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Sponsorship, a versatile and affordable form of marketing, is used widely but not always wisely by law firms to build awareness and connect with their communities. Supporting a worthy cause, whether it’s a charity, sports team, event, student group or local non-profit initiative, is a subtle, “feel good” way to promote a business. It demonstrates social responsibility and highlights what’s best about the firm, and can be particularly effective at reaching a niche market, creating interest among select prospective clients and developing a distinctive brand.
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Sponsorship valuation is complicated and technical…but it is an essential piece of the sponsorship puzzle. In fact, I would argue that it is THE most important part of the technical side of sponsorship sales (with relationship building being the most important part of the soft side of sponsorship sales). Let’s explore a case study of two properties and their experience with sponsorship valuation. This from the Sponsorship Collective's Chris Baylis...
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I get asked to sell sponsorship for clients in exchange for a percentage of the total sponsorship sales made (otherwise known as sponsorship brokerage). I get asked this a lot. My answer is always a polite but firm no. Do you want me at the table with you to help with negotiations? Sure! But definitely not as your hired gun…and here’s why.
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Check out what Chris Baylis considers to be the most valuable qualities and habits to consistently sell sponsorship and build real partnerships. As Baylis himself says - it's a (sponsorship) tribute to Stephen Covey!
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The practice of sponsorship sales isn’t complicated, when you focus on the right activities. Unfortunately, the sector has become obsessed with the sponsorship package as the primary sales tool, which is definitely not the right activity!
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If I had a dollar for every time I heard a fundraiser complain about their board of directors…or a board of directors complain about their fundraiser, I’d be a very rich man! Every single problem that I see stems from a lack of understanding of the sponsorship process and so this post is part therapy for fundraisers, but is also an instructional tool to share with your board members.
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I call this post “The Definitive Guide to the Sponsorship Proposal” for a reason! I am going to tell you everything you need to know about creating winning sponsorship packages and how to write a sponsorship proposal that actually works.
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