Big Blog Post #3 – Is it time to take the pulse of your…SPONSORSHIP?
2020 is in full swing but it’s only February which means you’ve still got time to develop or reassess your event sponsorship strategy.
Remember: sponsorship is all about relationships – establishing them, nurturing them and valuing them at all times. At Big Mouth, we believe sponsorship management involves constantly working to identify opportunities for partnerships which benefit both parties. We love coming up with creative ways of engaging new and existing sponsors to add value.
For those that find themselves planning an event, it can be overwhelming to add the responsibility of seeking support through sponsorship. So, if you’re just starting out or perhaps you’re looking to overhaul your sponsorship strategy, here’s a simple way to assess your current approach. Ask yourself:
When is my event and when should I start selling?
It’s (almost) never too late to start selling. But remember; the less time before the event, the less lead time there is for marketing and to then deliver promotional benefits. Further, many corporations can only offer sponsorship if it’s within their approved budget. Some organisations’ budgets are aligned with the financial year, while other budgets are assessed more frequently. So, do your research and ask when the best time is to approach their marketing/partnerships team.
Have I developed a sponsorship prospectus that outlines the sponsorship benefits of my event?
This important document should outline the packages or levels of sponsorship available and clearly identify the benefits of each package. Developing a formal prospectus prompts you to put a value on the deliverables you offer. Be sure to clearly communicate the event’s selling points. Avoid ambiguous language and don’t make promises you can’t keep.
Have I developed a sponsorship pipeline to leverage sponsorship and maximise every opportunity?
A sponsorship pipeline is the foundation of your whole sponsorship strategy. Make sure its comprehensive and identifies all the potential leads and channels.
Do I document communications with sponsors and ensure that sponsorship benefits are delivered?
Remember: the benefits of your sponsorship are what makes it valuable. Without benefits, there is no sponsorship! Therefore, when you’re not selling you should be delivering. Can you guarantee that all the benefits a sponsor signed-on for were delivered? Can you prove it?
Good luck and happy selling!