Marketers are spending more and more on sponsorship opportunities despite struggling to measure the impact they're having, according to a study recently conducted by the Association of National Advertisers (ANA) and the Marketing Accountability Standards Board.
The study states that total sponsorship spending in North America is estimated by WPP-owned ESP Properties to be $24.2bn in 2018, up 22% since 2013 and 41% since 2010. Even so, the report - which included responses from 182 respondents - found that only 37% of respondents have a standardized process for measuring their return on sponsorship.
The survey also found that among respondents with a defined measurement process, 57% have a sponsorship measurement budget. Of those, most spend 5% or less on sponsorship measurement as a percentage of sponsorship rights.
Additionally, the study states that the need for validated results for sponsorship initiatives has increased in importance for 78% of respondents.
“Despite the continued growth of sponsorship investment and the repeated sentiment from marketers that there is a need for improved measurement and assessment, there has been little progress toward this goal,” said ANA CEO Bob Liodice in a statement. “It’s time for the industry to substantially upgrade sponsorship accountability, and this report is a material step in the right direction.”