How to Successfully Sell Event Sponsorships

Transcription

1 ** The webinar will start at 2 minutes after the hour ** How to Successfully Sell Event Sponsorships Presenter: Shanon Doolittle, Fundraising + Donor Happiness Coach, Shanon Doolittle + Co. Go To Webinar House Keeping Your Participation Open and hide your control panel Join audio: Choose Mic & Speakers to use VoIP Choose Telephone and dial using the information provided Submit questions and comments via the Questions panel About the Topic Expert Hey there, I m Shanon! And I ve Fundraised for over a decade (almost 15 years!) Specialized in event fundraising, corporate partnerships and donor relations Raised 10+ millions of dollars (and counting), 5+ million in sponsorships Worked with nonprofits of all sizes (1-2 staff to 25+ staff) Tripled sponsorship in less than 12 months for multiple event properties Shanon Doolittle 1

2 Check In Question Type your answer in the question box. What is your biggest sponsorship challenge? Bonus points if you tell me your favorite side dish at Thanksgiving or holiday dinner. What We Will Cover Today II. What benefits sponsors (really) want III. How to structure your sponsorship materials IV. What price to charge for sponsorship levels V. How to make a standout sponsorship pitch A. What is sponsorship? B. Why it s critical to know your audience first C. How to build a sponsorship prospect list D. Why researching for fit matters 2

3 A. What is sponsorship? Sponsorship is the investment a company makes in exchange for value that helps the company meet its business or marketing goals. Sponsorship is, first and foremost, a business transaction. Unlike people who give to people to help people, businesses sponsor businesses to reach target markets. B. Why it s critical to know your audience first Knowing a company s target market is important. But you need to know your own first! Estimated Participants 800 Estimated Children 300 Estimated Volunteers 40 Average Household Income $96,000 Education Level Gender 68% with Bachelor s Degree or Higher 49% Female : 51% Male Average Age 41.2 Values Health, Family, Outdoors B. Why it s critical to know your audience first What if you don t have that information? These tools will help: United States: Canada: 3

4 B. Why it s critical to know your audience first Knowing your audience will help you decide if a sponsorship prospect is the right fit for your organization. C. How to build a sponsorship prospect list 1. Start with your board. Is their company opening to sponsoring events? What about colleagues in other sectors? Ask for referrals. Do this for volunteers with business connections too. C. How to build a sponsorship prospect list 1. Start with your board. Is their company opening to sponsoring events? What about colleagues in other sectors? Ask for referrals. Do this for volunteers with business connections too. 4

5 C. How to build a sponsorship prospect list 2. Review your vendors. What companies value and appreciate your business? What vendors will you work with in the future? C. How to build a sponsorship prospect list 3. Review your corporate partner contacts. Do you receive philanthropic support from companies? Contacts often will offer to champion your event with their marketing and/or sponsorship department. C. How to build a sponsorship prospect list 4. Review sponsorship lists of mission-similar organizations. Look at websites, thank you advertisements, newsletters. Which companies are regular sponsors? 5

6 C. How to build a sponsorship prospect list 5. Subscribe to your newspaper or business journal. Look for companies launching new products, services or marketing initiative. What companies mention social responsibility as a company value? C. How to build a sponsorship prospect list 6. Attend business events and networking receptions. Leverage your uniqueness as a nonprofit professional. Ask for advice. Make connections. Follow-up. C. How to build a sponsorship prospect list 7. Search your donor records. Who comes to your events? Who employ your attendees? 6

7 Check In Question Type your answer in the question box. What other strategies do you use to find sponsorship prospects? D. Why researching for fit matters The two top reasons we often hear no? 1. We ask too late. Time needed to: Secure new sponsors for an existing event Renew sponsors for an existing event Secure sponsors for a new event 1 year 9 months months D. Why researching for fit matters The two top reasons we often hear no? 2. You and the sponsor do not share the same target market or values. Not all prospects are a good fit for your organization. Research your prospect list to find the best sponsorship candidates. The better the fit, the better your chance of getting to yes. 7

8 These Bonus Materials Are Included with Your Webinar D. Why researching for fit matters How do you determine fit? Ask these questions. 1. Do the company s values align with your organizational values? 2. Does your event offer access to the company s target audience? 3. If the company has sponsorship criteria, does your organization meet the criteria? 4. Does your sponsorship program help the company meet a business or marketing objective? Check In Question Type your answer in the question box. What types of companies make the most sense for your organization? Think of the companies that share your values or target audience. 8

