It is estimated that corporations will spend nearly $57.5 billion dollars globally on sponsorships in 2015. Even with such a large sum of corporate dollars being spent in this area, there are still a number of business owners, authors, speakers, non-profit and ministry leaders suffering from limited resources and lack of funding. Being unaware of many ways to access and use strategic partnership with corporations as a tool to grow and expand their business, they have left these dollars and resources on the table.
But the truth is leveraging corporate partners through sponsorships is one of the fastest and most effective methods of accessing the resources and finances needed to fund your ideas and get more exposure for your business. The definition of the word sponsorship is a cash and/or in-kind fee paid to a property in return for access to the commercial potential associated with that property. In simple terms, I like to define sponsorship or corporate partnership as creating a mutually beneficial, well defined relationship between two parties to achieve a common goal.
As a small business owner, author, speaker or non-profit leader you may ask yourself, “Why would a company be interested in sponsoring me?” There are many answers to that question but a couple of the most common reasons for sponsorship would include: to increase the company’s brand loyalty within a specific community or target market, to cross promote between brands that would interest both target markets, or to help provide additional content for your clientele that is delivered by another party though their expertise.
Sponsorship is also used to create awareness and visibility of a company’s new product or service. It can be used as an integral component of a marketing campaign to change and/or reinforce their image with current customers. Companies also use sponsorship to increase traffic to their website or retail location and/ or expand into a new geographic territory.
With this in mind, a local business or non- profit agency can position itself to partner with companies and corporations by understanding a few basic concepts: 1) Sponsorship is not about your needs. It’s about you working with a company to meet their goals. 2. It is vitally important to partner with the “right” sponsor in order to create a long term, mutually beneficial relationship. Always work to get sponsorships from companies that are a natural fit for what you offer. 3. Don’t think of sponsorship as free money. The sponsor is not giving you a grant or free money. They are your partner. Once you get the check, you’re just getting started. You need to over deliver to you sponsor and ensure they see you as a valuable part of their team.
Next week we will talk about the 5 easy steps to identifying the corporate sponsor and partner that is right for you. To receive a complimentary training video on this topic visit www.lataniamichelle.com/sponsorshipgift . To learn more about how to grow your business through sponsorship contact LaTania Michelle at (310) 387-4566.