Many a times, corporate sponsorship plays a significant role to steer the event in a successful direction. However, obtaining corporate sponsorship is extremely challenging and after spending so many years in the industry, I know it can be a frustrating experience. Well, you need to be extremely smart and a little cheeky when it comes to approaching organizations for sponsoring an event. Do have a look at the top 5 tips that can help you out.
Build Up the Foundation
Without a strong foundation for sponsorship you cannot build up your own credibility in the market. Hence, you have to work on developing a foundation long before you start looking for sponsors. The foundation of sponsorship refers to all those details that constitute the sponsorship. You need to deal with several key issues as mentioned below:
- Identifying and defining the purpose of the sponsorships (for example, marketing, fundraising, establishing long-term partnerships, and so on).
- How the sponsorship will be sought out
- What kind of benefits will be enjoyed depending on the level of sponsorships
- How the funds gathered by sponsors will be used? What are the key areas that require funding and what are the goals for acquiring sponsorships?
Identify Your Target Sponsors
You cannot seek for sponsorships from every organization that you come across. Hence, defining your target sponsors is extremely crucial. In fact, your marketing plan should be targeting people, who are likely to be interested in your event. Similarly, your sponsorship strategy should emphasize on acquiring sponsors, who are likely to be interested in communicating with your target market.
Instead of directly seeking out corporate sponsorships, you can simply focus on the brand area for a specific product within a company. Keep in mind that niche marketing often helps in obtaining corporate sponsorships without investing much effort.
Research on Market Trends
An in-depth research on the ruling market trends allow you to reach out to your potential sponsors in a much simpler fashion. Do some research using business magazines, websites, annual reports, and so on, to have a clear idea regarding each company’s current marketing objectives, products they have released, and their competitors. Many companies have their own sponsorship guidelines. Check out if their policy and guidelines comply with yours. It allows you to acquire potential sponsors easily.
Define Sponsorship Levels
Demarcating sponsorship levels will help you to gain corporate sponsorship without investing a lot of time in it. You can follow a couple of different sponsorship strategies defining benefits and privileges to be enjoyed by each level of sponsors. You can define each level by “gold,” “silver,” and “bronze” with gold members receiving the maximum benefits and privileges.
Developing a Proposal
Create a sponsorship proposal. It is likely to attract more sponsors within a short span of time. Your proposal should include a description of your organization, detailed information of the event including date and location, speakers, proposed topics, sponsors, preliminary agenda, ticket costs, background information, and so on. In addition, give a brief overview of your marketing plan to keep your sponsors interested.
Try out these tips, next time, when you approach prospective organizations for corporate sponsorship for your next event.