We're taking a short break this week from our series on Elements of a Sophisticated Proposal to offer some optimism: Little Orphan Annie said it best; “the sun’ll come out tomorrow, bet your bottom dollar that tomorrow, there’ll be sun…” such optimism spoken from the lips of a little girl on Broadway! Well, we can hang our hats on the happy fact that while maybe not tomorrow, but in the near future, the economy WILL get better, sponsorship budgets WILL get cushier, and partnership interest WILL improve. So what will not change? Well, sponsors will still be increasingly savvy, outside the box ideas for partnerships will still be appealing, and the need to connect proactively will still be very important. Just like any relationship, sponsorship partnerships can go up and down too, so here are a few things we recommend you consider while you’re battling through the topsy-turvy waves:
1. Ensure the value of your partnership is clearly communicated. When the economy gets turned right side up again, your sponsors need to realize what you’re worth. Sure, it’s a buyer’s market right now, but don’t be bullied. Your fulfillment reports and an optimal activation effort will underscore the fact that you’re good to your partners. And when you’re creating packages, start high in pricing and come down during negotiations if you have to – if you start low you communicate your perspective on the value of your partnership to be diminished.
2. Don’t be a fair-weather friend. Treat people the way you want them to treat you. You can’t be responsible for how others interact with you, but you will be remembered by how you interact with your partners and team. When you are loyal to your sponsors, doing what you can to make a partnership work when the times are tough, they will remember that when the budgets are back.
3. Drive loyalty by creating additional benefits to your sponsors. Are you offering a sponsorship summit? Are you truly taking advantage of bundling ALL of your assets in packages? Perhaps you can sweeten the pot by leveraging assets you never have before. Do a thorough inventory of “package sweeteners” that you have on hand – get creative! Stephanie talks about this in another one of our blogs!
Like Tony Robins Says: “motion creates emotion.” We do what we call the “chippery dance” here at SponsorPark when we need that little extra something. So when you’re stuck in a day that’s gray and lonely, just stick out your chin and grin and say – “tomorrow, tomorrow, I love ya tomorrow, you’re only a day away!”
Have you noticed an extraordinary partner? Highlight them here – or if you are doing something to stand apart from the rest tell us about it!