Let me start by saying that I hate the term “sponsor summit.” When people hear it they think of a hugely expensive, over the top, highly formal, high-pressure sales event. Sponsor summits are NEVER high-pressure sales events and they are only as formal as you want them to be. You can hold any type of summit that fits your brand and your partners…as long as you hold it at least once a year, every year. No exceptions.
I know what you’re thinking “another post about how we should stop using the term ‘sponsor’ in favor of something like ‘partner.’” Nope. In fact, there is no word for “sponsors” because sponsors simply don’t exist. Wait…what? Let’s start with the working definition of sponsor from our friends at Google Translate:
How many prospects can you reasonably handle in your pipeline without running out of time to treat them all properly? 150? 250? What if I could offer you 394 warm prospects? And what if I could offer it to you…for free? I know what you’re thinking: anyone can download a list of the 394 biggest companies in their area of interest. But, I didn’t say 394 cold prospects, I said 394 prospects who will take your call and meet with you. I have two techniques that I would like to share with you, and neither requires a sponsorship proposal or a complicated valuation (though you should ALWAYS know your value). Check out this infographic to help with the prospecting process. The Business Breakfast Let me state for the record: sponsorship is NOT fundraising. Fundraisers and charities may use sponsorship as a revenue tool, but it is most definitely a form of marketing (not corporate philanthropy). Why am I telling you this? Because the first strategy is borrowed from the charitable sector…and is the single best tool for growing your pipeline. How do I know it works? Because a consultant friend of mine helped me triple the revenue of a charity […]
One of the main reasons people reach out to sponsorship consultants like myself is for help with prospecting. I can completely understand that, as figuring out who to contact and where to start can be quite difficult to determine, especially for first-time sponsorship seekers. I am often asked for my advice on how to get sponsors as though there is a magic formula that, if employed properly, will lead to more successful sponsorship packages. There wasn’t. Until now, that is. That’s right! I’ve cracked the code, so to speak, on sponsorship prospecting. I created a simple formula for finding corporate partners that can get you on your merry way to prospecting with the right parties. In this post, I’ll share that formula with you and provide best practices for sponsorship prospecting as well, so make sure you check it out! My Corporate Sponsorship Prospecting Formula First, let me start by saying I’m no professional mathematician. I have no idea if this formula follows standard algebra protocol, so please don’t judge me if it doesn’t. Here is my ultimate sponsorship prospecting formula: A1 + I (A32 x V) = P Now, I’m sure you’re wondering what all the variables are and […]
If you want to stop having your emails deleted, phone calls ignored and proposal thrown in the shredder it is essential that you get started in gathering data on your audience immediately. There is a gap in approach and knowledge between brands and sponsorship seekers. Many sponsorship seekers do not possess the level of data and knowledge of the audience that sponsors require to make informed decisions. Sponsors have a limited budget, limited time and limited patience for sponsorship seekers who don’t know the audience they offer.
Asking For Sponsorship Is Easy! As Long As You Don’t Ask For Money (Yet!) Prospecting is arguably the most important part of the sponsorship sales process. It is through the process of discovery meetings, geared towards information gathering rather than sales, that you learn whether or not the market will support your goals. The goal of the first meeting is not to make the sale but to gather information and demine whether or not you have a fit. The types of questions that you should ask your prospects must reflect the goals of the first meeting. 10+ Questions To Ask Potential Sponsors Here are the five most important questions you should be asking in the first meeting in order to be able to create a custom sponsorship package: Who is your target audience? This starts the meeting on the right path, right away. Don’t launch into a pitch, instead, get your prospect talking about their target audience. Not only will this give you valuable information for your proposal and your own audience research but it shows your prospect that you understand how sponsorship works. What action do your customers take right before they make a purchase? How do you typically get […]
Our sector has an outright obsession with the sponsorship package! Of course, sponsorship packages have their place and play a role in sponsorship sales, and I’ve written about the subject extensively here. If you find yourself focused on building the perfect sponsorship deck before you start talking to sponsors, you’re in big trouble. Here are 27 things you can do right now to move the needle on your sponsorship program, none of which require you to wait for final approval on your sponsorship deck! Create 5 “out of the box” activation ideas that you know your audience will love and offer them to your current sponsors! Update your valuation calculator to include an ROI calculator Stop thinking “philanthropy” and start thinking about the power of your audience Schedule your first Business Breakfast Start doing the Friday Five this week Create a fulfillment report template for your organization Schedule a follow up meeting after your next event and ask your sponsors for feedback Run an inventory building workshop for your team Make friends before you need them! Go for coffee with your prospects and ask them for nothing at all Conduct a valuation of your assets Make a list of the […]
If I had a dollar for every time I heard a fundraiser complain about their board of directors…or a board of directors complain about their fundraiser, I’d be a very rich man! Every single problem that I see stems from a lack of understanding of the sponsorship process and so this post is part therapy for fundraisers, but is also an instructional tool to share with your board members. In no particular order, here is what your board of directors needs to know about sponsorship:
Determining where to focus your efforts to maximize your sponsorship value can be confusing. We receive messages and emails all the time from people who tell us that valuation remains one of the most puzzling parts of sponsorship. We work alongside our clients to develop strategies that maximize the revenue potential for their organization and sponsorship properties. Through this process, we’ve learned that not all benefits are created equal. There are specific benefits sponsorship seekers can focus on developing that can provide the best return on investment (ROI) & return on effort (ROE). In this post, I want to share ten strategies that go beyond logo placement that you can utilize to take your value to the next level. Knowledge of your Audience and Willingness to Share Information Knowledgeable sponsors know their target markets intimately. They know where they live, what they drive, what they care about, heck some of them can even tell you what color shoes they prefer. In order for a sponsor to justify an investment in your organization, they need to know within reason that you can provide an audience that matches within their target markets. This can sound intimidating at first but the great thing […]