What is Sponsorship Value?
/Corporate sponsors require a good return on their financial investment whether selling products and services or building brand loyalty. Your offer must afford the sponsor the prospect they desire.
To develop meaningful sponsorship value you must have a clear understanding of your objectives and potential sponsors requirements.
Prior to developing your proposal and target sponsors you should ask:
- What impact could a corporation or their products and services make by sponsoring your organisation or event?
- What is the value proposition to the potential sponsor?
- Will they be able to reach and positively influence their target audience?
Research and Evaluate
The development of a coherent economic sponsorship strategy that will achieve long-term success takes time and research.
A structured plan of action with clearly defined goals and objectives should be created and implemented.
The following will assist in planning a successful strategy and defining your sponsorship value:
1. Define your objectives
What is the purpose of the sponsorship? Review your current strategies in relation to sponsorship and whether it can assist you in achieving your goals.
2. Develop the offers
What is your unique offering to potential sponsors? Why should they “partner” with your organisation rather than a competitor? What value do you offer? Identify your differentiation and how it matches their goals. Creating valued, customised solutions offering benefits to your sponsors is integral to the success of your offers.
3. Identify potential sponsors
You need to be honest in presenting your sponsors with a “fit” to enable them to reach their target audience for branding or sales purposes. You must be able to offer them the ability to reach their key target.
4. Introduce relevant marketing channels
Will the sponsorship offering be activated through events? What marketing collateral will be developed to assist meeting the sponsors’ requirements? Develop and offer various opportunities for engagement that will appeal to your potential sponsors, their target audiences and your organisation.
5. Measure results
Measuring results is integral to all involved in the process. Capturing and measuring data will allow for optimisation and improving the relationship with sponsors in the future. It will also show the value of your sponsorship.
SALES APPROACH
It is imperative that you offer tangible benefits to your potential sponsors.
Your organisation should be confident in ensuring the delivery of the promoted benefits of sponsorship.
Your strategy should include significant lead-time before approaching corporate sponsors. A minimum of 10 to 12 months is recommended. This allows corporate sponsors the opportunity to evaluate your offerings and incorporate them into their budget.
Research should be conducted on potential corporations to ensure that the benefits of sponsorship are aligned to their requirements. When asking for cash sponsorship, it is recommended that the sales presentations are customised.
To maximize the value of sponsorship is to offer affinity with the sponsors’ brands.
Sell Value
