Five vital components every successful partnership

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The success of any sponsorship is largely reliant on the strength of your partnership in the agreement. How you establish and nurture your partnerships has a direct impact on whether you achieve what you have set out to do and if it was worthwhile.

The relationship needs to be far more complex and creative. It just takes a little bit of imagination and a lot of passion for what you've come together to achieve.

To follow are the five vital components of every successful partnership: They all have:

  • 1.Clear objectives
  • An agreed sponsorship objective is paramount to the success of any partnership. If two or more parties come together but don't know where they're headed or why, then there is very little point to the partnership.
  • 2.Know the available resources
  • Smart partnerships understand what each party can bring to the relationship and why they are a better choice than the next. There's no point hitting up a finance institution for guest speakers on town planning when a Council office is a more obvious choice. A clear understanding of the available resources each party can bring to the table is vital before any agreement takes place.
  • 3.Manage expectations
  • There are a few common reasons a sponsorship falls short of its desired outcome and that's because expectations haven't been managed from the outset. When you expect one thing but get another, it's reason to be upset. Very often sponsorship-seekers expect above and beyond what a sponsor can give in terms of airtime, space or financial contributions. At the same time, sponsors want greater direct sales opportunities by accessing databases, memberships and committees. If this is a no-go zone, these expectations need to be managed from the outset.
  • 4.Communicate
  • It simply comes down to good communication. The more a sponsorship-seeker and sponsor communicates, the less chance there is of there being any ambiguity. This doesn't mean you need to catch up face-to-face every fortnight. Generally speaking, the marketing managers behind a sponsorship agreement are extremely busy and don't have the time to catch up in person. Find out how each party wants to communicate and keep them up-to-date that way.
  • 5.Contribute to the team effort
  • Sponsorship is a team effort and there is no more important team than the one than the newly formed one that is created through the sponsorship agreement. It takes effort on both parts to ensure the sponsorship is well planned and executed. If one party is doing all the heavy lifting, then they will not only resent the partnership but it will be despite their best efforts. It takes two to tango in any partnership.
  • Want help to identify the best partners for you? Visit us at www.eventsponors.com.au or like us on www.facebook.com/eventsponsorsinc where we share all the best practise partnership insights.

  • Photo credit - Brian Rogers Photographics

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