10 Tips for Building Strong, Successful Corporate Sponsorships
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The downturn in the economy has made corporate sponsors not only more limited in the amount of dollars available for potential sponsorships, but they also are more aware of the return on investment from their sponsorship and charitable donation dollars.
SponsorPark is a comprehensive Web tool available free of charge to help connect sponsors and sponsorship opportunities. The company recently released a list of 10 tips to be more effective in the sponsorship solicitation process.
- Write a relevant initial proposal. Communicate the most relevant information up front. This will quickly establish whether a partnership is realistic.
- Offer tiered packages/benefits. Offer sponsors who give you greater support a more extensive package of benefits.
- Cast a vision. Demonstrate your passion for what you're doing, and paint a picture for why it’s a big deal. Tell your story. But be sure to pair feelings with qualitative with quantitative reasoning, SponsorPark advises.
- Quantify your value. Some benefits don't have a dollar value, but for anything that does, make it clear and easy to defend the value as a reason why sponsors should partner with you.
- Pursue those who have reason to be interested in you. Do your homework and know what that company is doing and its goals for the future.
- Build a strong network. Create ties with current potential sponsors so that when opportunities arise, you already have a solid relationship with them.
- Consider using an agency or connecting resource. SponsorPark offers a free outsourcing tool that allows organizations to put themselves where sponsors are looking.
- Give yourself plenty of time. It can take four to six months to connect with the most appropriate person within the sponsor prospect, negotiate a partnership and sign a contract. And the larger the sponsorship deal, the longer it can take to close. For this reason, SponsorPark suggests pursuing more than one sponsor at a time.
- Don’t sell yourself short. 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 in tougher times.
- Listen to your sponsors. Once interest has been established and an initial meeting set, ask your sponsors what they want out of the partnership. They might come up with even better ideas than you initially considered.