9 II. What benefits sponsors (really) want A. Why you need to focus on the benefits B. Why you need to know your marketing reach C. How to create appealing benefits II. What benefits sponsors (really) want A. Why you need to focus on benefits Sponsorship isn t about your organization and your cause. Companies sponsor events because they provide an audience for their brand, product and services. The most successful sponsorship focus on the return on investment (ROI) and commercial benefits of sponsorship. Your organization needs to look at sponsorship as a product you are selling. II. What benefits sponsors (really) want B. Know your marketing reach Sponsors will look closely at your ability to provide access. Direct mailings Circulation, 4,000 Facebook Fans, 800 Twitter Followers, 2,700 Monthly enews Circulation, 4,000 Website Unique visits per month: 12,000 Business Journal Circulation, 17,000 Event Program Circulation, 600 9

10 II. What benefits sponsors (really) want C. How to create appealing benefits Remember, sponsors are looking for marketing value. The most compelling benefits will help a company find new customers, drive sales of product or services, and increase brand awareness within a target audience. Sponsors will also look closely at your ability to provide a meaningful brand experience. II. What benefits sponsors (really) want C. How to create appealing benefits Tip #1: Create an opportunity for the sponsor to meet and interact with influencers Not appealing: Signage Appealing: A reception with sponsors, board members, and major donors II. What benefits sponsors (really) want C. How to create appealing benefits Tip #2: Focus on high value marketing benefits that will increase brand awareness Not appealing: Website recognition Appealing: A promotional or underwritten takeaway item for event attendees Example: Water bottles in valeted cars 10

11 II. What benefits sponsors (really) want C. How to create appealing benefits Tip #3: Create an opportunity for employee engagement Not appealing: Complimentary tables or tickets Appealing: Day of service opportunity II. What benefits sponsors (really) want C. How to create appealing benefits Sample high value benefits for a gala, breakfast or luncheon sponsors: Invitation to sponsor-only networking reception Sponsorship of e-newsletter or event announcement Industry exclusivity Video welcome message Social media recognition Visual awareness opportunity II. What benefits sponsors (really) want C. How to create appealing benefits Sample high value benefits sporting/outdoor events: Front of t-shirt logo placement Asphalt decals at start/finish line Exclusive sponsorship of kids corner/entertainment Booth or product giveaway at packet pick-up location Sponsored discount code Training plans or exclusive volunteer opportunity for employees 11

12 II. What benefits sponsors (really) want C. How to create appealing benefits Sample high value benefits for conferences: Demos/presentation from main stage Educational sessions Ask the Expert opportunities Giveaway underwriting Product placement at meals Additional sponsor booth in high traffic area Check In Question Type your answer in the question box. What other high value benefits do you offer within your sponsorship programs? Or, what is one benefit that you d now like to include? III. How to structure your sponsorship materials A. What a typical sponsorship solicitation process looks like B. What information to include in your sponsorship materials C. How to write an introductory that gets noticed 12

13 III. How to structure your sponsorship materials A. What a typical sponsorship solicitation process looks like Remember this? Time needed to: Secure new sponsors for an existing event Renew sponsors for an existing event Secure sponsors for a new event 1 year 9 months months Tip: Make sure you give yourself adequate to research, solicit and close sponsorship sales. These Bonus Materials Are Included with Your Webinar III. How to structure your sponsorship materials A. What a typical sponsorship solicitation process looks like Identify potential sponsors. Research for fit. Send an introduction. Attach your sponsorship brief. Follow-up by phone at least twice to schedule a meeting to discuss opportunities. 13

14 III. How to structure your sponsorship materials A. What a typical sponsorship solicitation process looks like Meet with prospect to pitch sponsorship and learn how you can help the prospect meet its marketing objectives. Immediately send a thank you note and confirm you will send a working sponsorship proposal. Create a tailored proposal, if necessary. Send it to the prospect for review, and provide a decision deadline. III. How to structure your sponsorship materials A. What a typical sponsorship solicitation process looks like Follow-up by or phone to answer questions and checkin on decision status. If the prospect says. YES. Send a thank you and request a time to discuss next steps. MAYBE. Follow up again in 5-7 business days. NO. Send a thank you an ask for feedback (and referrals if you re comfortable). III. How to structure your sponsorship materials B. What information to include in your sponsorship materials Your sponsorship materials should be no more than 3 pages. o Do not include a title page o Do not include your organizational biography Include an easily scannable event fact sheet o Do not bury the date of your event o Do not include other ways to participate (individual registrations, tickets, tables, etc.) o Do include copy that convinces the sponsor you understand marketing objectives Make all your sponsorship opportunities fit on one page 14

15 These Bonus Materials Are Included with Your Webinar III. How to structure your sponsorship materials B. What information to include in your sponsorship materials Your sponsorship materials should be no more than 3 pages. o Do not include a title page o Do not include your organizational biography Include an easily scannable event fact sheet o Do not bury the date of your event o Do not include other ways to participate (individual registrations, tickets, tables, etc.) o Do include copy that convinces the sponsor you understand marketing objectives Make all your sponsorship opportunities fit on one page III. How to structure your sponsorship materials B. What information to include in your sponsorship materials 15

