Getting a business sponsorship of a business project or event can mean the difference between an exciting successful partnership and a failure. Learning to identify potential solid sponsors, draft an executive summary, and send personalized packages to prospective lenders can help increase your chances of finding a much larger sponsorship. For more information, keep reading the article.
Steps
Part 1 of 3: Identifying Potential Sponsors
Step 1. Look for companies that sponsor other events or activities similar to yours
If you are looking for sponsorship for a special event, a march or a race, find out about other races in your area and see the sponsors who have participated. This might be a good place to start.
- If your event is athletic in nature, consider Nike, Adidas, Livestrong, and other sports-related organizations.
- If it's a music event or concert, consider local radio stations, record labels, and other businesses that have similar interests.
- If it's a culinary event, consider a trade magazine and large food groups. Aim high.
Step 2. Make a list of possible sponsors
It's good to have a long list of potential sponsors, but you don't just have to ask every person and company you know to sponsor you. Your list must be a list of potential real sponsors, which means people or companies who can actually consider your application. This list must include those companies that have sponsored you in the past, those that have sponsored other ideas similar to yours, and the people or companies with whom you have a personal connection and who may be able to sponsor you.
Step 3. Research any company or person on your list
Having some background information about your potential sponsor will help you a lot in getting what you are looking for. Identify the benefits the company could gain by sponsoring you.
Step 4. Anticipate the needs of each potential sponsor
If you know your potential sponsor's target audience, business model, and goals, you can start developing some ideas of how you might set up sponsorship.
- For this reason, more local businesses are often a safer bet than large companies like Nike. While the latter certainly has money to burn, they probably also have to sponsor several hundred requests each week. The local radio station or the sporting goods store? Probably a lot less. And if your clientele grows, it's a potential income for them too.
- Consider putting potential sponsors in competition with each other, in order to have better negotiating margins. For example, if a sporting goods store on the west side of town has already engaged with you on a certain level, mention it to the competing store on the east side of town. They will understand the hint.
Part 2 of 3: Create a Sponsorship Package
Step 1. Write an executive summary
A sponsorship package should always start with an executive plan or mission statement related to the event or activity you hope to get funding for. This should be around 250-300 words and describe in detail the initiative you are requesting sponsorship for, the reason for organizing it, and the benefits to the sponsor.
- This summary is your only chance to convince your potential sponsor, so it doesn't have to be a standard letter. Personalize it according to the sponsor you are applying to in order to make them feel your deep interest in the company or person you are addressing. This will also show that you will respect the sponsorship agreements for the duration of the collaboration.
- Remember to thank the sponsor for considering your offer. Use a friendly and professional tone to demonstrate your level of seriousness and professionalism.
Step 2. Make a list of the different sponsorship levels and what they will be for
You must always provide different levels of sponsorship that the sponsor can choose from. Explain what you are asking for at each level and why you need sponsors at different levels.
Explain the benefits to the sponsor. Entice potential sponsors by using your knowledge of their business model, target audience and goals, explaining how sponsorship will benefit them. You could include arguments about press coverage and other promotional occasions
Step 3. Provide an invitation to join
The invitation can be a form to fill out and send to you or a card with your details to get the sponsor to contact you and start the sponsorship.
Make sure the sponsor has a specific task to fulfill to carry out the process. Try to facilitate them. The easier it is for them to complete the task you request, the more likely they are to accept
Step 4. Come to the point
You're writing to marketers, entrepreneurs and business people, not academics. This is not the time to lengthen your writing with noble diction and artificiality in an attempt to sound intelligent. Present your argument, outline the business benefits of sponsors, and briefly conclude.
Part 3 of 3: Submit the Request
Step 1. Avoid the carpet approach
You may be tempted to send as many packets as possible to the most diverse places, using a generic method designed to reach as many situations as possible. Wrong. Try to be judicious in sending packages, reserving them for companies that you think might really be similar to your initiative.
Step 2. Send personalized packages to any potential sponsors on your list
Personalize every single email, package and correspondence you send. By taking the most comfortable solution, the project would never find the sponsorship it deserves.
Step 3. Follow up with a phone call
Wait a couple of days and then call the people you sent the sponsorship packages to. Ask if they received the request. Find out if they have any questions. Make sure they know how to contact you when they have made a decision.
Step 4. Customize your approach to each sponsor as they participate
If a company contributes 10,000 euros to your event, how will you treat it compared to the other company that contributes a few hundred euros? The difference should be substantial and substantial, from the advertising benefits to the way you talk to them on the phone. It's time to invite them over for dinner to make sure you keep them happy and interested.
