Streamlined funnel stages marketing for Insurance Industry

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hey everyone Chris Bayless here from the sponsorship collective in today's video I want to talk to you all about the sponsorship marketing funnel check it out [Music] the sponsorship marketing funnel gives us a framework to understand the different types of assets from most to least valuable as well as the most attractive assets and experiences that sponsors brands are interested in to understand the sponsorship marketing funnel first we have to look at the traditional marketing funnel and its various stages then I'm going to show you which assets fit where inside the marketing funnel so here's how the traditional marketing funnel works and I'll let you in a little secret it's exactly the same for the sponsorship marketing funnel except that different types of assets will appear at each stage at the awareness level we're talking about the consumer becoming aware of a brand aware of a product they're not taking action they're simply aware then we move to the interest phase in the interest stage your potential customer becomes a suspect they are interested in the products that a brand has to offer so if we're talking about a car dealer or an automotive brand they start with awareness they become aware that a company has a particular SUV at the interest stage they start to think about the benefits of owning an SUV if they have a large family or large dogs as I do versus other types of cars but they're still not ready to purchase desire is when the potential consumer in this case the SUV buyer actually has desire and becomes a prospect so in the case of someone who wants to buy a car how do they move from interest to desire well they might go down to the car lot hands in your pockets no thanks I'm just looking and then they take action action could be a test drive it could be applying for funding it could be an outright purchase this is how the traditional marketing funnel takes clients takes potential customers from awareness through to interest through desire and then on to take an action so what does this have to do with sponsorship well Brands sponsor properties in order to move their potential customers through these stages of the marketing funnel so let's take a look at how this applies to sponsorship let's start with awareness so what sorts of assets generate awareness in a sponsorship context well we know it as logo placement we might also do some social media where we include a logo or mention a brand or we might be talking mentions special thanks to sponsor X for sponsoring our event awareness assets or logos on stuff are not high value assets so what kind of assets would fit into the interest category so you're selling a sponsorship package you can sell a company a whole bunch of logo placement and generate all sorts of awareness what could you do to generate some interest well you could offer sampling you could offer trials you could send people to a particular website for the sponsor so you're still not generating any meaningful action you're still pretty far away from Roi but you are starting to move potential customers down the funnel closer to a purchase therefore interest assets are more desirable and worth more than awareness assets or said another way if you can get samples into someone's hand or get them to try some software or get them to visit a website sponsors want it more and you can charge more than if you're just going to put some logos on stuff all right so what about desire assets well if you can get somebody to test drive a car if you can get somebody to come down to a car lot or enter a store or engage in ways that are more meaningful on-site where they get to interact with the company directly and experience the brand and the product more directly then your shared audience the potential customer is showing an increase in desire it's more than certainly more than awareness it's more than interest they might actually want to purchase the thing that the sponsor that the brand is selling and when the brand sponsors your property yes they want awareness yes they want interest but they'll pay way more if you can get prospects for them last but not least what are actions well those are the things in the marketing funnel that turn prospects into customers so we'll represent that with the dollar sign if you can actually get your audience to make a purchase to sign up for a service then you've moved someone all the way through the marketing funnel and sponsors are way more willing to pay a lot of money for this down here at the bottom of the funnel then they are for these assets up here in awareness so here's the catch it's way harder to turn your audience into a sponsor's customers it's really easy to offer awareness assets but they're just not worth as much and sponsors don't want them if you can deliver prospects or customers you can charge way more and you're going to stand out from the crowd because everybody else is offering awareness or interest Assets in their sponsorship package I really want to caution you against black and white thinking it's really easy to see this and say oh well spot no sponsors want logo placement logo placement's dead we should never count mentions we shouldn't even offer them all we should be doing is offering customers and if we can deliver on customers then we will get paid and only then this is most definitely black and white thinking and it should be avoided actually the best approach is to be able to offer sponsors assets from every category in the marketing funnel if you can help generate awareness generate interest generate desire and action or Market potential suspects prospects and customers if you can deliver on all forefronts then you can be the marketing channel of choice because you solve all sorts of problems the very best sponsorship packages can actually convert prospects into clients on behalf of brands or for brands for sponsors and it's done in such a way that your audience loves it so your audience enjoys it the brand the sponsor gets a really positive outcome that's measurable the very weakest sponsorship packages only offer awareness and interest assets but the most important thing of all is to understand the sponsor's goals what the outcomes are that they're trying to achieve no sponsors want logo placement they are trying to generate brand awareness so when you are working with your potential sponsors you want to know what their actual goals are so that you can suggest the right mix of assets if you have a brand coming to Market in a in a new market in a new geography and they're trying to build awareness this is your chance to offer logo placement sponsor mentions social media if you start promising them that you can get people to sign up for a free trial and that's not what they're targeting even though it's a more valuable asset it doesn't actually matter to that brand right now and of course the reverse is true if a brand is trying to get new customers and you keep offering them awareness assets when they already dominate The Marketplace those assets aren't valuable this is why sponsor goals matter you have to know what your sponsors are trying to achieve so that you can help them achieve it all right if you enjoyed this video and you want us to keep making free content like this do me a big favor give me a thumbs up down below make sure you hit the Subscribe button and the bell icon and drop in the comments your biggest takeaway the thing that struck you the most in this video it would really mean a lot to me and remember the sponsorship proposal does not make the sale you do good luck out there [Music] foreign