How to Grow Your Business Through Sponsorship
Did you know that Forbes reported that some $68 billion will be invested in sponsorships? While big brands make up a huge portion of this astronomical figure, this doesn’t mean small businesses shouldn’t turn to a sponsorship program. Rather, it shows how valuable of a marketing tool it is.
Sponsorship is an under-utilized tool by small businesses, which is quite surprising because it’s a simple yet effective way to gain exposure and potentially boost your sales. So, let’s take a closer look at how you can grow your business through sponsorship.
Team Up with a Media Sponsor
Whether it’s a trusty radio show or a trendy online publication, consumers place a great amount of trust in media outlets. This is why our President and CEO Chris Baylis feels that a media sponsor will always grow the value and appeal of your business to other possible sponsors for your program. Not to mention, having a media sponsor will be extremely beneficial for your business’ events, as they can help attract customers through their audience. It’s important to note, though, that most media sponsors will request exclusivity, which makes teaming up with a media sponsor whose medium matches your business all the more important.
Get a Boost From Social Media
On that note, any company worth their weight — yours included — should have an updated social media presence, which you can then utilize to create engaging content for your sponsors. Using social media to boost your sponsorship marketing efforts is great news for businesses, as its accessibility and wide reach won’t hurt your budget. Plus, you don’t just have to rely on graphics and logos to showcase your sponsors. From Twitter threads to Instagram polls and Facebook stories, the sky’s the limit in terms of getting creative with your social media campaigns.
Reach Out to a Non-Profit Organization
A corporate social responsibility program is often associated with only big businesses, but having one is equally important for a small business as well. Indeed, Business News Daily notes that small businesses actually hold a lot of power when it comes to economic growth, which means they’re expected to contribute to positive social changes. You can even hit two birds with one stone when you have a non-profit organization as a sponsor, as they can promote your business to their contacts and your business will appear as a credible company that can help attract other sponsors, too.
Partner with the Right Sponsors
As a small business, it’s easy to get carried away when it comes to accepting sponsorship deals — especially if they’re from corporations who can provide the big bucks. However, you must be mindful of who you’re partnering with. No matter how much money they’re offering, if their target audience or business values doesn’t align with your company, your business won’t experience the proper exposure a sponsorship brings.
Securing a sponsorship might sound intimidating at first for small businesses. But as long as you have a compelling sponsorship program and strategy, you can be confident that your business will grow, thanks to the support of your sponsors.
Allie Cooper is a freelance writer and former digital associate for a marketing agency. In her spare time, she enjoys running marathons and traveling.