Category Archives: Sponsorship

Reducing Risk in Sponsor Relationships – Is your sponsor platform on solid ground?

sponsor relationshipAssociations need a well-executed delivery process to ensure a highly professional experience for their valued sponsors.

Yes – a High Performance Organization™ understands the Seven Steps to Successful Sponsorship and the importance of Attracting and Retaining Sponsors.

But it’s not just about the sale. Take a step back and consider your key tracking and communication pieces – they are the unsung heroes of a successful sponsorship program!

  1. The Sponsorship Tracking Sheet

In any sales effort, it is vital to manage your prospect list. The tracking sheet keeps you on a clear path and directs your communication efforts and messaging. It tells you – who was a past supporter, when, and at what value? Who declined and why? Who will benefit from being a sponsor? It also provides current contact information and outreach tracking – all in one place.

  1. The Sponsorship Prospectus

The sponsorship prospectus is the foundation of your campaign. It should be attractive, professional and informative.  The prospectus provides key information about your organization, and full details of your sponsorship offerings. It is important that the information is presented in a clear, logical and easy to read manner. Consider using charts that highlight the different benefits per sponsor value or list the opportunities with details about the deliverables in order of value and privileges.

  1. The Sponsorship Letter of Understanding (LoU)

The Letter of Understanding (LoU) is essentially the “contract” between you and the sponsor. It outlines precisely what you are delivering to the sponsor, and what is required of them. It ensures that the sponsor knows exactly what to expect, and reduces the possibility of misunderstanding or disappointment.

The LoU should be accompanied by an invoice. The sponsor should return a signed copy of the letter, with the payment, before any privileges are delivered.

  1. The Sponsorship Deliverables Chart

Once the sponsorship has been secured, it is important that both you and the sponsor meet your obligations. In some cases, once a sponsor has been secured, it falls to another team member to manage the deliverables and make sure that deadlines and requirements are met. This internal document makes sure that all team members understand what is required of the association and the sponsor, and when.

  1. The Sponsorship Thank You Letter

Associations often overlook the importance of formally thanking a sponsor.  A hand-written card signed by the president, executive director and/or conference chair can go a long way toward demonstrating your appreciation of their support as well as the ongoing value they bring to your association.

This may seem like a lot of work – and it is! But it is the backbone for strong and long term relationships with your sponsors. If you’d like some help to build your platform, find out more here.

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Filed under Event Planning, Sponsor Value Proposition, Sponsorship

Attracting and Retaining Sponsors – Remember the Holy Trinity

trinityYour ideal sponsor partnership is not about “selling” your event to a sponsor. It’s all about delivering value to each major stakeholder; the “holy trinity” is that crucial intersection between your association, your sponsors and your members. When you get it right, all three stakeholders are receiving value from the relationship.

 

  1. What’s in it for the sponsor? This is your sponsor value proposition (SVP). It answers how this partnership will help your sponsor to (a) Sell their products and services, and/or (b) Enhance their brand by aligning it with yours?
  2. What’s in it for your association? How will this partnership (a) Enable you to deliver more value to your members, and/or (b) Increase the visibility of your association?
  3. What’s in it for your members? How will the association’s relationship with this sponsor help your members to (a) Learn new skills, and/or (b) Find a product or services that will help their organization?

If you can nail each element of the holy trinity, you’ve got a powerful partnership.

When you’re considering your value to sponsors, don’t forget to include both event-specific and year-round opportunities.

Year-round or single event? Think about the best fit for your sponsor. Is the right partnership for this sponsor a year-round relationship where they have visibility with your members at every event and every member communication? Or is it best for them to have relevant visibility at a single event?

And don’t forget; hold onto the crown jewels. Make sure that your year-round sponsors receive a “jewel” above and beyond that available to event sponsors. Perhaps this is a speaking opportunity or unique visibility. Never sell the “jewel in the crown” on a stand-alone basis.

Find out more about your SVP.

A strong SVP is also one of the 8 elements of the High Performance Membership OrganizationTM

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Filed under Association, Event Planning, High Performance Organization, Sponsor Value Proposition, Sponsorship

Seven Steps to Successful Sponsorships

7 StepsSponsorship provides powerful marketing and competitive opportunities for sponsors and can be a significant source of resources for associations. But it’s a tough old world out there and your sponsors have many other ways to spend their business development budget. What does your association offer that is unique? Do you have a powerful SVP (sponsor value proposition)?

Sponsors are interested in partnering with membership organizations for two reasons:

  1. Because aligning their brand with yours increases their visibility or perceived value
  2. Because your members make or influence the buying decisions for their product or services

So you must provide a compelling case for both.

When done well, sponsorship is a business AND personal relationship and both partners benefit. Follow these seven steps to successful sponsorships:

  1. DISTINGUISH YOURSELF: Know your organization, understand your brand, identify how you differ from others and articulate your value.
  2. KNOW YOUR SPONSORS: Understand their business goals and objectives. Tailor the sponsor package to meet their objectives.
  3. FOLLOW THEIR BUDGET CYCLE: Reach out to them when they’re planning their budget.
  4. IDENTIFY DECISION MAKERS: Understand the sponsors’ decision-making process and hierarchy, e.g., who are the buyers versus the influencers? What information do they require – particularly if your contact does not make the final decision? What are their business deliverables and how can your association make them look good and help them be successful?
  5. ARTICULATE THE ROI: Create a business case for an investment in your organization. Clearly define the return on their investment (ROI). The higher the value, the greater the ROI. Share relevant data including member demographic and purchasing information to demonstrate the “fit”. Define whether the sponsorship is event specific, year-round with multiple touch points or multi-year. Explain how they can maximize the opportunity. Define the sponsor benefits and value, ensuring the values differ incrementally based on the price and provide consistent and fair recognition. SPONSOR BENEFIT TREND: Get the sponsor in front of your members. Provide them with a speaking engagement where they can showcase their expertise in a way that’s useful to your members.
  6. PROVIDE A RANGE OF OPTIONS: Provide a balanced variety of entry-level to higher-priced premium offerings that provide a good balance of visibility and direct contact with members. Consider the time required to secure the sponsors. Too many lower priced options take time away from securing higher value opportunities and may undervalue the whole program.
  7. DEDICATE RESOURCES: Successful sponsorship management requires dedicated individuals who are skilled at sourcing, building and nurturing on-going relationships. This is not trivial. It takes time and effort to research qualified prospects; to develop an effective “pitch” with professional and comprehensive support materials; execute the value proposition; and provide necessary ongoing, personalized appreciation efforts and engagement that is mutually beneficial and facilitates long-term support.

Bottom line: Take this seriously. The more effort and professionalism you put into your sponsor program the more successful it will be.

Find out more about building successful sponsorship programs and the High Performance OrganizationTM on our website. Check out our VIMEO channel for webinars on this topic.

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Filed under Association Management, High Performance Organization, Sponsor Value Proposition, Sponsorship