Sponsorships and Events are like fuel and engine (rather a weird analogy!). Sponsors fuel the events, and no major event can go without sponsors. That said, let’s accept this: sponsorships are not easy to get. Really? Not Really! With the right strategy and calculated moves, you can definitely strike that sponsorship deal, which is best suited for your event.
Here are some ‘cheats’, all tried and tested, that will help you strike that ‘ideal’ deal, with no additional fuss.
1. The Proposal
A proposal is all it takes, whether it’s a romantic relationship, or a sponsorship deal! The right amount of work and thought put into the sponsorship proposal should be an integral part of your sponsorship strategy. A well-built proposal can increase your chances of landing a deal many fold. There are certain essentials to this. Your should be concise, to the point and clear, with no questions left to ask. It needs to be visually appealing as well.
2. Put Weight on Deliverables
The other party is not particularly interested in your event or its vision, unless they genuinely are. So, there’s no point telling them that. Instead, come directly to the point, and let them know what’s there for them in the event, with adequate weight. They are generally interested in the kind, and more importantly, the number of attendees, and things like advertising modes and space provided. Make them believe that this is going to be the best deal of their life!
3. Define Role of Sponsors
It’s a good practice to have different sponsorship roles defined for an event. It has twofold benefits. One, you can provide flexibility to the other party and let them choose from several options. Two, you can accommodate more number of sponsors, and let each one of them feel privileged. Some common terms are ‘Title Sponsor’, ‘Co-Sponsor’, ‘Associate Sponsor’, and ‘Powered By’. Moreover, you can have Outreach Partners, Food and Beverage Partner, Mobility Partner, Styling Partner, and so on – these are some such terms which find fancy with companies of the respective niches. You got to exploit this.
4. Quote Your Rates, Stick to Them
There’s no particular need to be overly flexible with your sponsorship amounts. Changing every now and then reflects lack of professionalism, and also brings to the forefront your desperation for that particular deal. You may end up being pushed even further that way. Instead, stand by your quoted rates, and lay stress on the value that you are delivering, repeatedly. You are already providing a lot of flexibility in way of the different sponsorship roles.
5. Don’t Over-Commit
Never, ever in a sponsorship deal, commit something that you can’t deliver. Sometimes you may get excited, and decide to go over board, but don’t. Such deals comprise signed documents and exchange of MOU’s, and you may end up in legal troubles. Above that, such false commitments ruin your image in the market, which won’t help in your future deals. Rather, be honest, and tell them what they can expect from you in a realistic way.
Follow these tips, and you will never find it hard to get sponsors for your event. A lot depends upon your negotiation skills, your network, and the trust that you are able to establish in the market. Apart from that, a good proposal, weight on deliverables, well-defined roles, fixed rates and no false commitments – that’s just all that it takes!