How to Secure Sponsors

Logos are so yesterday!

I recently hosted a video on docstoc.com, the premier online business site, about “Creating and Selling Sponsorships,” a subject in which I have a great deal of expertise.

Since the video has already been viewed more than 550+ times, I thought I’d expand on the information I originally presented to help you better understand the process of approaching, and securing sponsors.

Step 1: Get clear on your reasons for seeking sponsors. Is it to decrease costs of hosting an event, create a new revenue stream for your company, raise money for a charity, etc.?

Step 2. Determine the total amount of sponsorship dollars you NEED to secure, and how much you WANT to secure.  Also consider in-kind donations. For example, a print sponsor can reduce or eliminate your costs for line items such as invitations and onsite signage.

Step 3. Create a Sponsor Hit List. It’s critical to thoroughly research potential sponsors. First find out a company’s sponsorship history (i.e. what types of programs have they sponsored, how much did they spend). Then make sure that their target market is closely aligned with the audience for your event, campaign or cause. For example, if the company you plan on approaching sells snowboards, and your audience is mostly women 50+, your proposal will get thrown in the trash. Even worse, you may lose any chance of approaching this sponsor with a different opportunity in the future.

Step 4. Creating the Sponsorship Package

Now that you have a sponsor hit list, you need to create a sponsorship deck that is easy to understand, solves a sponsor’s problem, and has a perceived value that is far greater than the sponsorship fee.

Years ago, you could just throw a company’s product in a goody bag, slap their logo on some signage, and everyone was happy. Now, not so much! Sponsors expect to get everything they ask for and more, so be prepared to be creative, and manage expectations.

Important Tip: Customize, customize, customize. No one wants a sponsorship package that has been shopped around.

Step 5: Selling the Sponsorship. Very often, the person you are dealing with will have to sell up the sponsorship package to his or her boss. Make their job easier by providing a list of specific benefits, as well as a few exciting marketing ideas that can help them leverage their sponsorship. By providing this added value, you create a partnership instead of a transaction.

Important Tip: Try to start the sales/relationship building process a full year in advance, especially if you are approaching a large corporation.

Step 6: Taking Care of Your Sponsors. This step is where most partnerships fall apart. Just because you sold the sponsorship, does not mean your job is over. Far from it! Execution and implementation are the keys to success. You MUST deliver on everything you promised the sponsor if you want to keep them happy.

Step 7: Follow-up. Once the event or opportunity is over, do not adopt a “See ya!” attitude. To create a positive lasting impression, provide a wrap-up report including a summary of the event including photos, deliverables met, and any non-quantifiable results (i.e. attendees loved you new product, and asked where they could buy it).

And remember, it’s not about you! It all about the sponsor.

Would love to hear your tips, as well as examples of a successful sponsors relationship.

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