10/07/2024
Sponsorship can be broken down into four distinct phases, and below are tips for phase 3.:
1. Before you begin to look for sponsors
2. As you are searching for sponsors
3. When you have connected with a potential sponsor
4. Once you have secured a sponsor
Makes sense, right?
I posted the first section just over a week ago. You can go back to find it or write 'sponsor' in the comments and I'll send you all of the tips in an email so you have it in one spot.
Before I go on to the next section, know you could work on each section simultaneously, perfecting everything from your sponsorship pitch to your ex*****on and reporting. There is nothing that cannot be improved upon.
When you have found a potential sponsor:
1. Offer Activation Ideas: Some companies have no idea what to do when they sign up for a sponsorship opportunity. Once you know the marketing goals, you can suggest ways they can use the sponsorship opportunity. These activations are what is going to make the sponsorship successful or not. The activation can be anything from social media contests, a t-shirt toss, handing out coupons, appearing in their ads, bringing your car to a company event, hosting a VIP Day at the track for top employees, giving pit access, and mentioning the company in your newsletter. Offer fun and unique ways for the sponsor to reach their marketing goals. You may be required to plan and execute some of the activations and some the company may do entirely. A difficult thing to understand is that the sponsor should use at least the same amount of funds you receive to create activations. Without that funding, you risk the sponsor wondering what the benefit of the sponsorship was and will not return next year.
2. Develop a Winning Proposal: Your marketing deck is not your proposal. In fact, your proposal should be a simple, professional-looking document outlining goals, responsibilities, funding, and measurement of success.
3. Offer Measurable Benefits: Exposure of their brand to potentially thousands of people does not translate to sales, customer acquisition, or retention well. We will help you increase your social media followers by X %, we have a goal of getting 2,000 people to sign up for your newsletter, We will hand out 5,000 coupons and will help drive those people to your store with an expected redemption rate of 20%. Your social media following is also a measurable benefit you can offer.
4. Focus on Long-Term Partnerships: A marketing partner who comes back the next year or signs a multi-year agreement with you is more valuable than the actual dollar amount they are offering. What they are truly giving you is a lot of time and effort saved when searching for sponsors later. Offer incentives for companies that are long-term partners. No one likes to discount what they sell (your sponsorship). Instead, are there things you can add as a ‘bonus’?
5. Define your value proposition: Think of this as your elevator pitch that you can say quickly, confidently, and truthfully. “I help local restaurants increase foot traffic by 20% when they market their business through motorsports marketing.”