The Wikipedia definition of sponsorship: “To sponsor something is to support an event, activity, person, or organization financially or through the provision of products or services. A sponsor is the individual or group that provides the support, similar to a benefactor.”
How can small businesses benefit from sponsorship?
There are several ways small businesses can benefit from sponsorship. Small businesses can be either a sponsor or the property asking for a sponsor (the property is the event, activity, person or organization), depending on the type of business.
As a small business you have probably been asked to be a sponsor numerous times. This may be via a financial contribution, products, services, or donations for silent auctions, either as part of a give back program or as an opportunity to get access to your target market. Either way, the benefits of being a sponsor can be great. These benefits can include:
- Giving back to the community and seeing it grow
- Increasing brand awareness to your target audience
- Generating engagement with your target audience, to increase revenue.
All of these elements are important for small business. So how do you decide whom to support? Here are 4 steps for making it work:
- Create a give back/sponsorship program that aligns with your business goals, engages employees, and supports the community. Set a criteria and a budget to stick to when reviewing requests.
- Sponsor an event, activity, person or organization that increases awareness, exposure, and your reputation with your target audience.
- Look at ways you can engage with the audience, to support your business goals. Nobody wants to be sold to, so look at ways you can provide expert advice, samples, promotions, tools, blogs, surveys, etc. to build trust and engagement with the audience, your target market.
- Sponsorship only provides opportunities; you have to grab and work the opportunities. Make sure you have the resources to maximize these before you commit, i.e. budget, content for blog posts, materials, and staff for booth space.
If you would like more help outlining your give back/sponsorship program, contact the MooresGroup.ca for more information.