Sponsorship acquisition is both an art and science. In order for one to be good at it, one must have the right tools in their arsenal order to fully succeed. In this article, let us narrow down the specific techniques and technology can highly contribute to effectiveness of acquiring sponsors.
These components make up a reliable and effective multi tools. When it comes to managing sponsorships, there are several benchmarks and certain techniques that are used in sponsorship multi tools. It would be up to the user to know how to apply the multi tool mindset and process to make his or her job easier and more efficient in the process. Although there are existing strategies that do specific jobs to achieve very specific objectives and cater to very specific markets, the multi tool mindset would be able to show many opportunities instead of the rather limited ones.
Let us explore what these constitutes sponsorship multi tools that will help you better manage your role in securing sponsorships for your events.
Defining the sponsorship multi tool
A sponsorship multi tool is a type of sponsorship that can be leveraged in many different ways. Such different ways would include several stakeholders by department, by unit, by different geographic regions, by target segment, by time period, and by content. The key here is identifying the multi tool and using it to your advantage.
Identifying the sponsorship multi tool
One of the most crucial information to know about sponsorship multi tools is that they require a huge base of people who are both followers and fans. These fans are not fans or followers of specific products or services that are being sponsored, but rather fans of a broad spectrum or topic in general who will then become the target of the event. An example would be if you are a sponsor of a children’s hospital. Only a certain percentage of fans are patients or customers of the center because not all necessarily have children. However, a large percentage are followers and supporters of children’s health even if they are not customers.This group may be leveraged for good sponsorships. In short, this is the general concept of looking at a bigger spectrum, as compared to just zooming in on just one single demographic.
The relevance of size
Unlike what most people may think, a sponsorship does not necessarily need thousands of fans nor does it need to be a nationally acclaimed name to be considered massive. For example, conferences are considered good events to sponsor even if the number is small because leveraging may be used from them due to the specific topics and how the messaging or brand leverage could be targeted with such precision. In this case, size is not directly proportional to success if you have a multi tool mindset.
The relevance of investment size
Just like the relevancy of size, investment amount also does not necessarily measure the sponsorship effectiveness or success. Multi tool sponsorship may actually solve the problem of small budgets. Sponsorship multi tool concept allows for the tapping and leveraging of a smaller market to reach a bigger one so a big and flashy event is not necessarily needed to attract a crowd.
Making use of a sponsorship multi tool
Stakeholders must be fully aware of their specific multi tool so that they may know where to find a tie up that is flexible enough to meet their many demands and objectives. The most important element here is collaboration. In order for the multi tool to work, both the sponsors and the organizers have to work hard to spearhead and ensure the implementation. Of course, the stakeholders must agree to all leveraging plans before anything is done. Working with the stakeholders will help determine the target markets and as well as the objectives. Leveraged ideas are then formed in order to mutually benefit the stakeholders and the sponsorship team.
Promoting this mindset up the chain
Although the multi tool mindset is unlike the conventional way of doing sponsorship acquisition, it is a very effective and important way of going about that is quite like a big leap out of the comfort zone. With this in mind, it is very important to help the senior executives understand how it works and why it works as they also deserve to know.
Usually, events that are not leveraged will usually end up more expensive than they are supposed to be. Targeting one very specific market alone will render more costs in trying to keep that target segment happy as compared to leveraging to gain a bigger market at a smaller cost.
In order to convince the senior executives, it is important to have a two-page report that outlines the idea. First, the objectives and intentions with regard to the sponsorship must be presented succinctly as well as the target market.
After that, a leverage plan must be made. Keep it in a short list form and highlight the main initiatives. The next page must include measurement plans which would help the stakeholders quantify or measure the results of the event and with what standards. Lastly, the list of stakeholders involved in this planning have to be mentioned as well. Usually, the stakeholders would just take a look at the highlights and see how the sponsorship may benefit them. With efficient steps and the right people involved in the project, it will be easy to convince senior management to adopt the concept and continue with it.
Through this new game plan, it is very important to get the whole organization to adopt this multi-tool mindset as it will result in various great structural changes. In fact, it may even help change how the portfolio will like as a whole.
The portfolio will now put less emphasis on the size of the investment or the amount invested into the event but rather, on the relevance and the opportunities that may be presented and the leverage plan to the success of the sponsorship through flexibility and relevance. Many opportunities may arise from this leverage plan rather than the limiting ideas of conventional sponsorship acquisition. With more opportunities present through leveraging, the more objectives can be met in the process.