Everything You Need to Know About Working With A Sponsor
BLOG POST BY JEN MCCABE, SENIOR DIRECTOR OF BUSINESS DEVELOPMENT AT THE NEWS FUNNEL
Commercial real estate developers often have to secure a lot of money quickly from multiple sources at a time. This job can be quite a handful. So how do you hit your fundraising goals out of the park?
Working with sponsors is a way to strengthen your business and give you the resources you need. They also add to your credibility. Publicize your sponsors on your website to let people know that now you are playing in the Major Leagues.
It’s All About the Sponsor
It’s easy to be our own biggest supporters. We are all “Rah! Rah!” for our business on social media, to our clients, and even in the bleachers at our kids’ basketball games. It’s normal that your first reaction would be to talk about how great and credible and sponsorable your business is. But you’re not a girl scout walking door to door. Sponsors aren’t going to fish a $5 bill out of their pocketbook and fold it in your hand just because it supports a good organization. They want to know what’s in it for them. What benefits will you provide the sponsor? Learn about their company, marketing campaign, and goals.Then approach them for a conversation where you serve them up the perks on a silver platter. Ask them about their goals first, then go on about how you can help their company reach them.
Know Your Target Audience
Your demographic is the gold. Deets about your demographic is the most valuable asset you can offer your sponsor. Come to think of it, do you even know your demographic? There is the possibility that you just don’t have all the details you need to craft a professional answer right now. But wipe that sweat from your brow because there are plenty of ways to get this info. Perform a little search for the stats on your target audience to find out what all the cool kids are doing these days. Which social media platforms are they on? What publications do they read? Media kits for these publications will get you some solid stats to send to potential sponsors.
Provide a Profitable Platform
Sponsors are going to perform a search of their own--on you! They’ll be checking out your internet presence. Everything from your blog and website to your LinkedIn and personal Facebook profile will be screened. Sponsors want to know that you’ve extended your reach to the people who will benefit from their sponsorship and drive business of their own. We’re talking clients, people on your email list, your company database, social media followers and more.
Creating a Sponsor Proposal
This is the most important, and least understood, document across industries. Basically, it’s a snippet of a business plan and should be approached as such. You need to do your homework to put together a really compelling document.
After your very professional sponsor proposal document is ready, reach out to prospective sponsors. Send them the sponsor proposal with a description of your clientele, demographics, marketing plan, benefits, mission statement and the sponsor fees.
Importance of Integrity
Sponsorship can be a powerful means to skyrocket your business. So be good to your word and always do what you say. Sponsors want to see integrity and credibility if you’ll be repping their brand image. Once you burn the bridge, you can’t go back.
To pass their test, make sure you give them the honest answers they are looking for. Be transparent. Be on time. Be the brand they want to sponsor.
Need help with your social media strategy? Contact Jen@thenewsfunnel.com to learn more. We manage some of the BIGGEST brand’s social media in CRE and more importantly WE GET RESULTS.