How to deal with sponsors in five easy steps
Sponsorship opportunities are back. Things are moving in the right direction again after the covid restrictions. I certainly don’t want to withhold these five steps to deal with sponsors.
Know your prospect
Passion meets business. Realize that a brand sees you as a solution to an objective. Please 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 for funding and the offer low. Give the sponsor more information about your audience than the number of visitors. It is an essential element for brands to find the right audience. A lot of companies focus on this task.
Know your costs
Deals are often closed at the end of a meeting or phone call. So be quick in your answer and beware of hidden costs. I saw several very beneficial deals for the sponsor seeker at first sight, but in the end, it cost the event more money than it earned. Salary costs, storage, services, etc., are just a few examples.
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. But If your lead asks about it, answer truthfully. It shows honesty and good intentions. Most sponsors are connected, and it is a small world.
Be present yourself
If it is already challenging to speak to a sponsor regarding your plans, let alone negotiate a budget. SO be present yourself as a decision-maker. That way, nobody loses time and you get to sIf it is already challenging to speak to a sponsor regarding your plans, let alone negotiate a budget. So be present yourself 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.
So this was how to deal with sponsors in five easy steps. If you have more questions about the topic please contact us here