When small businesses need a little extra cash, many owners don’t head to the bank for a loan, they go in search of sponsorship deals. These mutually beneficial agreements offer advantages to both sides. Your small business gets the extra money it needs and your sponsor enjoys the additional opportunity to promote their brand. Finding a sponsor can be a challenge, but with the right amount of preparation and persistence, small business owners can find their match.
Choose a Like-Minded Business
It’s important to choose a sponsor with a similar brand to your own. A sponsorship deal needs to make sense to your potential sponsor or they won’t agree to it. Likewise you don’t want to confuse your client/customer base, as the saying goes… “A confused mind doesn’t buy”. Brand similarities can include characteristics such as values, target market, approach and more.
Focus on the Sponsor
The focus of the initial meeting should be how the sponsorship can help them. Instead of spending a lot of time discussing how sponsorship can have a positive impact on your small business, you should inquire about the goals of the sponsor. You should spend the meeting discovering ways to make the sponsorship benefit the business and you should never forget about the benefits to your sponsor throughout the entire arrangement.
Create a Plan
You can’t just speculate about potential benefits for the sponsor and then walk away waiting for them to pick up the ball, you have to act. Create an action plan explaining exactly how your business will promote your sponsor. When the sponsor has an actual plan to review, they’ll feel more secure giving you their support, as they’ll know exactly what to expect from the deal. Taking the initiative to create a detailed proposal will give you a competitive advantage over others vying for a deal with the sponsor.
It never hurts to add a few perks into the deal to get them to agree to the sponsorship. There are a wide variety of bonuses a small business could offer, including free tickets to events you hold, the opportunity for the sponsor to hold workshops or product demonstrations at your business, discounts and free samples, and the more you look for them, the more perks you can create.
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