Recently, I read a great article about the Tampa Bay Lightning and how they have actively been reducing their sponsor count by half, from 240 to 120.
Now, for most of us, that would be a nice problem to have. That sheer volume of partners looking to affiliate with a brand leads to options, lots of options. Tampa Bay claims that by reducing their count by %50 they have increased revenues by 40%. Interesting math, to be sure.
The problem for the Lightning was that they had taken on so many partners that it has confused the message and there’s not enough critical mass for any of them to see huge value in their spend. With fewer partners, they can put more emphasis on quality activation and two way marketing programs.
So there’s a lesson likely to be learned here, whether or not you are in the fortunate position to have to cull your 240 partner stable. From the beginning, look for fewer, larger, longer term partners that want to get creative and who love your audience.
Here’s the article www.bizjournals.com/tampabay/blog/morning-edition/2015/10/how-the-tampa-bay-lightning-have-grown-sponsorship.html