Looking for funds? Now is the moment!
One of the questions I regularly receive is the following. When is the best time to approach my sponsor contacts for sponsorship when I’m looking for funds? I have three answers to this question.
Sponsorship relations are key
Maintaining sponsorship relationships is a constant movement. The majority of deals are made between parties who already know each other. Many sponsors remain far too quiet after their events are over.
Real active sponsorship is an ongoing conversation with your sponsor contacts. That is why organising networking and sponsor moments is so crucial. Asking the right question at the right time can sometimes provide vital information for your sales strategy. Thinking of it, I can at least identify three sponsorship that started this way.
Most sponsors will not spontaneously share their marketing and communication objectives when you meet them. I never dit. Just ask for it. Show interest, do some research on the market situation of your prospects and ask targeted questions. Just googling the brand usually gives enough news to start conversion.
The last quarter of the year
In the last quarter of the year, most teams evaluate the past sponsorship year and make plans for the coming year. Traditionally, it is also the period when budgets for the coming year are discussed and set according to the business and marketing objectives of the following year. So the end of August, September and October are ideal months to pitch new projects and events to your sponsor contacts.
Another good reason is that most sponsorship deals have a duration based on a calendar year. So most contracts are ended at least three months before the end of the year, providing new opportunities for other events.
But realize that you are not the only one with the same idea to pitch in the last quarter when looking for funds. So be creative and original in selling your events and sponsorship programs to stand out.
Think activation budget
The activation budget is crucial for both parties. It provides more resources to strengthen the partnership and enhance the festival experience. So ask and include that as a stipulation in the contract. There is no such thing as a sponsorship contract without activation rights and a corresponding budget.
So be prepared for the last quarter of the year to sit down with your sponsors or prospects. I’m am going to leave you with a tip. Savvy sponsorship managers keep budgets aside for emergencies and unforeseen costs. I never liked to give up budgets at the end of the year because it is permanent. So it may be that some companies still have funds left over for last-minute actions and deals in December. Ideal for the end of the year festivities.
Let us know how we can assist you in your looking for funds. Contact us here!