For small businesses looking to boost their brand by hosting an event, securing a sponsor is the traditional way to get funding.
“Sponsorships are designed to be mutually beneficial arrangements with corporate sponsors providing financial or value-in-kind (goods or services) to sponsor seekers – anyone from SMEs, NGOs, speakers, authors and social entrepreneurs,” explains Matt Fendick, in the article, ‘This is How You Land a Lucrative Sponsorship Deal for Your Business’.
Aside from financial backing, a corporate sponsor can also establish credibility for a smaller business and its event, thereby helping them to raise even more funds.
Corporates, on the other hand, can expect a return on investment beyond just “feel-good association”, such as greater exposure for their brand within a particular market. Additionally, an event sponsorship can allow corporates to build deeper relationships with their customers, gain new audience insights, and enhance their reputation.
Read the full article: This Is How You Land a Lucrative Sponsorship Deal For Your Business
While the sponsorship process is relatively straightforward, it isn’t as easy as it looks and requires careful planning to ensure that it is advantageous for both parties.
Want to find out how to get a ‘yes’ from a corporate? Below are tips to help your small business succeed when pitching a sponsorship.
1. Do Your Research and Set Your Objectives
Begin the sponsorship pitching process by evaluating both your event goals and overall business and brand objectives. Some targets that you may want to set from the onset include reaching a new audience, boosting sales or revenue, improving brand awareness, generating leads or providing added value to existing customers.
2. Identify the Right Sponsor
Research each of the corporates you plan to approach to get the right sponsor match. Find out about the company and its main goals for offering sponsorships. All this information can easily be found on each company’s website. Similarly, establish whether there is alignment between the sponsor’s objectives and the event you plan to host, including whether you both want to reach the same target market.
Ultimately, your chances of success increase if you can convince the corporation that the investment will pay off.
3. Put Together a Proposal
Include key information in your proposal that can help the potential sponsor to make an informed decision. Stay away from a generic proposal and instead focus on telling your story, describing what you do and your audience demographics. It’s also important to include what incentives your corporate sponsor can expect from the partnership.
Some ideas for incentives to start with are:
- A free booth for trade shows or exhibitions.
- Sponsor’s name or logo on event promotional banners and flyers.
- Promotional freebies or discounts on the sponsor’s product or sign up for its service.
- Social media promotion on the sponsor’s content.
Finally, keep in mind that processing your sponsorship proposal can take time, so start the process early to avoid roadblocks and disappointment.
For a small business without the necessary funds or brand recognition, sponsorships can help you meet your marketing goals provided you demonstrate how the corporate sponsor can expect a return on investment.
