Think Sponsors will Fund your Idea? Think Again.
Sponsors are not investors. Sponsors are advertisers. Sponsorship is a channel of marketing and advertising. Companies that choose sponsorship are looking for access to your audience through affinity or insights. We will come back to that.
There are a ton of cool ideas out there. Many very bright people reach out to me with their concept thinking that a sponsor will provide them with the funds they need to launch their idea. Please wipe that idea from your thinking. If you don’t have an operating property that is already in operation with firm dates, a run of show, a marketing plan and so on, you are not going to get a sponsor. Here is why:
1. Risk.
Sponsors don’t want risk. They spend a lot of time figuring out how to reach their target audience. You are not known to them, your idea is unproven, why should they give you money?
2. They have choices.
TV, Radio, Web, Social, Events, Non-Profits, Outdoor Media and much more. All of these channels have proven outreach and measurable audiences, your idea doesn’t.
3. They could do it without you.
Many big brands have their own experiential departments. They have spent time and money on honing their message and their engagement strategy. You have decided that they should pay you to develop your idea. They know their business, do you?
What you really want is help launching your vision. You want an investor. Getting an investor will force you to put together a plan and convince someone that you can not only pay them back, but create a steady source of revenue in the future. If you can do that, you can include sponsorship as a future channel of revenue.
Are you a celebrity? That could be a different story. A potential sponsor could quickly determine if your image would be beneficial to their brand. But, then you would have an agent and a management team developing full time opportunities for you.
Before you go hunting for a sponsor make sure you have something equal or better than other sponsorship opportunities and the data to prove your value.
If you’re ready to start your campaign for sponsors or increase your sponsorship revenue, reach out, we can help.
About Larry Weil:
Sponsorship engagement strategist and customer acquisition specialist for some of the nation’s most recognized brands Larry has over $200MM in sponsorship transactions to his credit. He has a database of over 4,000 brand and industry contacts. Larry is an expert seller, negotiator, presenter, and strategist. He has successfully represented properties and sponsors in numerous categories including Conferences, Trade Shows, Convention, and Visitors Bureaus, Entertainment and Sports Properties, and Tech.