As a business coach, clients often approach me with proposals to sponsor an event or a team or an organisation and want guidance as to whether they should take up that opportunity.
Whilst there is always a myriad of reasons as to why they should undertake that sponsorship, I believe there are two key criteria that must always be considered when making the final decision about a sponsorship being:
When reviewing a sponsorship opportunity, the beliefs of the organisation you are about to sponsor should align with and reflect your own beliefs. It then follows, that you are able to build trust and rapport with both your clients and prospects through the way they perceive your business.
For example, in 2017 I am sponsoring for the fourth year Women in Business & Regional Development (www.wibrd.org.au). The aim of this organisation is to empower and ignite the potential of women in business. Their aim is aligned to my purpose which is to motivate and energise business owners to create the business of your dreams. I therefore believe from this perspective alone it makes good sense for my business to sponsor Women in Business & Regional Development.
2. Personal Connection
The chances of a successful sponsorship arrangement is greatly enhanced when you have a personal connection to and passion for the organisation you are about to sponsor. Having that connection & passion will ensure you maximise opportunities generated from that arrangement for your benefit and that of the organisation you are sponsoring.For example, I have been passionate about the Sturt Football Club (www.sturtfc.com.au) in the SANFL since I was nine years old. So it makes perfect sense to me in establishing my own business to want to be part of that club through sponsoring Sam Colquhoun one of the players in the 2017 squad.
For me it’s all about bringing my passion for my business into my sponsorships and finding inspirations within those organisations that ultimately, as this is a business arrangement, help me grow my business by attracting like minded people.
I am tremendously excited about sponsoring these two organisations in 2017. However, I also understand that to maximise my return from these sponsorships depends not on the sponsorship organiser but on my using those sponsorships to engage with target audience.
In the end, the decision on whether you sponsor an organisation or an event depends on being absolutely clear about the outcomes you want to achieve and making sure the sponsorship being considered is able to deliver those outcomes.