Benefits of Value In-Kind Sponsorship

Working with sponsors is a great way to add a new revenue stream to your business and increase your sales. However, there is one type of sponsorship that will not directly add money to your bottom line but will save you money in the long run which impacts your bottom line. This type of sponsorship is known as in-kind sponsorship or value-in-kind sponsorship.

In-kind sponsorship is when a sponsor provides value in the form of goods and services in lieu of cash.

In-kind?sponsorships?can add an incredible amount of value and improve your bottom line. These days, lots of companies and businesses would rather provide goods and services rather than release cash.?Additionally, it is important to note that sponsors can add products and services on top of a cash sponsorship as well.?Therefore, if you’re interested in saving expenses, it is very practical to consider value-in-kind sponsorship opportunities as much as possible.

Would you like to work with sponsors?

One of the great ways to begin working with sponsors is through in-kind sponsorship.

Why do brands like providing in-kind sponsorship?

• Exposure: It helps them to reach their target audience and virtually ensures warm leads.
• Saves Money: It saves them the bottom line expense of providing a cash sponsorship.
• Promotional Consideration: Major brands love to get their logos and images on collateral materials, especially in front of large audiences.
• Media Attention: Major brands really like to offer to provide products and services if it means getting positive press.

Here are 4 benefits of in-kind sponsorship

1.?Saves money for normal expenses incurred for projects and day-to-day items.

This savings is the boost that many small business owners need to stay in the black and not the red.

2.?Allows you to get more for less.?

There are companies aka sponsors that can be very generous with products and services they are willing to release in lieu of cash. Therefore such companies do not place as many stipulations on those offerings as they do with cash sponsorships.

3.?Aids in forming partnerships with Major Brands.

Many companies are difficult to approach when it comes to securing cash sponsorship. However, starting off with a value-in-kind sponsorship gets your foot in the door.?This approach allows you to find more aligned sponsors that have synergy with your brand or company. This synergy can spark a partnership without requiring a monetary investment. This makes identifying sponsors easier and engaging with them less threatening for them and for you.

4.?It can help you cut hard costs on events.?

Producing events is very expensive. No matter what type of event it is, there will be hard costs associated with it. When it comes to organizing events, hard costs are not easily negotiated away. Additionally,?many times hard cost fees require up-front payments. An example of hard costs is venue rental fees, food and beverage, audio/visual, security, decorations, and more.

?Your imagination is probably running wild right now thinking of all of the ways you can leverage in-kind sponsorship. The fact is the more creative you get about in-kind sponsorship the better. The sky is the limit and opportunities are endless.

To learn more about how I work with entrepreneurs to help them get sponsors and grow their businesses, visit www.sponsorshipsalesecrets.com.

P.S. You can also save the date and join me for my upcoming event, Sponsorship Sales Secrets Live 2022 - on Sept 23-24, 2022. To get more information and tickets, visit www.sponsorshipsalesecrets.com

This article was written by Lori A. Manns, president of Quality Media Consultant Group, a business consultancy firm that provides proven sales and marketing strategies to give small business owners more clients, greater brand visibility, and increased sales.? The original version of this article appears on the blog at www.qualitymediaconsultants.com.

Connect with Lori on LinkedIn.