them to renew their contract. It’s not easy, but it is a lot easier than finding a new one. Creating a strong relationship with clients, letting them know that their wants and needs will be fulfilled, is one of, if not the most important part of the partnership.
“It is a lot easier to keep a current client than to find a new one, and we’re charged every day with delivering the best possible experience we can, but also moving the revenue needle and hoping we don’t get to that tipping point,” Brandon Parks said.
In conclusion, effectively managing multiple partners in the same category requires a strategic approach that addresses individual needs and fosters strong partnerships. The evolving sponsorship landscape in college sports emphasizes the importance of intellectual property and maintaining value through spending thresholds. While multiple partnerships in the same category may dilute their value, tailored management can still benefit all involved. Retaining clients is key, and with clear communication and customized plans, successful partnerships can be achieved.
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