Getting a sponsor for a business, project, or event can make the difference between a successful and exciting collaboration and a failure. By learning how to identify strong potential sponsors, create an executive summary, and tailor a proposal package to suit the sponsor's taste, your chances of getting a sponsor are much greater. See Stage 1 for more information.
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Part 1 of 3: Identifying Potential Sponsors
Step 1. Look for companies that have sponsored events/activities similar to yours
Use research that has been done by other organizations before as a source of inspiration. If you're looking for a special event sponsor for a walking or running event, keep an eye on the running events and identify the sponsor. That could be a good starting place to start.
- If your event is athletic in nature, consider Nike, Adidas, Livestrong, or other sports-related organizations as a possibility.
- If you're hosting a music event or concert, consider local radio stations, music publications, or other businesses with similar interests.
- If you're hosting a food event, consider Gourmet magazine, the Food Network, or the big food conglomerates. Aim high.
Step 2. Create a list of potential sponsors
It's great to have potential sponsors on your list, but that doesn't mean you simply ask everyone and every company you know to sponsor. Your list doesn't have to be a list of actual potential sponsors, in terms of the people or companies you think would really consider your sponsorship request. Companies that have sponsored you in the past, companies that have sponsored ideas similar to yours and people or companies with whom you have a personal relationship can become sponsors.
Step 3. Research each company or person on your list
Having background information about potential sponsors will help you get sponsored. Find out the benefits potential sponsors can get by sponsoring you.
Step 4. Anticipate the needs of each potential sponsor
By studying the demographics, business model, and goals of potential sponsors, you can begin to develop an understanding of how to get sponsors.
- For this reason, local businesses are safer than big companies like Nike. While Nike certainly has the funds for it, they might as well get a few hundred sponsorship requests in one week. Local radio station or sporting goods store? Maybe a lot less. And if your customer base and theirs overlap, that's potential revenue for them.
- Consider pitting one potential sponsor against another. If the sporting goods store in the west has some degree of sponsorship with you, talk to the sporting goods store in the east. They will pick up on the cue.
Part 2 of 3: Creating Sponsor Packages
Step 1. Compile an executive summary
A sponsorship package should always begin with an executive summary, which is a mission statement regarding the event or activity you wish to sponsor. It contains about 250-300 words that describe in detail the event or activity to be sponsored, the reason you are looking for a sponsor, and the benefits that the sponsor can get.
- Your executive summary is an opportunity for you to keep potential sponsors reading, so don't write letters similar to those on the market. Write a personal note to make potential sponsors feel like you really took the time to learn about them and their company. It also shows potential sponsors that you will keep your promises to the sponsor in a partnership relationship.
- Don't forget to thank the sponsor for considering your offer. Use a friendly and professional tone in your letter, reflecting your seriousness and professionalism.
Step 2. List the different levels of sponsorship
If you haven't already created one, describe your budget among similar businesses or ventures, and state what you expect from your sponsor. Create different sponsor "tiers" that sponsors can choose from and explain the request you set for each tier and why you need it. sponsors at every level.
Explain the benefits of being involved in your activities to the sponsor. Attract potential sponsors by leveraging your knowledge of their business model, audience and goals, and explaining why being your sponsor would benefit them. You can also include arguments about press coverage and other promotional opportunities
Step 3. Prepare a call to action
Your call to action could be a form they fill out and send to you or your contact information asking you to set up a sponsoring partnership.
Ensure that the sponsor has a specific task that must be fulfilled in order to proceed with the process. Let them do their part. The easier the task you ask them to do, the more likely it is that your request will be granted
Step 4. Don't beat around the bush
You write for marketers, entrepreneurs, and business people, not academics. This is not the time to write with sophisticated and flowery diction to appear intelligent. Present your argument, explain the business benefits for the sponsor, and end it quickly. Short, concise and full.
Part 3 of 3: Sending Packages
Step 1. Avoid the multiple-target approach
There may be a temptation to send packets to as many targets as possible or to use general broadcasting to reach as many places as possible. Wrong. Be careful when sending packages, only send them to companies you honestly think will work with you.
Step 2. Send potential sponsors individual sponsorship partnership packages
Customize every email, package, and correspondence you send with their recipients. Laziness means guaranteeing that your project will not get the sponsors it deserves.
Step 3. Follow up with the phone
Wait a few days, then call the people you sent sponsored packages to. Ask if they have received the package. Find out if they have any questions. Make sure they know how to contact you once they've made a decision.
Step 4. Adjust the approach for each sponsor
If you got a company willing to fund your event for 10 million, what treatment would you give it to differentiate it from one that only gave a few hundred thousand? Differences need to be tangible and basic, even from the publications you offer to the way you talk on the phone. Take them to a meal to make them feel happy and involved.
