Five tips in dealing with sponsors
Many cultural organizations are preparing to organize events again now that the restrictions are fewer. Sponsorship opportunities are back too. We certainly don’t want to withhold these five tips in dealing with sponsors.
Know your prospect
Passion meets business. Realize that a brand sees you as a solution to an objective. Do your homework on the brand, their campaigns and their goals. Asking for money without knowing what your sponsor wants is a big no-no. A question I asked often was “Why do you see our brand as a potential sponsor?”
Know your audience
The attention span of brands can sometimes be short. Demand is high and supply small. The attention span of brands can be limited. Give the sponsor more information about your visitors than the number of visitors. It is an essential element for brands to find the right audience. Companies as Data synergy can help you with this.
Know your costs
Deals are often closed at the end of a meeting or phone call. Be quick in your answer but beware of hidden costs. I saw several very beneficial deals for the sponsor seeker at first sight, but in the end, it cost the company more money than it earned. Salary costs, storage, services, etc., are just a few examples.
Don’t trash the competition.
Sponsors usually have a strong identification with their brands and are proud of them. Shooting at your competition or that of the brand can be seen as very unprofessional. Spontaneously stating that you are negotiating with a direct competitor of your prospect is also not a very good move. If your lead asks about it, it shows honesty and good intentions if you answer. Most sponsors are connected, and it is a small world.
Don’t send Bob the intern
If it is already tough to speak to the sponsor personally, let alone negotiate a budget, it is better to be present as a decision-maker. That way, nobody loses time and you get to show your commitment. Also, leave anyone who is not relevant to the meeting at home. Five team members versus one sponsoring manager is perhaps a bit too much.
Let us know what you think under. If you have more questions about the topic please contact us here.