Sponsorship management is the discipline that involves identifying, approaching and acquiring charitable patrons or sponsors. This involves evaluating their financial capabilities and ability to deliver products or services which support an event financially to minimise costs.
This discipline consists of the following major factors:
You need to evaluate the appropriateness of profit oriented support or sponsorship to minimise costs based on your organisation’s goals and objectives for the event. Create compelling and persuasive proposals or terms to present to potential sponsors of the event or project. Prove the benefits to the organisation and sponsors to encourage their participation in the event.
Conduct extensive research on people or organisations to identify the types of donors or sponsors required. They can either be:
- Financial/cash sponsors
They offer money to cater for any expenses incurred during the event project.
- Cost reducing sponsors
They offer goods or services for the event in exchange for exposure, especially if their target customers are your prospective attendees. They are mainly food and beverage companies etc.
- Relationship based sponsors
These are people or organisations you have known you for a long period of time and built a solid relationship. For example, your local organisational groups may help distribute brochures for the event, these types of sponsors help the event to gain credibility and attract major donors.
Familiarise yourself with the objectives and principles by which they operate, this avoids issues that may arise due to a conflict of interest between both parties. Once your research is complete, you will know who they are and their capability of sponsoring or supporting the event.
Calculate the budget allocation, identify the advantages, estimated profits and potential cost savings of acquiring sponsors. Group the benefits according to the amount of money or financial support each sponsor or donor is willing to offer to your organisation, but most importantly, the goals you want to achieve out of the event.
Sponsors can be found in a variety of way such as networking, attending events with potential sponsors, seeking referrals from credible sources etc. Schedule an appointment with them in a strategic environment where you will present a specific, unique and compelling proposal directed to each potential sponsor, requesting them to fund or support the event. Provide evidence which proves you genuinely need support and the benefit to them.
As an events’ organiser, you need to be aware of the correct procedure for obtaining sponsorship and the legal bindings the proposal poses for both parties. Document the benefits for each sponsor and commit to efficient delivery. Implement strategies to maintain a healthy relationship between all parties involved to avoid unnecessary inconveniences. Ensure all marketing activities carried out by the sponsors are executed as agreed in the proposal or other binding documents.
Sponsorship management is the most crucial part of planning an event. As an events’ organiser you need to maintain a healthy, goal-oriented relationship with each sponsor to ensure all parties benefit from the event.