How do you make your business sponsorship a no-brainer?! Sheila F.G says, it's simpler than we think.
Sheila Farragher-Gemma is an expert in strategic partnerships and sponsorships; here's a 30 second clip from our podcast conversation ⬇️. Then read on for some great tips shared in this episode.
As early entrepreneurs we tend to over-complicate things by under-estimating ourselves and the value of our business assets; and over-estimating what needs to be done. I've been there and I know I'm not alone 🤚🏾. Here's a rundown of the process to tweak and make your own:
1. Understand the goal of every party.
Ask them! "What would make this a great sponsorship opportunity?"
This is a business fundamental that we often forget. Business is about managing expectations, not products or services. In this case, the most beautiful event, with great food, ambience, and phenomenal speakers; without meeting the sponsor's objectives is a FAIL. If people have a great time and that's it, that's a FAIL. Everyone must gain from the event, and what the "gain" is will be different for each party. This isn't to say it shouldn't be a great experience, it should be. A horribly organised event reflects badly on your business brand.
Although a great event is where expectations are met and exceeded. The fun is just icing on a yummy cake.
2. Figure out how you can guarantee success for the sponsors and for your customers.
If the objective of the sponsor is to get leads for their business from your event, consider working their marketing presentation into your line-up of speakers. Discuss potentially having a freebie that they can offer your audience. That's a win for your customers and for them because they can exchange the freebie for the contact information of the interested event attendees. If the sponsor has sales reps available to provide guided information to each interested attendee, this will serve the customer and the sponsor even better.
3. Not all sponsorship money is good money!
Two main things to consider. Firstly, are your values and goals aligned? The audience will associate the event sponsor with your endorsement. If they trust you, they will trust the sponsors you place before them, and if the sponsor has a bad reputation the audience will begin to question your business and brand. Secondly, it's not just about getting someone with money to foot the bill of the event. It's about creating a strategic partnership that is mutually beneficial and can offer some other perks beyond a single event. For example, if you're a health coach and the event is about getting healthier quicker and with natural methods, then a sponsor in the natural supplements business is a strategic relationship compared to having a retail bank as a sponsor.
4. Nurture the relationship to create long term strategic partnerships.
If you can work with the same partners often, make that happen. If it's not broke, why fix it.
For more tips and approaches to finding sponsors listen to the full podcast episode at: https://www.buzzsprout.com/1139753/8890172
Sheila Farragher-Gemma has made a quick assessment to allow you to determine whom you already have in your network that is a great potential partner available at: https://connectedsponsors.com/findingsponsors
Thank you for your time!
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