Sponsorship
Companies approach each sponsorship opportunity differently and evaluate each opportunity on its merits. This information will provide you with the tools you need to think about and organize your event or project and identify sponsorship opportunities. Once you have completed this process, you will then be able to present your case for funding to potential corporate partners.
What is sponsorship?
The term “sponsorship” can cover many different types of support. Sponsorships are generally intended for one event, a series of events, or a special project. Sponsorships are mutually beneficial relationships that involve the exchange of something of value from each participant to the other and involve clear responsibilities. Sponsorship does not strictly refer to cash, in many cases it includes a corporate donation of products and services needed to host an event or produce a program or promotional materials.
Sponsorship is essentially a contracted agreement between two partners with specified deliverables and responsibilities assigned to each partner.
Different types of sponsorship
To broaden the pool of potential sponsors, multiple levels and types of sponsorship are often developed to create opportunities for support at various financial or in-kind contribution levels. For example, a media sponsor typically offers publicity support, a sole sponsor takes on the entire sponsorship responsibility, and a title sponsor is one whose name typically appears within the name of the event or product.
The key is to have clearly defined responsibilities and benefits (for each level) and present them to a potential sponsor via a written agreement.
How long does it take to secure funding from a corporation or organisation for a sponsorship?
Corporations may or may not have specific time frames for submitting requests, but they do have budget constraints, so approaching them prior to the planning for the next financial year is a good guideline to follow. Certainly plan to approach your prospective sponsor at least six months prior to the event or project.
Event and Sponsorship Planning
Before approaching your prospective sponsor(s), you need to have thoroughly mapped out your event or program;
Describe your event or programme and define its scope.
Identify the target audience.
Set deadlines and develop an action plan.
Estimate costs for staff, materials, publicity, etc.
Identify an initial list of potential sponsors.
Determine potential sponsor benefits.
Plan for evaluation of the program.
This might include;
The purpose of your event/program.
The name of your event/program and the date it will be held.
Where the event will be held.
The contact person information.
What makes this event distinctive?
If this is a first time event/project, and if not, how long has it been held.
The role of volunteers.
Who the audience is (who you expect to attend).
How many are likely to attend (may be based on prior attendance figures).
The total cost of the event/project.
Deadlines for the completion of various tasks.
Sponsorship information (i.e. benefits, costs, etc.) and identification of past sponsors.
Which corporations you will apply to for support, and what will be requested from each.
What the benefits are for the sponsor.
What recognition opportunities exist?
It is also important to clearly define what the benefits are for the sponsor. These usually involve name recognition and might include:
Naming rights to the event
Featuring the sponsor’s name and/or logo on posters and banners (you will want to identify the number of posters/banners in your sponsorship benefits information).
Featuring the sponsor’s name and/or logo on the invitations, program or catalogues (again, you will want to identify the number of programs to be printed in your sponsorship benefits information).
Displaying the sponsor’s product.
Featuring the sponsor’s name and/or logo in all advertisements.
Free VIP passes to the event for the sponsor.
Invitations to the sponsor to attend other special events.
Introduction of the speaker by the sponsor.
Recognition of the sponsor in press releases.
After you have committed your event or program plans to paper, you will be ready to gain clearance for targeted corporations, and begin preparing sponsorship requests for potential sponsors.
The success of sponsorship proposals depend on:
The perceived value of the benefits presented to the sponsor and the pricing of sponsorship levels (also known as cost-benefit analysis)
The alignment of your event and/or event participants with the company’s business interests and priorities
The quality and importance of your event or project as well as its target audience
The compelling nature of the case for support of the event or program made by your personal meeting, presentation, letter, proposal, etc
Approaching potential sponsors
Although some departments or organizations do this by mail, (especially if you plan to approach a large number of organizations), the best approach is always in person.
This requires that you research your potential sponsor, identify the appropriate individual to meet with, prepare for the meeting, and set the appointment. You will also need to determine if you want to involve a volunteer, who may have an existing relationship with the prospect, in the meeting. Finally, you will want to conduct the meeting and make the ask.
Researching your potential sponsor
It is important that you have an understanding of your potential sponsor prior to scheduling your meeting. You will need to determine the following:
Does this corporation sponsor events/programs?
Is this corporation in competition with an existing sponsor?
Is the corporation already a sponsor of a similar event/program?
Is the timing appropriate to approach this corporation? Consider such things as recent news about the sponsor, the length of time until your event, how long it has been since you last requested funding from the prospect, etc.
With whom at the company should you meet? Often this is someone in marketing, public relations, or human resources.
Getting in the door
Getting in the door can be a challenge. As you prepare to contact the individuals you have identified for meeting, remember the following:
Put yourself in that individual’s place – While this event is a priority for you, often those that you hope to meet with view sponsorship work as a minor component of their job.
Work with his/her personal assistant – Remember, the personal assistant cannot guarantee that you will get to meet with your potential sponsor, but most likely can guarantee that you will not.
Schedule an appointment; do not just show up.
Remain flexible; offer positive alternatives.
Do not expect “instant access;” be prepared to call again.
Confirm the appointment – if possible, confirm in writing.
Goals for the meeting
Consider what you hope to accomplish in the meeting and discuss this with any others who might be participating. Goals should include:
Cultivating the potential sponsor.
Gathering information on the sponsor’s interests.
Sharing information about your organization and your event/program.
Making the ask.
Confirming next steps
The Meeting
You can think of the meeting in four parts: 1) opening the meeting, 2) discussing your event/program 3) presenting the proposal and 4) closing the meeting. Consider the following:
Establish rapport – Focus on your prospect. If they have been generous in the past, acknowledge their support. Thank them for meeting with you. Show a genuine interest in their corporation.
Keep the meeting moving – Be ready to move the conversation along. Take cues for the individual with whom you are meeting. Individuals have different tolerances for chatting versus getting down to business.
Provide a brief overview of your organization if the individual is not familiar with the organization.
Discuss the event/program in detail – Share what makes this event/program distinctive, who your audience will be, the history of the event/program, as well as providing an overview of what will happen at the event. Remember who, what, when, where, how.
Introduce sponsorship opportunities and ask for the corporation’s participation.
Discuss sponsorship benefits.
Share how this corporation’s participation will make a difference.
Listen for reaction from the potential sponsor – silence can be a powerful tool. Once you’ve asked for their support let them answer before you speak again.
Agree on follow up steps.
Thank them for their time.
Follow Up
As you conclude your meeting, you should discuss next steps with the potential sponsors. At a minimum, you should arrange to follow-up with a phone call, allowing a reasonable amount of time for a decision. Assuming the prospect is interested, you will need to make arrangements for any necessary contracts and the exchange of logos, tickets, etc
Regardless of the outcome of the meeting and follow up, you will need to send a thank you letter expressing your appreciation for their time and consideration.
How to find sponsors
Useful links:
If you're a sponsorship seeker, you can list your organisation's requirements on this website. It's a highly cost-effective way of reaching sponsors and their advisers. Receiving 1,500-1,600 unique visitors daily.
