The stock answer, naturally, is that the price is what people will pay for it, and that still holds true to an extent. But in products and partnerships, the more data is available, the firmer a valuation can become.

That can help to cut waste but it can also turn up some surprises. A sponsorship might be priced too low, for example, or it might be generating value in unexpected ways - suggesting that a placement might be better suited to a brand from another category.

The application of data has led to partnerships that are more sophisticated and better tailored to the needs of those on the buy side. Through targeted activation and multi-channel delivery of assets, companies have a better chance than ever of making a real return on their investment.

But to access new levels of creativity, businesses need to embrace more flexible thinking. It is time to move away from complicated and outdated valuations; time to move on from doing things only because that’s how they’ve always been done.

With its powerful data reporting and analysis tools, Phokus provides transparent and realistic valuations for your partners that are comparable to real world market conditions. It is easier than ever to show those partners what they are getting for their money and find ways for that spend to go even further.

That approach can be the foundation not just for more effective sponsorships but also, importantly, for the trust that can sustain new and existing relationships. Communication and explanation trumps the defence of a rate card price every time. When both partners can understand how they really stand to benefit from a deal, they have all the more reason to make it work. And if they decide based on the data that one path forward is not right for them, they can look together for one that is.

When you start with the data, instead of the status quo, all sorts of things become possible.