A Little Extra Streak This Week: To Sponsor or Not to Sponsor… (no, it’s not about Tiger)
Let’s address the use of sponsorships as part of your marketing campaign. Sponsorships are a soft form of marketing that show support for your community and garner general name recognition. They are not typically thought of as a direct way to get business, but as a more indirect form of marketing. If you see a sponsorship opportunity in your community that you would like to consider for your business, ask yourself the following questions:
1. Is it an organization I would consider myself proud to be a sponsor of?
2. How can I directly make a connection between the event, organization, and my product or service?
3. Why do I want to sponsor? What is in it for me? Although it is nice to be a generous business owner, you know I encourage you to be strategic! You may certainly give for the sake of giving. It is also okay to give and expect a return on investment. Regardless, your expectations should be realistic.
4. When is sponsorship a good idea? When you have budgeted for it in advance and see it as part of your overall marketing campaign. When you see a direct connection between what your business does and what the organization and or event you are sponsoring provides. When the timing of the event coincides with good timing for your business regarding exposure, availability of staff and funds, etc. Sponsorship comes with obligations – make sure you can fulfill them before you commit.
5. Where is the organization/event located? Are you a local business seeking local name recognition and a community feeling or are you a national, internet-based business that doesn’t rely on one specific area to do business?
6. How will you sponsor? You can sponsor with money or in-kind donations, typically in exchange for a certain level of marketing. These specifics should be, and usually are, listed in the sponsorship information.
7. What have you budgeted to spend? It is not too late to adjust your budget for the year or at least put the idea of sponsorships in next year’s budget providing you have determined it is a strategic aspect of marketing for your business.
When sponsorship opportunities come across your desk, or inbox, take a minute to answer these questions so you can respond in a way that is most appropriate for your business.
