How can sponsorships can help you promote your business?
Let us start with the beginning: How can sponsorships help you promote your business? First, they are a way to get visibility while engaging with your community. Indeed, the more your business grows, the more sponsorship requests you might get. Sponsorships can be for benefit events, local sports clubs, etc.
Sponsorships remain a way to make your business more visible without using social media or Google ads. Although it may be more challenging to calculate the return on investment, you can make a real difference and establish strong relationships with potential clients by doing this right.
Different types of sponsorships
It is important to note that there are many types of sponsorships. Most of the time, we give something in return for visibility. Let's examine some examples more closely.
Giving some money
When we think about sponsorship, we often think of giving money to help an organization or a special project. For example, it is common to see a known business sponsor sports or cultural events to show that they engage positively with their community. Also, people looking for a sponsor will likely have a partnership plan. The more you give, the more visibility you get.
Giving free products
But it is not mandatory to give money. Some people will also seek free goods and products for events like prize draws, contests, and auctions. By offering a free product, the profit will benefit the organization; therefore, it is an option to consider if you want to promote your products or have little money to give.
Giving time or expertise
Another way to sponsor an event is to provide time or expertise. Like the last point, this can be relevant if you work in a field pertinent to the organization or event. For example, during a campaign to raise funds for breast cancer research, some professional make-up artists and hairdressers agreed to give time to prepare the participants for the event. It is also a way to show your know-how.
Some things to consider before accepting a sponsorship request
You may want to accept all sponsorship requests but only have the time or money for some. We then found six questions to ask yourself to weigh the pros and cons and define the most interesting demands.
What is the primary goal of this request?
Here is our first question: what is the reason why this organization or people contact you? What is the primary goal of this sponsorship request? Is it to help a school replace some outdated equipment or a fundraising campaign? Whatever the request, the reason must be clear and ascertainable.
What is the possible return on investment?
Next, ask yourself what type of return on investment you can have if you accept their request. Are all the participants involved potential clients? Can you benefit from this opportunity to create content? It is not because you give something for free that it cannot be useful.
Does the organization seem trustworthy?
You will likely receive requests from people or organizations you do not know. Before accepting, learning more about them and their mission to avoid people up to no good could be wise. Often, credible organizations will have partnership plans and other sponsors. You can also check their website or social media if you have any doubts.
Does it work with your values?
Then, there is the question of values. Some sponsorship requests may be sent to several businesses without checking their products. Whether from an ethical point of view or preferences, try to accept requests related to your values. For example, a vegetarian restaurant is unlikely to sponsor an event for meat lovers (unless it is an opportunity to offer an alternative to a new clientele). You decide.
Consider having a written contract
Here, it is more of a recommendation than a question. Whatever the type of sponsorship you decide to offer, consider having a written contract that both parties sign. What are the terms and conditions of this partnership? What is given exactly? What happens if one of the two parties does not do its part fully? Besides helping you avoid many issues, it will help you look professional.
How do you decline a sponsorship request?
Finally, how do you decline a sponsorship request? You likely cannot agree to all demands. Consequently, give your answer as soon as possible and explain briefly that, unfortunately, you already have committed to helping other projects or are not in a position to answer positively at this time.
In conclusion, sponsorships remain a great way to promote your new business and gain professional credibility. As we have seen, offering money is not mandatory; offering a free good or time is sometimes possible. Next, you must review each request to see which ones you want to accept.
If you just started your business and are looking for your first customers, sponsorships may be a way to fill your portfolio while waiting for lucrative contracts.