1. Sponsorship isn’t about you
Sponsorship happens because the event or organisation being sponsored can provide an audience to help the 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. 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. Do you work well together?
Prospects should be approached who share the same target audience and values. This will not only ensure that the prospect is marketing to their key audience, but also creates an associated brand experience.
4. A warm welcome for your sponsor
There is only so much one individual can do to make the sponsor feel like a partner. It is imperative that your whole business recognises and realises the benefit of sponsorship and doesn’t look at it as a hassle. One of the core objectives of sponsorship is mutual benefits through partnership activity, so there needs to be a feeling of working together inclusively.
5. It’s not just about 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 prospects
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. Build the relationship with a sponsor
Account management is key to a successful sponsor relationship. Ideally, you should be looking to have long-term sponsors who continually fund your sponsorship proposals because they find value in the relationship and they enjoy the positive working relationship you provide.
8. Get help
Sponsorship is very complex and it is not simply about asking for funding because you have a great proposition. When done properly, it can not only fund your activities but it will also create a meaningful relationship between your organisation, your sponsors and your audience — significantly adding value to your business.
Rob Barber is managing director at TYGA
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