How to Succeed in Sponsorship

The Sponsorship Collective

14 Dec 202307:02

Summary

TLDRThis video outlines seven key reasons for success in sponsorship, emphasizing that luck is not a factor. It stresses the importance of clear goals, thorough research, avoiding common traps, maintaining a targeted contact list, respecting rejections, pursuing diverse sponsors, and learning from failures. The video encourages viewers to reflect on their strategies and adapt for better results.

Takeaways

🎯 **Clear Goals**: Successful sponsorship seekers have well-defined goals, which are crucial for measuring progress and ensuring they stay on track.
🔍 **Research**: Conducting thorough research on the audience, activation ideas, and potential sponsors is a hallmark of successful sponsorship seekers.
🚫 **Avoid Common Traps**: They avoid common pitfalls such as relying on generic sponsorship packages or mass emailing strangers without a targeted approach.
📋 **Quality Contact List**: Instead of a generic list, they maintain a curated list of contacts who are genuinely interested in their audience and sponsorship opportunities.
🤝 **Respectful Communication**: They treat potential sponsors with respect, even when faced with a rejection, which can lead to referrals or valuable feedback.
🌐 **Diverse Sponsorship**: They pursue a mix of sponsors of all sizes, reducing risk and creating a sustainable sponsorship ecosystem.
📈 **Learning from Failure**: The best sponsorship seekers learn from their failures, adapting their strategies rather than repeating the same unsuccessful tactics.
📊 **Measurable Outcomes**: They understand that what gets measured gets done, emphasizing the importance of tracking specific goals and outcomes.
💡 **Strategic Approach**: They focus on a strategic approach rather than a 'spray and pray' method, ensuring their efforts are directed towards potential sponsors who are likely to be interested.
🔁 **Adaptability**: Successful seekers are adaptable, willing to change their methods when they realize that their current approach is not yielding the desired results.

Q & A

What are the main reasons people succeed in sponsorship according to the video?
-The video outlines seven main reasons for success in sponsorship: having clearly defined goals, doing thorough research, avoiding common traps, maintaining a list of relevant contacts, respecting a 'no thank you', pursuing sponsors of all sizes, and learning from failure.
Why is having a clearly defined goal important in sponsorship success?
-A clearly defined goal is important because it provides a measurable target, helping to track progress and determine if one is on track towards success in sponsorship.
What kind of research should one do to be successful in sponsorship?
-One should research their audience, activation ideas, and prospects. Regular polling can also be used to understand if the sponsorship opportunities resonate with the audience.
What are common traps to avoid in the sponsorship process?
-Common traps include relying on generic gold, silver, bronze package structures, and indiscriminately emailing strangers with sponsorship proposals.
Why is it important to have a list of contacts that are genuinely interested in the sponsorship opportunity?
-Having a list of contacts genuinely interested in the sponsorship opportunity ensures that outreach is targeted and more likely to result in successful partnerships.
How should one respond when a potential sponsor declines interest?
-When a potential sponsor declines, one should respect their decision, express appreciation for their response, and possibly ask for referrals or feedback.
Why is it beneficial to pursue sponsors of all sizes?
-Pursuing sponsors of all sizes diversifies the sponsorship base, reduces risk, and allows for a healthy ecosystem with multi-year agreements and varying lengths.
What does the video suggest about the approach to learning from failure in sponsorship?
-The video suggests that instead of repeating unsuccessful strategies, one should try, test, and adapt different approaches when faced with failure in sponsorship.
How does the video define success in sponsorship?
-The video defines success in sponsorship by the amount of sponsorship revenue brought in, rather than just the number of proposals sent out.
What is the role of respect and reputation in the sponsorship process as discussed in the video?
-Respect and reputation play a crucial role in building long-term relationships and gaining referrals, which are key to successful sponsorship.

Outlines

00:00

🎯 Keys to Success in Sponsorship

This paragraph discusses the primary reasons individuals achieve success in securing sponsorships, emphasizing that luck is not a factor. The speaker introduces seven key reasons for success and encourages viewers to subscribe and engage with the content. The first reason highlighted is the importance of setting clear, measurable goals. The necessity of knowing specific financial targets, the number of sponsors required, and the volume of proposals and communications needed is underscored. The paragraph also stresses the significance of conducting thorough research on the audience, activation ideas, and potential sponsors to ensure that sponsorship opportunities are relevant and appealing.

