The Four “To Do’s” Before You Ask For A Dime
1) Fact Sheets
Compile all pertinent information about your company. A sponsor wants to know if you are reputable. Also, they’ll want to know as much about your event as possible, so if you’ve had a survey done make the information available. If you haven’t you can estimate as long as you warn them that it is an estimation. They’ll want to know number of years in existence, attendees, demographics etc to see if it reaches their target market. Here is the CSEME event information that clearly tells us what the event is all about.
2) Funding Needs
Get an initial quote on your vision for the event and determine your shortfall.
This helps you set a goal for your funding campaign.
3) Create a Proposal
Outline benefits and deliverables that are attractive to sponsors. List all the things a sponsor may see opportunity in.
4) Determine Levels
Sponsorship recognition programs are most effective when they are simple, flexible, attractive and multi-tiered. Often sponsors name their levels. For example, Bronze, Silver and Gold. They assign a value to each level and treat monetary and non monetary donations similarly.
Make it easy for your sponsor to review and decide if this is something that they want to be a part of.
Sponsorship is Work
It’s important to remember that sponsorship means more work especially the first year you implement your new strategy, however it does have rewards.
Sponsorship Application Form
Many suppliers create a form to identify an organizer’s needs and what sponsorship recognition opportunities may be available. In any event its always advisable when pursuing sponsorship to:
- Keep a record of what was discussed
- Apply Early – Between October and April as we need time to review a request so if interested get your submission in early.
Opportunities For Sponsorship
Ultimately a sponsor wants their effort rewarded with future business. Marketing their products to potential customers may translate into a return on investment down the road.
- At Fundraisers there is obviously a lot of potential here, everyone loves a good cause. A company benefits
from name recognition through positive community relations and publicity campaigns. We sponsor our fair share including the Heart and Stroke, Diabetes Association, Polo For Heart - Festivals….. there’s one in every neighborhood and for every culture.
- Sporting Events attract huge numbers, a marathon for example may have 5,000 or more participants alone.
- Tradeshows & Conferences are great especially if it involves a sponsor’s targeted market and it’s also very easy to determine.
- Corporate Events…. always great opportunity here for supply side sponsorship. Even single company events such as an Annual General Meeting has potential. At an AGM, a sponsor can market all company divisions at once to reinforce their brand and possibly find new opportunities within the same company. Other types of sponsors may want to come on board. What coffee service or printing service do you use, they may want to sponsor?
- and Parties, not often but we have even seen private parties sponsored in the past. I believe Vita Water sponsored a party during TIFF.
Both Sides Win
It’s very important that everyone wins, otherwise it may not happen again. If the arrangement too heavily favours one party it doesn’t work.
- Follow Through With The Agreement It’s really unfortunate when one side doesn’t live up to their end of the bargain. It’s always a good idea for both sides to review the agreement, check off each item and inform the other that you have done so. All too often promises made aren’t delivered due to time constraints.
- Value Added – No extra charge Value added is when a sponsor supplies equipment or services not bargained for and at no extra charge. This may be to promote the particular product or to demonstrate their “good will”.
Depending upon the event particulars, equipment needs, and brand recognition opportunities you’ll find that with sponsors your operating budget will go further, making your event more vital. You can be proud of the relations you’ve forged and the event that you have produced. Your suppliers will be working that much harder to ensure clean, quality, reliable products and ultimately your function will benefit from a whole new level of customer experience.
Please be sure to check back with us regularly for our Party and Tent Rental Information series.
Also, you won’t want to miss some of our own events being profiled here in our Special Events Inspiration series.
