As sports sponsorships have increased in popularity, companies have grown savvier about choosing where to spend. "I've watched the industry evolve from what I call vanity sponsorship. If the CEO loved golf, guess what the company sponsored?" says Ardy Arani, a 25-year veteran of the business and CEO of ­Atlanta-based Championship Group, a sports marketing and promotion company. "Today, almost every case is return-on-investment (ROI) focused from the get-go. Companies want to know how a sponsorship is going to grow their business."

Proponents of sports sponsorships say they can be an important part of a marketing plan, but success is hardly a gimme putt. It takes an enormous amount of effort, planning, and focus. "Too many people write a check and hope for the best," says Loring Barnes, president of Clarity Communications Group, a company that helps corporations capitalize on their sports sponsorships. "They're going to get a sky box, they're going to eat expensive food on china, and they're going to have clients rubbing elbows with the right [people]. But that only scratches the surface."

Sponsoring a successful sporting event, experts agree, requires first knowing why you want to do it. Is it to raise awareness of your brand or of a new product? Is it to show valued employees, customers, and investors a good time? Is it to drive sales? "You have to have some rationale other than that the event is going to be on TV and your name is going to be splashed around the country," says Arani. The more focused a company's objective, the better its negotiating position with event organizers. If hospitality is the only objective, why not push for more ­tickets, rather than accept a standard package that includes signs you don't want?