- Make use of your existing team or recruit a new member of staff to help with research, engagement, and managing sponsors. Finding sponsors can be time consuming due to the amount of follow-up involved. Paying an outside broker or agency to only find sponsors has a few downfalls:
- They are the ones building the relationship with the sponsor; when they leave, the sponsors leave.
- There will often be a conflict of interest. They may be approaching the same sponsors for multiple asks.
- It is expensive due to the time it takes, plus they don’t have the passion or drive for the activity that you and your company do. Paying someone just to find sponsors is like paying your lawyer to do filing. It is a huge waste of resources and cash flow. Your money is better spent recruiting someone to join your team or splitting elements of sponsorship internally. It won’t consume as much time as you think if it is done right and you are consistent.
- Update your knowledge of sponsorship. Get clarity on what your value is and don’t use outdated techniques to approach sponsors, otherwise you will just blend in with 100’s of other people asking for sponsors. Sponsorship is not difficult and there are lots of resources both in person and online that can help you, such as workshops, webinars, blogs and infographics. In fact we will be running a FREE 5-Day Sponsorship Challenge on July 24th – Sponsorship Basics, How To Get Started. To register, sign up here.
- Have a plan for approaching sponsors – include follow-up and how to make your communication consistent. If you don’t you are setting yourself up for disappointment. When you have a strategy/process that you take potential sponsors through, other members of your team can step in too, so it doesn’t have to all fall on you.
Knowing where to start with sponsorship can be difficult, especially when you have never dealt with it before. Here are 3 tips on where and how to get help:
It is never too EARLY to start looking for sponsors. 70% of large corporations decide their annual sponsorship budget between Sept-Dec, so the summer is the perfect time to start building relationships with potential sponsors, to ensure you are included in their budgets.
Sponsorship takes time to approve and activate for most large corporations. Make sure to confirm the approval process during the discovery stage. Activation may require help from other departments, which will require extra time to plan and implement. Don’t forget the time it takes you to develop your proposal and research a potential sponsor’s needs. It all takes time.
In our experience, the smaller the asks (less $), the less time required for sign off, though there are always exceptions to the rule.
To avoid disappointment, give yourself 6 months to a year depending on your ask. The bigger the ask, the longer it will take.
Here are some tips on how to speed up the process and why it is important to engage potential sponsors earlier
All of the above will speed up the sponsorship process. Be prepared, sponsorship will take longer than a month or two before your event. Respect your sponsor’s time; if you rush them they will automatically say no. Start building your relationship with sponsors NOW - it is never too early. Of course, there are exceptions to the rule and if you only need one sponsor, you might get lucky.
If you are looking for a more hands on approach to sponsorship, sign up for our workshop in Milton on June 14th. This workshop is perfect for those not sure where to start or those looking to get more than one sponsor. Sponsorship takes longer than most people expect, don't be left short of time and revenue. Sign up today http://www.mooresgroup.ca/services.html
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