16 III. How to structure your sponsorship materials C. How to write an introductory that gets noticed Copywriting tips: Keep it short Write conversationally Highlight the overlap between the company s target market and your audience Remember, its about marketing, not philanthropy Share a timeline for your follow-up (And send it to the right person!) These Bonus Materials Are Included with Your Webinar Check In Question Type your answer in the question box. What s happening in that amazing brain of yours? What is one thought that keeps surfacing from what you ve learned so far? 16

17 IV. What price to charge for sponsorship levels A. Pricing comparisons B. Why you should consider future event growth C. Values-based pricing D. Additional pricing tips IV. What price to charge for sponsorship benefits A. Pricing comparisons Pricing sponsorship levels is both art and science. In other words: there is no standard formula that all organizations to use. A good place to start is by doing pricing comparisons in your market. What similar events charging for sponsorships? What types of benefits are they offering for that price? IV. What price to charge for sponsorship benefits B. Why you should consider future event growth Sponsorship levels are difficult to change the more years you use a pricing model. Set and revise your levels based on future growth goals. What are your revenue projections 3-5 years out? Does that growth include sponsorship revenue? 17

18 IV. What price to charge for sponsorship benefits B. Why you should consider future event growth Sponsorship levels are difficult to increase the more years you use a static pricing model. Set and revise your levels based on future growth goals. What are your revenue projections 3-5 years out? Does that growth include sponsorship revenue? IV. What price to charge for sponsorship benefits C. Values-based pricing Price your benefits based on value not on actual cost. Example: Exclusive sponsorship of monthly e-newsletter Actual cost: $300 Value: Priceless what dollar value would you put on this type of access? (Tip: Determine a cost per list name. e.g. $.17) IV. What price to charge for sponsorship benefits D. Additional pricing tips Do not offer too many levels. Do not offer bargain levels Do set realistic fee structures Do offer customized pricing Do not reduce a fee without removing benefits Do increase a fee if a sponsor is requesting more benefits 18

19 Check In Question Type your answer in the question box. Who else within your organization could you ask to help with your sponsorship pricing? V. How to make a standout sponsorship pitch A. Learn to speak the sponsor s language B. The one question you need to ask during a pitch C. Tips for successful sales conversations D. Additional pitching tips V. How to make a standout sponsorship pitch A. Learn to speak the sponsor s language The most successful sponsorship sellers channel their inner marketer Build trust and credibility by speaking the sponsor s language Buy a Marketing 101 book Bookmark And learn the jargon of your buyer (e.g. word of mouth, ROI, demographics, visibility, exposure, etc.) 19

20 V. How to make a standout sponsorship pitch B. Why you must offer customization Higher level sponsorships require a tailored approach Every sponsorship level should include an option for customization You will be far more successful if you allow sponsors to reorganize benefits based on their needs and objectives (Promote customization services in your sponsorship materials) V. How to make a standout sponsorship pitch C. Tips for successful sales conversations 1. Do your homework before the meeting. Wow the company with your knowledge of its business strategy, target market, and products or services. 2. Ask and listen. Ask and listen. Repeat. What benefits would provide more value? What types of sponsorships have you had the most success or positive return? What do you look for in a sponsorship relationship? V. How to make a standout sponsorship pitch C. Tips for successful sales conversations 3. Focus on the outcomes of benefits, not the features. Example: Don t sell the number of social media shares. Sell the conversations a new audience will be having about the brand instead. 4. Highlight your worth as a sponsorship partner. You have something of immense value to a company: access to its target market and the intangible benefit of positive brand association. 20

21 V. How to make a standout sponsorship pitch C. Tips for successful sales conversations 5. Share a testimonial. Share a story of a company that felt it benefited from its sponsorship with your organization and event. Social proof is very persuasive. 6. Be grateful. If the sponsor invited you to have a sales conversation, that s a big deal. Express gratitude for their time and interest. Even if they decline the opportunity. V. How to make a standout sponsorship pitch D. Additional pitching tips Focus on their needs and what s in it for them Do not use hard sales tactics Do offer different forms of sponsorship payment Do not make the conversation feel transactional Check In Question Type your answer in the question box. What is one strategy you will use to improve your sponsorship program in the new year? 21

22 Final Thoughts Make small changes now Relieve stress by starting early Stay clear of the comparison trap Survey your current sponsors for insight Treat your sponsors like you would major donors Celebrate every yes with confetti and cupcakes Question-&-Answers Q&A Connect with Us Via Social Media Facebook Twitter LinkedIn Google + Please Take a Moment to Fill Out the Anonymous Survey To do: Complete Survey It s quick, easy and super helpful! Thank you for your feedback. 22

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