Are Your Sponsorships Actually Working?
Underdog Sports started featuring sports businesses through our social media channels over the last couple of months. We wanted to highlight entrepreneurs who are making an impact in sports business and inspire other who have ideas, to take action. I came across TRAK Software (formerly Sponsorship Buddy), and was impressed by the work they were doing.
Trak is a collaboration tool used by organizations who buy, sell or consult on multi-asset corporate partnerships. Trak helps accelerate and simplify sponsorship execution of each partnership; so sponsorships are executed with the correct artwork, the right people, and every inventory item is maximized.
Giving everyone time back to strategically build, plan and THEN activate their partnerships instead of getting bogged down with complex partnerships (which is what everyone wants and needs) because their disjointed rows and columns (excel anyone?) and inefficient processes (more meetings phone calls and emails) can't handle the volume of exchanges required to pull them off.
Charles Reynolds, co-founder of Trak and I connected to discuss the story behond Trak Software and his advice for those who are starting their own businesses.
Nick Cipkus: What was the initial reason or idea that caused you to create TRAK Software?
Charles Reynolds: Having received two business/sport management grad degrees and consulted across the industry, I was aware of the latest best practices in sports tech that were leading to better ROI and more effective ways to work. It's never easy to implement change and instead of continuing to try to internally push for new tools with the club, I set out to tackle some of these issues directly. The Trak (then Sponsorship Buddy) bug was planted in concept form from folks that had experienced similar challenges and I committed to helping drive this new category of digital partnership activation.
Nick Cipkus: What are two things about entrepreneurship you know now that you wish you would’ve known prior to starting your own company?
Charles Reynolds: The first thing I wish I would've known is things rarely happen as quick as anticipated (ie. sales cycle when trying to introduce a new tool like ours to the industry). Another thing I wish I would've know was maintaining and adequately accounting for contribution levels is challenging. Maintaining a written standard early in the business, with the right amount of flexibility to adjust as needed is also important.
http://learn.trak.io/managing-multi-season-partnerships
Nick Cipkus: Do you have any advice for people who want to start their own business?
Charles Reynolds: Entrepreneurship is about problem solving. Are you willing to put it all on the line for the chance to create a lifestyle? Find mentors, go to meet-ups to find answers and connections, research and learn. Digging in this way can equate to a "real world MBA." After the 1st, all that knowledge makes the next one easier but it all takes a lot of nerve, sacrifice and stubborn resolve.
Sponsorships and collaborations with other companies are the staple of most marketing departments. People are always looking for ways to improve and simplify the process in order to seek a higher return on their investment. I definitely see the value and market need for Trak Software in the sports business marketplace.
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