Timing is Everything
Sponsorships Require a Little Know-How, a Lot of Time
by Wialillian Howard | Published in June 2007 Focus on Event Marketing
Why do some organizations raise megabucks for their events while others barely scrape the bottom of the barrel? The answer is that successful organizations begin well in advance to build relationships with prospective sponsors. They research corporations to determine what they perceive as a worthy cause. They also go after corporations with whom they have previously built relationships. And they recognize the need to engage in some extensive homework, including:
1. Developing a timeline for executing a successful sponsorship acquisition plan
2. Bringing the appropriate players to the table
3. Setting expectations for key roles in the sponsorship acquisition process
4. Building a business case for sponsorship acquisitions
The Timeline
A sound timeline begins well in advance — two budget years are ideal. The plan should include goals for sponsorship acquisitions. Identifying best prospects, defining their relationship to your organization, assessing their potential level of giving and developing tactics for approaching each potential sponsor are just a few of the items that should be considered.
The Right Players
Before the discussion begins, your organization should decide who the key players might be for developing your sponsorship plan. Senior management, marketing director, accountant, event planner, board chair and senior administrative person are just a few considerations.
Relying on your pool of administrative assistants to secure sponsors for your special event will typically result in few sponsorships. Their days are filled with day-to-day responsibilities, and sponsorship acquisitions require a great deal of focused attention.
Understanding Roles
Event planners play a key role in the sponsorship acquisition plan, driving the process. Once goals are set, key players identified, roles defined, cost assessed and timeline developed, it’s time to work on the execution of your plan — developing sponsorship materials, working with key players, monitoring commitments, securing contracts that seal the deals. You should also assist the client in defining roles for other team members.
Defining and Setting Expectations
Each sponsorship team member has a role that should be defined well in advance and based on expected outcomes for your sponsorship campaign.
Ironically enough, organizations tend to minimize the roles of the key players, deferring to the event planner to acquire the bulk of event sponsorships. Remember, your organization has the best chance of securing sponsorships from prospects that your organization has previously courted (past sponsors, customers and business partners). Cold calling, while not totally futile, should be considered your last resort when seeking sponsorships for your special event.
Building a Business Case
Why is your organization seeking sponsorships? Funding your special event is not typically a good reason for potential sponsors to get on your bandwagon. There has to be a sound business case for seeking dollars for your organization.
The potential dollars should easily align with a major operational goal or programming within your organization. What kind of impact will the sponsorship dollars have on your work in the community? Will the dollars assist your organization in changing the lives of children, seniors, educational institutions or other causes that potential prospects will deem an important cause that they are willing to support financially?
Your best opportunity for acquiring corporate sponsorship dollars begins with early planning, setting clear sponsorship goals, outlining a sound benefits package for the sponsor, courting potential sponsors well in advance, soliciting the help of key individuals and starting early.
About the author: Wialillian Howard
Wialillian Howard is the president of Wialillian & Company, a special events company specializing in the development and execution of corporate, social and training events in Charlotte, N.C.
Contact: Wialillian@wialillianandco.com