No matter whether we're a rights-holder or a sponsor, the fact is we enter the partnership with the best of intentions. Sometimes though, life gets in the way and when we're busy at work, our sponsorship commitments become a burden. We begrudge the commitments that we've made and we do the bare minimum to meet the agreement. If this is you, then stop. Stop putting yourself and others in this predicament. It's not fair to either party, least of all to the people you are trying to support and enrich through the partnership.
If you feel in a rut with your sponsorship portfolio, it's timely to go through the following check-list.
1.Remember why you entered the sponsorship in the first place. What is your business or marketing objectives and how does the sponsorship meet these objectives?
2.Consider Pareto's Law. It states that for many events, roughly 80% of the effects come from 20% of the causes. In other words, what is the 20% of your sponsorship activities that will yield 80% of your business outcomes?
3.Work on the relationship. Too often sponsors approach sponsorship with a set and forget mentality. The more we respect and value our relationships the greater the potential to build something really great. We don't know what we don't know and you can only fact find and come up with creative outcomes through ongoing constructive communication.
Sponsorship needs to be respected.
The benefits for sponsorship are many but here's three reminders of what sponsorship can bring to the table:
- Raises brand awareness
Sponsorship creates the opportunity for some positive PR. There's something wonderful about playing an integral role in the clubs or organisations that shape our the community. When a sponsor takes on this role and it's done with integrity, that kind of PR is worth its weight in gold.
- Creates an emotional connection
No other marketing platform builds an emotional connection with the intensity that sponsorship can achieve. When you share the passion that people have for their sport or for their past times, you are building an irreplaceable connection.
- Provides another marketing channel
While sponsors can share the passion for the sport or event they're sponsoring, ultimately there're in it for the business pay off. It's about what they can get in return for their in-kind support. Of particular interest is access to the membership, database or audience that the club or organisation services whether that be through social media posts, emails or newsletters to name a few. As long as privacy isn't an issue, some sponsored organisations may be able to share their list with sponsors and in the process become valuable lead generators.
Still looking for help with your sponsorships? Not enough time but you want to give your best to the sponsorship? We can manage your sponsorship portfolio for you. Contact Caroline at email@example.com or phone 1300 366 306.