7 Practical Tips to Land Sponsorship for your Small Business
Nowadays, many startups and small businesses find it harder to land a sponsorship deal with such aggressive market competition. That’s why we thought we would offer some tips to help you stand out and land a sponsorship deal that will take your business to the next level.
Set your Demographics Accurately
Define your demographics accurately and make sure you state them clearly in your sponsorship proposal. Your demographic, or in other words, the market segment that you were able to successfully convert to become your loyal audience, is your most valuable asset when seeking sponsors. You’re offering your sponsor the chance to reach a target segment that they might not be able to reach otherwise.
State Facts and Figures
Speak in numbers. Do your homework before your initial meeting with a potential sponsor, and learn about your demographics’ statistics. Sponsors are interested in figures and prefer the ROI (Return on Investment ) language like no other. For instance, if your target segment is teens, you have to learn more about their purchasing power and buying behaviors and how exactly will that reflect on your sponsors’ sales.
Talk to the Right People the Right Way
Try to avoid online applications and emails when reaching out for sponsorship; a phone call can go a long way, as it saves you the screening process and builds a relationship between you and your potential sponsor early on. Look for a direct contact in your circle of friends. The most convenient contact to look for is at the Marketing Department, but if you couldn’t reach it, you can aim at the Business Development Department or Brand Management instead. It depends on the nature of your platform at the end of the day.
Nail your Sponsorship Proposal
Storytelling is the biggest part of nailing your proposal. Tell your story at the very beginning of your proposal. Make sure you appeal emotionally to the person who is going to decide on your sponsorship. State your value and benefits clearly and as we mentioned before, write in numbers.
Price your Business Right
No one will ever put a higher price on your business than you. Many businesses fall into the trap of selling themselves short and underestimate their value. Instead, you should work on bettering your platform and increasing its value to match the sponsorship price you’ll set .
Stay in Contact
Follow up is a must! You’re not the only sponsorship proposal that the decision maker has on the table, so make sure you stand out and do the necessary follow-up. After your initial meeting send an email thanking them for their time and ask them if they need any clarification. This way you’ll open another channel of communication that would help you land this sponsorship deal.
Here is an interesting Harvard Business Review Article about Sponsorship you might find beneficial.