It has been said that times change and so do people. In the world of sponsorships it could be said that times change and so do contractual needs. So what is the best way to handle this scenario as properties seek to secure long-term deals while brands work to make these multi-year contracts work harder to achieve brand objectives and return on investment metrics that have a high likelihood of changing from year to year?
Signing the contract is just the beginning. The worst thing a property sales rep can do is work hard negotiating a deal and then sit back and relax thinking that the cat is in the bag. This type of action is counterintuitive to building a long-term relationship built on trust and will likely signify the beginning of the end (because in this case I highly doubt a renewal would be considered!).
On the flip side the best thing a property contact can do once the ink dries is continually work with the brand to keep track of their ever-evolving objectives and proactively offer to review their list of contractual elements year after year to ensure they have the best mix of assets possible to achieve their goals. Given today’s marketplace I wouldn’t say anyone is ever guaranteed a renewal, however I would say that properties that take this course of action are more likely than not to achieve that sought after renewal.