Getting a sponsor to help you underwrite the costs in your marketing is more than putting a letter in the mail and getting a check back. If it were that easy, everyone would be requesting a sponsorship. Not only does it require thought and effort, but you also need to be able to build a relationship and make a good business deal.
Let’s look at a few basics to sponsorship:
What Is Sponsorship?
What most people don’t realize is that getting sponsors is a marketing strategy in which an individual or organization (the sponsor) invests cash, goods, or services in another organization to gain access to specific assets that can improve the sponsor’s marketplace position. Basically, sponsors are looking for ways to get their brand in front of new markets, you just have to convince them your market is best one.
Types of Sponsorships
There is $17 Billion in corporate sponsorships available each year. Many of these sponsorships go unclaimed each year because people are not familiar with the different types they can possibly get. The type everyone is familiar with is called a “Hard Cash Sponsorship.” This is just like it sounds – you give the company something they want and you get cold-hard cash.
Another type of sponsorship is called “Soft Cash Sponsorship.” In the business world, these are known as “In-Kind” gifts. For instance, if you are hosting a webinar, the sponsoring company might offer you the hosting service for free.
Knowing what kinds of sponsorships you need as well as what the companies can offer makes a big difference when discussing sponsorship.
Getting sponsors is not a quick process. There is a right way to approach a sponsor, prepare your materials and develop a partnership with the company, which I outline in my Sponsorship Made Simple program. Remember, they are not giveaways or freebies, but a business deal where both companies benefit.
Many times, companies are trying to stretch their advertising budget, so offering a good marketing investment is the way to go, although it is always beneficial to find out what the other company needs before asking.
If you want a piece of the $17 Billion pie, you should know what type of sponsorships you are looking for, what types are offered and what would make for a great investment for the sponsoring company. Want to find out more? Get my free e-course at http://SponsorshipMadeSimple.com