Sponsorship can bring significant commercial rewards, but it’s not always easy to strike a good deal. Jackie Fast, MD of Slingshot Sponsorship, offers eight tips to help you get a sponsorship deal off the ground
1. Sponsorship isn’t about you!
Sponsorship happens because the event or organisation being sponsored can provide an audience, which helps sponsors reach their objectives. Sponsorship is not simply about someone helping to find an opportunity or great idea. You need to look at sponsorship as a product you are selling.
2. Sponsorship proposals should focus on benefits
A sponsorship proposal should focus on the benefits of the association. No matter how big or small the sponsorship deal is, it should focus on return on investment and commercial benefits.
3. Get the right fit
Whether you're looking for a sponsor for your event, or looking to sponsor a local team or charity to raise your profile, you should only approach prospects who share the same target audience and values as you. This will not only ensure that both you and the prospect is reaching their key audience, but also creates an overall brand experience.
4. Internal buy-in is key
There is only so much one individual can do to make the sponsor feel like a partner. It is imperative that the whole business recognises and realises the benefit of sponsorship and doesn’t treat it as a hassle - even unwittingly.
5. Look beyond logo placement
Sponsorship is about engaging an audience and creating a meaningful experience. By understanding the sponsor’s objectives you can work together to create this. Only then will sponsorship be successful.
6. Understand your prospect
Tailored sponsorship proposals are the only option when you are looking to generate significant sponsorship funding. Understanding your prospect’s business and budget timelines is key to building these relationships.
7. Account management
Account management is the key to a successful sponsor relationship. Ideally, you should be looking to have long-term sponsors who continually fund your sponsorship proposals because they enjoy and find value in the relationship.
8. Get help
Sponsorship is very complex - it is simply not about asking for funding because you have a great proposition. When done properly, it can not only fund your activities, but will also create a meaningful relationship between your organisation, your sponsors and your audience - significantly adding value to your business. Specialist sponsorship agencies can provide training and consulting to help integrate sponsorship successfully into your organisation.
Written by Jackie Fast of Slingshot Sponsorship.