With the economy being a bit bumpy these days it may come as a surprise to some that sponsorship- while not growing as fast as originally projected for this rocky year (according to IEG), it is still showing slightly positive margins. Why? Because sponsorship has proven to be considered effective and consumers trust it. Plain and simple. And one reason why corporate sponsors love it is because it is an innovative and effective way to get in front of their target market. It's outside the box, interactive, and when great partners come together- even greater things happen.
So how does today’s economy influence sponsorship proposals? Well, in lots of ways, but one is this: It is a buyer’s market, and sponsors are able to demand more out of sponsorship opportunities than ever before, which means added value has become increasingly important to consider when selling packages.
While your first instinct as a sponsorship opportunity may be to lower your initial investment price I encourage you to hold strong. It’s always easier to lower cost as a last resort (although this does likely mean you will need more sponsors to cover the difference, meaning you’ll also have to come up with more packages…not to mention, you're placing lower value on your assets). Instead I encourage you to tap into your underutilized assets; your hidden treasures. Hidden treasures are those valuable assets that you might never have considered when times were "smooth" and competition wasn't nearly so high; they might be waiting to be creatively considered as an addition to a package. And what does that do for you? It allows your assets to maintain their value- you simply add some perks to the package- the cherry on top if you will.
Who is your target market? In what ways can you creatively educate them about these precious partners by explaining that without these partnerships your event or program may not be possible- or worse it might be expensive for them to attend. This becomes even more valuable if you have a loyal customer base that will be more likely to support your sponsors. Your target audience is your greatest asset - but you might not have considered all the ways you can reach them for your sponsor. Now is the time to truly take the time to asses your assets and consider the less obvious and underutilized treasures that will lead to even greater support and buy in.
What about Social Media? This is another avenue that won't cost you much upfront, but will serve as a great way to add value to a proposal. You can feature sponsors in blog posts, promote them on your Facebook page, and tweet about them. This is an easy way to extend the reach of your partnership, especially if you have a strong following built on these different mediums.
Who are your B2B contacts that your sponsors could benefit from networking with? What do you have to offer above and beyond logo placement, ad space and the usual benefits? It is these “cherry on top of the cake” ideas that sponsors love because they like something different, outside the box, something that distinguishes them apart from anyone else. Give your sponsor a pedestal with their audience by being creative with your assets. Get competitive by getting creative.
So, what have you done with your sponsorship packages? Do you have a creative proposal or partnership? Have you discovered new hidden treasures that you've incorporated into your proposals? Tell us about it! We’d love to listen! What ideas have you put into motion to add value to your proposals that go above and beyond?