Finding a sponsor for an upcoming program has become a lot more difficult with the downturn in the economy. Not only are corporate sponsors more limited in the amount of dollars available for potential sponsorships, but they are also more careful in measuring a return on investment from their sponsorship and charitable donation dollars.
In order to help bridge the gap between sponsor expectations and organizations seeking sponsors, Emily Taylor, co-founder of SponsorPark offers event and program organizers these easy tips to be more effective in the sponsorship solicitation process.
- Write a relevant initial proposal. This is not the final customized piece (which comes after you have already established interest). The initial proposal communicates the most relevant information up front; which quickly established whether a partnership is realistic.
- Offer tiered packages/benefits. When you communicate the benefits of partnering to a sponsor, a quick way to kill interest is not to offer options, or worse, no insight at all as to what your asking price might be. Your tiers should also be cascading, make it worth a sponsors while to offer more support in exchange for a more extensive package of benefits.
- Cast a vision. Clearly as one who represents a sponsorship opportunity, you have a passion for what you are doing, paint that picture for why it's a big deal; tell your story. But be careful to pair feelings with thinking. Pair qualitative with quantitative reasoning.
- Quantify your value in as many ways as possible. While there are some benefits you can't assign a number to, such as popularity or the loyalty of your customer base; there are many things that you can, such as: target audience information, media and broadcast exposure, and category exclusivity you could offer. The economy has made consumers more aware of corporate spending and required accountability with decision makers. Make it clear and easy to defend as to why they should partner with you.
- Pursue those who have reason to be interested in you. This means you will need to do your homework and be sure to know something about what that company is doing and where they are going.
- Build a strong network. If two equally beneficial opportunities are presented to a sponsor, they are going to pick the one that they have existing ties with. Connect with as many people as possible. A great time to start this is with current sponsors.
- Give yourself plenty of time. It might take four to six months just to connect with the most appropriate person, negotiate a partnership, and sign a contract. The larger the sponsorship deal the longer it can take to close. This is also why it's a good idea to pursue more than one sponsor at a time.
- Don't sell yourself short. Even in a world where you might have to add perks you wouldn't normally add to sell the sponsorship, or consider additional assets to bundle for more package options, make sure your pricing aligns with the value you're offering a sponsor. When the economy bounces back, you don't want to be stuck in a rut because you undersold your sponsorship previously.
- Ask your sponsor what they want out of the partnership. Once interest has been established and an initial meeting set, ask your sponsor what they want. At this point you have done enough research to know the basics about what they might consider a goal of the partnership, but stay on top of the ever-changing corporate world. Who knows, they might come up with even better ideas than you initially considered.
"Some homework can really go a long way to not only securing more sponsorships for events and programs, but also more long lasting and mutually beneficial partnerships," said Taylor. "The key is really to understand what sponsors are looking for, and delivering it to them in a clear and concise way."
Associations and nonprofits can register their sponsorship opportunities at www.sponsorpark.com, which allows sponsors and sponsorship opportunities to connect for free.