Seven Things To Consider Before Giving Sponsorship
We all know sponsoring works and that’s why all of the big guns
and most of the small-medium businesses are using it to enhance their brand awareness,
increase brand exposure, re-position brand in new ways with new meanings/emotions, to gain financial benefits.
This post is not just about guiding the Sponsors (On how to evaluate a sponsorship request, what
things to consider....) but also the Sponsorship
Requester's (On how to advance/request for sponsorship's, what
things to consider...).
So let’s get to it ;).
1. Target Market
The sponsor should ask the question, does
the SR (Sponsorship Requester) represent the similar target market, customer group as that of sponsor
(Or the one the sponsor desires, wants).
The SR should provide right
and valid reasons (beneficial for both parties, win win situation... or at least a win situation for Sponsor) to the sponsor that indeed it does represent the target
market/customer group that the sponsor needs.
Without a reasonable right and valid reasons from SR, a sponsorship is of no benefit to the sponsor as it
would be a cost with no returns.
A Sponsor should consider the SR as
a medium to reach his target market and the SR should justify with
reason, facts/figures that the Sponsor will reach its target market
effectively.
2. Context
And having agreement in terms of valid, right, objective reasons with the SR alone is not enough for a Sponsor to consider a sponsorship deal,
context (event, festival, television event etc) still matters.
Context helps the Sponsor
to estimate the relative costs and benefits of sponsoring (in a particular
context) while on other hand it helps the SR to set the right price.
As we know some contexts would cost a lot
to the Sponsor therefore it is imperative for the SR to provide a
detailed comprehensive picture of the context (like the Sponsors competitors,
context worth Total ROI/Benefits etc) to justify the price.
And similarly the Sponsor should consider objectively
the context in similar terms, remember objective factual analysis will result in a best decision for both parties.
3. Sales Assurance
Well most of the Sponsors consider sales/ROI/proceeds/profits
they will earn from sponsoring and you as a SR should provide objectively, well
calculated, educated estimates when it comes to sales/profits.
4. Brand Exposure & Other Benefits
For a Sponsor it’s the second most
important thing after the sales assurance.
Therefore as a Sponsor you should consider
and assess the non-monetary benefits your brand will have, like over all brand
exposure/positioning/leverage, target market brand perception so on and
so forth and what mechanism, method, tool the SR is giving you to objectively measure such returns.
And as a SR it’s your job to count such
non-monetary benefits to your Sponsor , the more the better plus provide tools, methods, mechanisms that would help the Sponsor to calculate these benefits.
5. Team Approach
Sponsor should take team approach to assess
the SR sponsorship request. Especially when it’s your first deal with
the SR, as team approach can help you in assessing/analyzing the request
from more angles and in better ways.
Similarly the SR should also take
the team approach to cover all those angles that would help in striking the
deal.
6. Multiple Objectives
Sponsor should look for the number of
objectives a sponsorship request would cover/achieve, these objectives may
relate to a single department or multiple departments (Objectives).
Similarly the SR should try his/her
best to convince the Sponsor, on most number of objectives a particular
sponsorship deal would deliver.
7. Sponsorship Requester Reputation
And this is the final one, the Sponsor should
also consider the reputation, success graph, reliability, influence of the SR, the better the reputation the better would be the delivery on
promises made and vice versa.
The SR's should also provide reasons,
facts (mentioning achievements, certificates, awards and other recognition's etc)
to rightly justify their worth,
reliability and success.
That's it, Now I would love to hear from you guys, share your thoughts, comment box is just under :)
TAGS Advertising Business Sponsorship Marketer Marketing
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