How do you overcome common event sponsorship challenges?

Knowing your potential client in and out provides you with the tools to get them on your side. The impression you create by knowing their aims, their strategies and objectives as well as being able to guide them to reach these via the sponsorship are key.To get them to trust you because you come prepared and knowledgable about them is the first and most important step, after you establish this in their minds, the rest follow.

The first step should be to stop doing sponsorships. Do partnerships instead. Sponsorships are uninspiring, unmotivating, and encourage a misaligned incentive structure that is antiquated and lacks imagination. Sponsorship = asking for support Partnership = an invitation to collaborate Sponsorship = offers generic incentives that look, feel, and sound like everyone else Partnership = creates personalized mutual value that inspires and motivates Sponsorship = forces a one-size-fits-all formula for increasing revenue Partnership = provides a strategic and measurable approach to revenue generation Replace the word “sponsorships” with “partnerships” and see how your event revenue grows, engagement thrives, and relationships prosper.

Building lasting relationships yields sustainable partnerships. Focus on long-term visions and goals rather than short-lived gains. Sponsors appreciate commitment.

Flexibility in your sponsorship offerings is essential. This is due to the distinct and diverse needs and preferences of each sponsor you approach. A universal sponsorship package doesn't exist. My approach to engaging sponsors revolves around pinpointing their specific requirements and tailoring my proposals and presentations accordingly. The key lies in discovering the precise alignment between these sponsor brands and ours, fostering meaningful and prosperous collaborations.

Offer innovative ways for sponsors to engage with your audience. Virtual events, online campaigns, and interactive content can enhance their brand exposure.

Always look for creative ways to sign up for sponsorships that utilize your sponsorship fee as working dollars (i.e., put those dollars towards media within the sponsored event/team vs. just a fee to get your brand logo out there). This will allow those sponsorship dollars to be stronger and deliver a better ROI.

In a world inundated with information, stories stand out as beacons of connection. They transcend facts and figures, resonating deeply with our emotions and leaving lasting impressions. Your initiative's story is a powerful tool that can captivate potential sponsors and draw them into your journey. By sharing the narrative of your initiative's inception, challenges, triumphs, and the lives you've touched, you create an emotional bond. People want to be part of something bigger than themselves, something that makes a genuine impact. Use your storytelling prowess to illustrate how sponsors can contribute to this impactful narrative.