In 2020, we had numerous opportunities to speak with sponsors from local, regional, and national businesses and brands. This online and virtual world we are living in with cancelled live events and the need to do business differently has also impacted sponsors and their ability to market their brands in ways they are accustomed to.
We heard both challenges and opportunities in these conversations with sponsors. Besides getting to learn about the brands on a much deeper level and build relationships with them, we also were able to hear about some of the common sponsorship mistakes they see sponsor seekers making.
We thought this insider information and the useful insights below could be of benefit to you as you move forward with raising your dreams through collaboration and sponsorship.
Sponsorship Mistake #1: Making an Ask Without a Relationship
One common mistake is that sponsor seekers often only connect with the brand/business when they need money. Building an authentic relationship is a critical component to successful agreements. When you take the time to connect periodically, you’ll better understand the sponsor brand’s current priorities, expectations and needs related to marketing and sponsorship. This information is gained through conversations, relationship, and sponsor research; not by guessing, assuming, or making a pitch. Make sure that you are in touch with sponsors throughout the year, not just when you have a need.
Sponsorship Mistake #2: Not Tracking Your Own Potential Value to Sponsors
Another mistake was not having clarity around the target audience that you or your project serves. Make sure you can articulate your audience in clear terms. For a sponsor to say yes, they require a good sense of your target audience and how this audience fits with their needs.
Sponsorship Mistake #3: Promoting a Logo is Not Enough
It's not all about the logo! Some of the sponsors we talked to are appreciating the innovation, creativity and opportunities that sponsor seekers are creating as a result of the times we are all navigating through. With events moving from in person to online, ensure you find meaningful and innovative ways to engage sponsors. Think beyond the logo!
Keep watching our blogs and emails as we continue to share insights from our sponsors and sponsor seeker's successes.
Need help creating your sponsor success plan?