One aspect that is often underrated when it comes to signing a sports sponsorship deal is selecting the right time to sign a sports sponsorship.
The average sports sponsorship negotiation time is around 6 months, mainly because of the sponsor's internal structure and processes. Therefore, it is an activity that needs to be carefully planned, also because sports properties have their deadlines as well.
When a new sponsor is coming in, sports teams have to adjust marketing collaterals, branding layout and the overall plan for the promotional activities for the year.
That’s why we always advise our clients to engage in a negotiation very early on, so they have the chance also to know the team, understand the sponsorship assets, experience as a guest what a race weekend can look like and then take a decision with all the cards on the table.
Most importantly, agreeing on a sponsorship deal at the right time gives the sponsor and team the opportunity to plan together how to activate the partnership from the very first day.
It is not rare to see sponsorship deals signed a few days from the start of the championship, but then it takes weeks (if not months) to leverage the partnership effectively.
Conclusively, when is the right time to sign a sponsorship deal? We advise engaging with the team 8-9 months before the next championship start and to sign the deal at least 2-3 months before the first race.
This is original editorial content from Drive Sports Marketing, an agency specialising in Formula 1 sponsorship, Formula E sponsorship, MotoGP sponsorship, and WEC sponsorship.
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