Nine Steps to a Successful Sponsorship

Submitted by Mitch Seigel on Tue, 04/03/2012

The following are key steps to successfully implementing a sponsorship for your company...

1. Match your target market with sponsorship opportunities through thorough research.

2. Once you have determined the sponsorship opportunities that match your target market, talk with other companies who have aligned themselves with your narrowed list to make sure that the benefits the sponsorship seems to hold, are truly beneficial to your company, and will help you get closer to your goals.

3. Narrow the list of opportunities to the one that makes the most sense, and assign a staff to manage the sponsorship.

4. Set up a time line immediately, with mini-projects leading to a successful completion. Even if you are working with an outside vendor to implement the promotion, you should have an internal team who works hand-in-hand with the vendor.

5. Look for increased opportunities as the sponsorship is developed. This may differ depending on whether the sponsorship is a short or long term opportunity.

6. Determine what you may need to do to align internal operations with the sponsorship. Do you need to adjust inventory, advertising, store hours, personnel or other items to support the sponsorship in every way possible?

7. Monitoring the results of the sponsorship is a key to its success and is a means to determine future opportunities for your company. Developing a matrix to allow you to adjust mid-stream during the sponsorship will give you a clear indication of ROI.

8. Let the sponsorship take its course. Many companies make adjustments too quickly at the start of a sponsorship, when it is natural for it to start out slowly and increase momentum as it goes.

9. Analyze the results against your goals. This will help your company to determine the next sponsorship opportunity. It may mean staying with your current sponsorship, or possibly moving on to another that may be even more successful.

Sponsorships can be a lot of work, yet almost always provide a very rewarding experience.

What are your challenges when it comes to sponsorship? I look forward to hearing your comments. Until next time …