Historically, sponsorship involves money that is given to support a cause or benefit an organization. This typically includes a “sponsor” receiving assets such as signage or other proposed items that we “the seller” think will be desirable to the sponsor. And while this is still a common approach, I feel that highlighting the intangible assets and value are equally as important. Sponsorship should be an exchange that occurs where both parties involved receive equal or meaningful value, and as a result leads to a prosperous and gratifying partnership.
So, are partnership and sponsorship synonymous? Not exactly, but they certainly go hand in hand.
Consider a scenario where you are selling Naming Rights...
So often the seller views their asset (naming rights to X property) as a valuable commodity, but let's consider why it is valuable? Who places this intrinsic value on the asset? And why do we tend to look at the opportunity as a one-sided deal?
When we change our way of thinking from “I’m selling something great that everyone should want” and shift to “I’m looking to build something great with the right partner,” the opportunity becomes more appealing.
Evaluate your approach. Instead of selling, focus your energy on earning a sponsorship and building a meaningful relationship first.
What does this look like?
To start, it might mean taking a deeper look at the value that you’re bringing to the table. What are the shared values that align the sponsor and your organization? You want to approach the other party ready and willing to share what you have to offer, what your organization is passionate about, what makes it unique etc. After you have a clear and concise picture, then you should spend some time doing the necessary research to vet your sponsor. Be patient and understand that it takes time to find a good fit, after all you are looking for a partner. Don’t forget to point out commonalities and the benefits that go beyond the pen and paper agreement. This is what is going to make the partnership thrive and hopefully grow for years to come.
Why is this important?
If your goal in 2021 and beyond is to grow your sponsorship revenue, then you have to shift from a transactional way of thinking to a more meaningful value-based approach when it comes to securing sponsorship. If we have learned one thing from 2020 it is the fact that nothing is promised. This year has challenged us to develop new creative opportunities for corporate partnerships. Through careful and thoughtful planning we can build sustainable partnerships with solid foundations that are resilient, even during unforeseen circumstances.
Here are some tips and resources to help you find sponsorship opportunities in 2021
Infographic courtesy of Sponsorship.com
1. Take a look at who you are spending money with (Your Vendors) 😊 and approach them about a partnership. This is a softer (and sometimes easier) sell because you are already familiar with each other.
2. Subscribe to Sponsorship.com. Not only are they (IEG) a great resource for properties who are seeking sponsorship, but they also provide an Annual Sponsorship Report or Outlook.
3. Utilize free resources from PR Newswire and your local Business Journal to look for strong leads. These daily emails will give you insight into who is spending money locally.
4. Consider using Sponsorpitch.com or other agencies to help you source and secure revenue.
Remember, more than ever it is important to take the right approach with companies and organizations when presenting a sponsorship opportunity. Be sure to execute some light research on the company to ensure they are in a place to provide financial support, then find common interests or perhaps a social purpose that connects the two of you. Lastly, suggest the partnership first. See what value you can bring to them to make this a long-lasting relationship.
Positive Prospecting. Stay Safe and Happy Holidays!
Lauren Byrd, EXP Consulting
Links:
PR Newswire https://www.prnewswire.com/
The Business Journals https://www.bizjournals.com/
Sponsorship.com /IEG https://www.sponsorship.com/
Sponsorpitch.com https://sponsorpitch.com/