5. Think Long-Term
Instead of short-term, i.e. a single event, if you plan on having the same annual event for the next, let’s say, 5 years, share your plans with your sponsor and seek long-term partnership. FYI: Protect yourself and your sponsor, a contingent plan should be in place in case one party is not satisfied.
4. Evaluate The Sponsorship Success
There are many ways to evaluate the sponsorship success, from ROO and ROI to profit and outcomes. VMFESS (Vigilance Metric For Evaluating Sponsorship Success) evaluates the sponsorship and determines if the sponsorship will be successful before activation, and shows the gain or loss after activation. It saves both sponsorship seekers and sponsors from making costly mistakes.
3. Know Your Benefit (Asset) Value
Know your event value. If you’re having difficulty, one out of a few things you can do is ask your sponsor what value does the benefit you’re offering has for them.
2. Know Your Event Audience
Knowing who your event audience is/are, e.g., the people attending, the people participating, the people volunteering/your staff, a niche in a crowd, will help you target the right sponsors and place the correct product, service, and message that will encourage your audience to engage with and support your sponsor.
1. Understand Sponsorship
Understanding sponsorship gives you confidence when you’re speaking with high level sponsorship professionals. Unless you are a 501c3 or working with a nonprofit, the word donation should not be brought up. Sponsors expect to receive tangible and intangible benefits in exchange for the sponsorship.