08 Nov Sponsorship Terminology #1
Each month I will post more commonly used sponsorship terms……there are many! Here’s a few for you to get your thinking gear around……
Relationship Based Sponsorship In my experience this is the only really successful form of sponsorship. It has a focus on communication and developing meaningful transactions and outcomes, that are of benefit to both parties. It requires time and work to develop and typically improves over time.
Sponsorship Proposal This is a document that is typically 2-6 pages long and invites sponsors to get on board with you. It tells them a bit about you, about your achievements and goals, but most importantly, it tells them what you can offer them. The key is to make this document simple, accurate and clearly inform the potential sponsor what it is you would like from them and what they can expect to receive in return.
Sponsor Benefits/Offerings In a sponsorship relationship we always offer valuable benefits to our sponsors, and these can be in the form of very basic offerings such as logos on apparel and endorsement of their brand on social media through to more substantial offerings such as attending trade shows as a brand ambassador or featuring in their training videos. As you will read throughout the book, the sponsor benefits must actually be what the sponsor wants and not just what we assume they want.
ROI (Return on Investment) Keeping in mind that you have engaged in a business relationship with your sponsors, it is vital that they receive value in return for the products, services or finance that they provide you with. This is measurable in most cases and through the sponsorship process that this book sets out you will see how you can measure what has been received from sponsors and what you have delivered in return.
Engaging Sponsors This is the process of making initial connections with people within the companies you would like to seek sponsorship from. I like to take a more organic approach to this and let relationships develop over time and not just hit them with a proposal for sponsorship within the first 2 minutes of meeting them. The benefit is I get to know more about the company and what I can offer them to entice them to jump on board as sponsors.
Media Activity As an athlete you should chase as much media coverage as possible, don’t be shy! It benefits you in so many ways and your sponsors will love you for it.
Abundance Throughout this my book ‘Sponsorship for Athletes’ you will see the word ‘Abundance’ used many times. It is repeated because it is important. It is so important that sometimes it will be in italics and even bold font! Abundance means that there is more than enough. Keep the word abundance in your thoughts.
Does this sound familiar to you or is it all new? I’d love hear from you and your experiences….or inexperiences! with sponsorship!
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