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Sponsorship is a fundraising tool – Myth
Sponsorship is a marketing tool – a two-way partnership that trades resources for brand awareness and/or engagement with potential customers. If you are being asked/asking for a donation, this should come under community giving/donations. It is not sponsorship unless there is a benefit to the property, sponsor, and attendees.
Sponsorship is a marketing tool that small businesses can utilise effectively - True
Sponsorship is a powerful tool when used correctly. Sponsorship can provide sponsors with new leads, increased exposure, engagement opportunities, customer feedback, and an increase in brand awareness and perception, just from one event.
Sponsorship is only for large corporations – Myth
Small businesses can benefit from sponsorship just as much, if not more, than large corporations, both as the property (asking for sponsors to sponsor your event or activity) and the sponsor (sponsoring an event or activity).
Small businesses need to set criteria for approving sponsorship opportunities – True
For any sponsorship to be successful, you need to have criteria for approving sponsorship opportunities. As a marketing tool, sponsorship is there to support you by creating awareness and engagement with potential customers. You will need to evaluate each opportunity to ensure it is helping you reach your marketing goals. The first question to ask is, is your target audience going to be at this event? Then how will it support your marketing goals? Will there be an opportunity to get people to sign up for your newsletter? Or try your product? Get feedback on a new service? Build trust, etc.? Sponsorship is a vehicle to help you grow your business and reach your goals.
Gold, Silver, and Bronze Packages offer the most value – Myth
Gold, Silver, and Bronze Packages provide little value to both large and small businesses. They are fixed activities that, most of the time, don’t help you reach your marketing goals. Don’t be afraid to negotiate and only commit to the activities that you have the resources to support and which provide the most value to you.
I have paid for my sponsorship, now I don’t need to do anything – Myth
As a sponsor you have a role to play, to ensure you maximise this opportunity given to you. Sponsorship is not a guarantee, it is an opportunity. That means you still have work to do – that may be submitting blogs, setting up booth space, speaking, running workshops, etc. Schedule the deadlines for when everything is needed: logo, artwork, copy, set up, staff to man the booth.
Sponsorship will cost the sponsor more than asked for – True
Once you have paid for sponsorship, you will need to plan for an activation budget. This is the cost for additional branding materials, such as postcards, leaflets, giveaways, branded pens, t-shirts, staff to man booths, etc. Make a list of everything you are committed to and calculate the activation cost. Activation budgets should be no more than the value of the sponsorship.
There is no ROI with sponsorship – Myth
Sponsorship is a wonderful marketing tool when used effectively. There are several ways to measure ROI but all will depend on if your target market is there, what your objectives are, and what you are trying to achieve. Look at impressions, new subscribers, new followers on social media, how many people sampled your product or service, how many attended your workshop or read your blog post, etc. There is also the unmeasurable, such as the elevated trust and brand awareness gained from other sponsors/events.
Sponsorship has so many benefits and opportunities for small businesses, but if you don’t manage it correctly with a simple criteria and reporting tools, you are setting yourself up for disappointment and failure. If you need help adding sponsorship to your marketing plan, contact us at the Moores Group for a Sponsorship Review to make sure your sponsorship dollars get you more return on your investment.