Are you seeking Sponsorship? Don’t miss our 10 step plan to secure a sponsor

Although there a high number of sponsorship opportunities available, the competition to secure a mutually beneficial sponsorship arrangement is becoming increasingly competitive. We have compiled an essential 10 point plan, that when followed will help secure the sponsorship deal you have been looking for:

1.Build a sponsorship team

·Have someone from every department that is going to be involved in the process. Meet regularly to discuss progress.

2.Draw up a Sponsorship Policy

·Nothing too detailed, just:

·Company history in relation to sponsorship

·Your objectives. What are you trying to achieve by getting sponsorship

·Administrative processes e.g. contracts, review and evaluation, decision making

·Accountability and responsibility; set reporting lines

·Specific issues such as exclusions e.g. tobacco industry, alcoholic drinks

3.Designate staff and resources to the sponsorship. Who will:

·Write the marketing plan

·Sell the sponsorship;

·Ensure financial costs of sponsorship are managed correctly;

·Be the main external point of contact e.g. maintain and service sponsors;

report on programs to staff and Board;

·Be the main point of contact for enquiries from media and general public

4.Write a sponsorship marketing plan

·Aim to understand exactly why your event is great for sponsors. Include:

·Brand values and USP’s. What are the characteristics of your brand and/or your event?

·Define your target markets. Who is your audience (demographic/ psychographics)

·Conduct a SWOT analysis.

·Competitor analysis. What are your competitors doing? What sponsors do they have? Why?

·Advertising plan: How are you promoting your event?

5.Create a list of benefits

It is most likely that a sponsor will be looking for:

·Brand Association: to be associated with your core values and attributes

·Access to your target market: and to communicate with them in a meaningful way

·Tangible Benefits: to gain specific benefits from your event, e.g.

·Exclusivity: Naming rights: Signage: Media/marketing exposure: PR opportunities: Marketing & promotional tie-ins: Corporate hospitality: Networking: Merchandising rights: Sampling: Endorsement: Employee involvement: Function facilities: Ticketing: Merchandising rights: Sampling: Endorsement.

·If you understand your image, your audience and have a list of all the benefits that you can offer, then begin to value your sponsorship.

6.Value your sponsorship

Work out the cost to your organisation of the sponsorship.

·The total cost to your organisation (Staff time, administrative costs, sales costs, cost of sponsor marketing materials)

·Value of intangible benefits (e.g. value of associating with your brand)

·Reach/ impact (attendance figures, viewing figures, media impact. Work out what the comparable media value would be)

·Add to that cost the profit your organisation hopes to achieve. As a guideline, 100% is often used.

·What is the market price? What are similar organisations charging?

·Make a judgement decision based on the above

7. Create a sponsor hit list.

This can be approached in a number of ways:

·Audience: Think of companies that want to reach your audience

·Objectives: What companies are trying to achieve the same goals as you are

·Synergy: Think of brands that have a natural fit with your brand

·Attributes: what companies share attributes with yours? What companies naturally affiliate with your sponsorship opportunity e.g. music festivals and drink brands?

·Consider your in-kind needs when developing a target list e.g. airlines for travel, beverages for events, equipment for exhibitions/performances, etc.

8.Write a sponsorship proposal

An initial proposal should be short and sweet. (3-5 pages approximately). Make certain you tailor your proposal to the sponsor’s brand .Include in your proposal:

·Executive Summary. Why should someone sponsor you? Make it intriguing and memorable. Focus on the sponsor and what’s in it for them

·Event Details: (like an faq) When is it? Where is it? Attendance? Give them all the core information about the opportunity.

·Target Markets: Detailed audience profile - who they are, their income and education levels, where they live, etc.

·Creative Ideas: What creative ideas have you got to help the sponsor connect with their target audience

·Marketing Plan: What you are doing to promote the event - advertising, publicity, editorial?

·The Benefits: What is on offer for the price. What opportunities for brand activation and leverage are there? What co-branding activities are there?

·The Close: spell out exactly what you want from them and exactly what you will provide.

9. Sell the Sponsorship

·The sponsorship sales process can take from three-twelve months.

·Target sponsorship managers, brand managers, Directors, CEO’s

10.Find a Marketplace that will support your proposal

·The most effective way to make your sponsorship proposal public is to register with an online sponsorship market place. Leading the way in connecting the right sponsors with the right sponsorship opportunities is sponsor 121.

This article has been published bySponsor121. The U.Ks premier Sponsorship Marketplace. Creating Sponsorship Opportunities within the U.K and across Europe. Don’t miss out on your sponsorship deal, Join us today!