Looking forward to bag sponsorship for your sports event/ facility/ team etc.???
Great! But, the task isn’t as easy as it seems, no?
Don’t worry, stay with us for next couple of minutes and you’ll learn the strategy to raise sports sponsorships!
Let’s define sports sponsorship…
Sports sponsorship is receiving funds or resources from a firm in return for some commercial help to the firm. This commercial help can be either brand promotion through getting their name, logo on social media, banner, t-shirt, poster, brochure, etc. or association with your company or anything on similar line.
Two kinds of sports sponsorship – Monetary and Barter
Speaking about the first and the most common type – monetary sponsorship, as the name suggests, it is the sponsorship where the sponsors literally offer you money in exchange for commercial benefits. This is helpful indeed and can be a critical source of funding for various companies.
On the other hand, barter sponsorship is the sponsorship where there’s a trade of value added elements between the sponsor and your company. This is an effective way of dealing with the bottom line expenses of a company.
Why do companies feel the need to raise sports sponsorship!?
Sports sponsorships favor the sports companies in the following ways:
• Providing more value to their customers
• Great source of additional revenue
• Helps one cover rising costs
• Reinforce brand awareness among targeted market
• Powerful marketing tool
There’s A LOT of competition out there!!!
You’re not the only one looking for sports sponsorship but, there are plenty of such sports companies looking for the same. The sponsors have got PLENTY of alternatives and hence, it is necessary for you to STAND OUT in order to convince them to spend their bucks on you.
Well, the aim was not to frighten or discourage you but to make you aware and to encourage you to prepare yourselves to the best level possible…and in case of any troubles or hassles, we’re always there to help you out;)
Strategies to raise sports sponsorships
1. Asset analysis
Your first and the foremost step is to do a thorough asset analysis of your sport company and respective events and programs. Look for the offering / assets, which provide value to the potential sponsors. These assets may include:
• Huge consumer base
• Partnership with a strong, well-recognized brand
• Successful previous associations & their results
• Active social media account
• Webinars/podcasts on physical development and sports
• Sport newsletter
• Use of logos
This purpose of this step is to know what assets do you have to offer your employees, which would provide then with commercial benefits.
2. Build contacts
One might call sponsorship a contact sport indeed! Finding & Building contact with the potential sponsors is VERY important. You should know the sponsors well and even they should be familiar with your sport organization. Your chances of grabbing a sponsorship entirely depend on how well you contact with your prospects.
So, make sure to stay in touch with them all year long and not only when you need them. You can converse either through e-mails, phone calls or physical meeting.
3. Track everything from sponsors
It is advisable to use and maintain a Contact Management Software or even a google sheet to keep track of all your potential sponsors and the interactions. If you are not into this yet, please get one real soon. The software is beneficial as it enables one identify the best prospect.
Once you have your CMS, make sure to record everything, every bit of info regarding your prospects and each of your interactions. It also allows you to leave reminders, calendar updates, to-dos and institutional memory.
4. Deck preparation
Now comes the important step, preparation of deck! To pitch a sponsorship opportunity successfully, you’re supposed to prepare a presentation on the same to make your offering clear. Make sure to prepare multiple packages for the sponsors. During the presentation, always adjust your messaging to the needs, interest and goals of your prospects. Next thing to mind is to stand out from your competition. Do not act like every other sport fundraiser out there but give a good reason to the sponsors to take the conversation forward after seeing your presentation.
5. Close the deal
Closing a sponsorship deal isn’t an easy task and hence, never take it lightly. Companies are often more scrutinizing while closing the deal and hence, you’re supposed to act careful.
Always approach the sponsors with multiple sponsorship options so that, they’ll have a choice and thus, lesser probability of losing the deal. Further, do offer the companies to be as helpful as possible because this is certainly what they often look for.
6. Delivering more than promised service
Once you receive the sponsorship, your duties do not come to an end but, this is where they START. You’re liable to deliver them the service they expect and what you offered. Always try being very generous to your sponsor and deliver more than promised. This awakens a feeling of trust within the sponsors and consequently, they might choose you next time for your next offering as well.
These are your 6 golden steps to bag a sponsorship opportunity! Do follow all of them, act wise and you will be witnessing great results.
We’ll be more than happy to assist you.
Do not forget to share the blog with your fundraiser mates!