I’ve been on several calls lately with a few properties that have frankly been a little discouraging. I like to gain the high level overview of their efforts and have some pretty basic questions that I walk through; questions that typically lead me to determine if they’re a good fit for SponsorPark or not. There are a few key items I listen for that give me big red flags as to whether they are ready to start soliciting sponsors at all, much less use our resource to support their efforts. One of the red flags I’ve been hearing a lot lately goes a little something like this:
Me: “sounds like an interesting effort; so how much are you looking for in financial support from a potential sponsor(s)?”
Property: “oh, well, let’s see here, _____ I guess. I haven’t really thought too much about it; I’ll take whatever we can get I suppose. Every little bit helps! I thought we could simply tell our story and fill them in on our efforts and see what they wanted to give.”
Me: “ok, well, have you thought about what you have to offer in exchange for their funding?”
Their responses vary significantly.
Hmmmm…. I know some of you are thinking that’s crazy (good); but the truth is that I’ve actually had several calls like this recently. Now, there are individuals with a variety of backgrounds and sponsorship experience using our services, so I realize clarification should be offered as to why this is a bad idea; I also realize some of you don’t need this reminder, but please bear with me and add your own insights for reinforcement. I always appreciate interaction!
If you don’t know how much to ask for, there’s no way you’ve assigned value to your assets. If you know what you’re worth, you know what to ask for. And knowing what you’re worth is NOT the same thing as “how much is it going to take for your event/program to happen?” You might need 30,000 for your event to be able to transpire, but your assets might only be worth $20,000, or they might be worth $50,000. You’d be crazy to give away the farm for less than what you’re worth; and you’d be selfish to ask for support for more than you’re offering in return. Imagine the scenario that you have inventoried your assets and come up with an extra $20,000 of value over the essential overhead costs – you’d ask for it wouldn’t you?! And I can guarantee that a sponsor is going to ask the question of value – they will not give you more than what they are getting out of it – they’d be fools otherwise.
Let me be blunt: if you have not inventoried your assets and assigned a value to your offering to a partner(s), you are not ready to solicit a partner. You should also know this – this value might be worth more or less to various sponsors depending on what they prioritize and value for their brand. So that starting point number is just that – a starting point, it might flex depending on the brands you’re reaching out to.
So sit down with a blank piece of paper, and start inventorying you assets – obvious and not – and start researching what they’re worth. All the while considering what kind of partner would make the most mutually beneficial relationship? Next – get on the phone with the brand manager ad set up that initial meeting!!!