Where's the Value?

Oftentimes, it’s right in front of you. If there has ever been a need to focus on value, it is now. Our friends at Merriam-Webster define value as “relative worth, utility, or importance”.

With the uncertainty of the economic situation, we need to revamp, refocus and ensure we are maximizing our value with all of the sponsorships and programs we are involved with.

Every asset has worth and importance – maybe not to you, but certainly to your stakeholders.

I have reviewed many cases where the available assets are not all utilized. Sponsors use the standard driver visits and exposure elements, but few truly know and understand all of the assets available to them!

Take a closer look at your contract. Delve into the assets sections and consider new and creative ways to leverage them. In most cases, it probably won’t cost you anything.

As an example, make sure you use all of your event credentials - “hot passes”. You may not have hospitality at every race, but it does not mean those credentials should go to waste. Perhaps some vendors or local customers could use them. Offer them to a business prospect. And since they are difficult to obtain and provide unique access, offering a credential provides the recipient with a valuable opportunity that will be remembered.

A prospect may remember a dinner; but they’ll never forget a “behind the scenes” VIP experience at a race. If you can make them a hero, they’ll make you one too.

Make a list for each event. If you receive four per race, make sure and use as many as possible…reach out beyond the normal “guest list”.

You never know, something of value may come back to you.