05:01

🚫 Avoiding Common Pitfalls in Sponsorship

The second paragraph delves into common mistakes to avoid in the sponsorship process. It advises against relying on generic sponsorship packages and mass emailing strangers, which are ineffective strategies. Instead, successful sponsorship seekers maintain a curated list of contacts who are genuinely interested in the audience and sponsorship opportunities. The paragraph also touches on the importance of respecting a 'no' from potential sponsors and using it as an opportunity for referrals or feedback. It advocates for pursuing a diverse range of sponsors, not just focusing on large deals, and emphasizes the importance of learning from failures by adapting strategies rather than repeating unsuccessful approaches.

Mindmap

Keywords

💡Sponsorship

Sponsorship refers to the support, usually financial, that a sponsor provides to an event, activity, or individual in return for access to the exploitable commercial potential associated with that entity. In the video, the theme revolves around how individuals and organizations can succeed in securing sponsorships, emphasizing that success in this area is not about luck but rather strategic efforts.

💡Clearly defined goals

Clearly defined goals are specific, measurable, achievable, relevant, and time-bound objectives that guide actions and decisions. The video stresses the importance of having such goals for sponsorship success, as they provide a clear direction and a way to measure progress. For instance, the script mentions that 'as much money as humanly possible' is not a clear goal, implying the need for specificity.

💡Research

Research in the context of sponsorship involves understanding the audience, activation ideas, and potential sponsors to ensure that the sponsorship opportunities are relevant and appealing. The video highlights that successful sponsorship seekers conduct thorough research to align their proposals with the interests of both the audience and potential sponsors, which is a critical step in avoiding common traps.

💡Common traps

Common traps refer to the mistakes or misconceptions that can hinder the success of securing sponsorships. The video mentions that avoiding these traps, such as relying on generic sponsorship packages or mass emailing strangers, is crucial for success. These traps are highlighted as counterproductive approaches that can lead to wasted efforts and missed opportunities.

💡Contacts

In the video, 'contacts' refers to the list of potential sponsors or individuals who might be interested in the sponsorship opportunities. It emphasizes the importance of having a curated list of contacts who have a genuine interest in the audience or the cause, rather than a random collection of companies. This targeted approach is contrasted with the less effective 'cast a wide net' strategy.

💡Respecting a 'no thank you'

Respecting a 'no thank you' means acknowledging and accepting a potential sponsor's decision not to engage without pressuring them further. The video suggests that this respectful approach can leave the door open for referrals or feedback, which can be valuable for building a positive reputation and improving future sponsorship efforts.

💡Pursue sponsors of all sizes

Pursuing sponsors of all sizes involves not just focusing on large, high-value sponsors but also considering smaller ones. The video argues that a diverse mix of sponsors can create a more stable and less risky sponsorship ecosystem. It also mentions the importance of having a pipeline and a ladder system to grow smaller sponsors into larger ones, ensuring sustainability.

💡Learning from failure

Learning from failure is the process of analyzing unsuccessful attempts to secure sponsorships and adjusting strategies accordingly. The video criticizes the common approach of sending out more proposals without reflecting on why they were not successful, suggesting that it's more effective to try different methods and learn from what does not work.

💡Proposals

Proposals in the context of the video are the formal documents or presentations that outline the sponsorship opportunities to potential sponsors. The video clarifies that merely sending out proposals does not guarantee a sale; it is the quality of the relationship building, research, and understanding of the sponsor's needs that truly促成 the deal.

💡Conversion rate

The conversion rate mentioned in the video refers to the percentage of proposals sent out that result in successful sponsorship deals. It is used to illustrate the point that sending out more proposals without improving the approach will not increase the success rate, emphasizing the need for strategic and quality-driven efforts over quantity.

Highlights

Seven reasons for success in sponsorship are discussed.

Success in sponsorship is not about luck.

Clearly defined goals are essential for success.

Measurable goals lead to better tracking of progress.

Research is fundamental to successful sponsorship.

Avoiding common traps like generic sponsorship packages.

Successful sponsorship seekers have a targeted list of contacts.

Respecting a 'no' leads to better networking opportunities.

Pursuing sponsors of all sizes diversifies risk.

Learning from failure is crucial for improvement.

Testing and adapting strategies is more effective than repeating the same unsuccessful actions.

The importance of having a sales pipeline and ladder setup.

The role of respect in building a positive reputation.

How to handle rejection professionally in sponsorship seeking.

The benefits of having multi-year agreements with varying lengths.

The significance of moving small sponsors up to bigger ones.

The fallacy of sending more proposals without improving the approach.

The importance of doing something different when the current strategy fails.