Sponsorship is a special type of affinity marketing that provides some certain rights and beneficial aspects to the buyer or sponsor. It is a great resource of additional revenue and contacts. It can be a driver of individual giving, the most lucrative piece from the giver.
Sponsorship is usually in a conjunction with a property, venue, personality and event. However, it is also depends on the situation, places and objectives of the occasion. Most of the time, sponsors may use the image and logo of the partner and call themselves an official sponsor of the property.
What Is SponsorshipAnd How Does It Work?
A Sponsorship is when an organization or a company commits money or other important resources to a non-profit event or program in exchange for some specific promotional benefits. It is a two way purpose with satisfactory results. The person who is taking the resources and the organization that is offering the sponsorship.
According to Lynne Doughtie, Sponsorship is about putting your name and reputation on the line for someone else. It could be as simple as recommending someone for a new role, yet it’s one of the most powerful cultural tools any organization has.
In order to support the non-profits, the company or organization gets their name and logo on things they are advertising, like:
- Company or Organization’s Banner
- Company Logo
- T-shirts or Wearable Swag
- Company Posters
- Marketing and Communications collaterals
It is quite true that sponsorship is much more than advertising. This is a well-convinced objective that includes an investment in activation. Now activation is a term that is also used to describe the specific ways in which the sponsored properties assets will be utilized. The basic perspective of a sponsorship is to reach a specific target audience and to earn resources for supporting a great cause.
Different types of Sponsorships:
Basically, there are different types of sponsorships available. Depending on your requirements, you can get sponsorships from companies.
- Financial Help or Cash:This is one of the most common types of sponsorships when cash is exchanged for benefits, perks and publicity.
- In-Kind:This is like the above point which is similar to financial sponsorship, except goods or services are given instead of cash.
- Media Event: It helps and provides support for promoting your event. Sponsors can be media outlet giving a free advertisement.
- Promotional partner: This is similar to a media event sponsor. In that case, it is an individual boosting your event through their own channel.
How to Get a Sponsorship from Companies?
Getting sponsorship is not an easy matter. You have to do some professional research to achieve this. Mentioned below are some pivotal tips that can help you to achieve your sponsorship, like:
You Need To Research Potential Sponsors:
In that case, you need to check your existing and local supporters. You should evaluate each and every potential supports to check whether their goals of interests match with your values and audiences. Not only that, through their support or recommendation, you may find a new company or organization. It is very important to make a good relationship with your existing supporters.
Explain Your Current Plans and Story:
You should explain your current plan and story to others. Why you are different from others? What makes your organization extraordinary and special? You can also define your key pitch elements and weave them together to a potential sponsor.
You Can Reach Out To Reputed Organizations:
You must reach out to reputed organizations and companies that can help you. You can also partner with reputed companies that have a positive reputation. In that case, you can easily built the trust and boost your organization’s profile for more sponsorship.
Important Data To Legitimize Your Pitch:
Data is very important to get the sponsorship. You shouldn’t make any discrepancy into your data, while pitching to the company or organization. You must include the important insights from the audience and feature them into your pitch. It will help you to achieve your goal.
Build Strong Connections and Get Business Grant:
A good bonding and professional relationship always take time and starts with a strong foundation. You need to take sometime to make the bonding with your existing supporters. You have to spend more time to know your potential supporters and sponsors to build a great connection with them.Nowadays, there are several ways to obtain business grants for minorities as well.
Find The Right and Potential Contact:
Of course, finding the right and potential contact is very important for your organization. You have to know about who is your potential lead. You need to make your marketing and PR team strong. There are some companies that make fake assurance to get attention. Please make sure to avoid them.
With the above all points, you can do a regular follow up with your potential sponsors. However, being flexible is always important and it is the key to long term success. Please make sure to prepare a strong proposal and get all your data to achieve the sponsorship. Times changes a lot and your one choice will give them more opportunities to say no.