Lodestar Resources
The Second ‘P’ of Sponsorship:Make it Part of a Plan
As we shared in our first newsletter, each client we assist…whether it is the client building the sponsorship program or a potential sponsor who hires us to evaluate their options…is subject to the 5 ‘P’s. They are our road map to ensure the sponsorship programs we help develop are sound and valuable to both our client and their future sponsors. The second ‘P’ is for Plan. Making sure you have a plan and you are planning with your entire organization is the focus of this P…
A few organizations have just one person or department handling all of their marketing, sponsorship, advertising, website maintenance, membership, and events. This requires those involved in sponsorship to work closely with other departments and colleagues within their organization and this is best accomplished by having a concise plan.
1.Make sure every department is involved in your sponsorship planning. Be especially aware of what your advertising/marketing colleagues are selling since most sponsorship packages involve some inclusion in printed collateral and on the website. In pricing your sponsorship packages, be careful to include the rate card value of any representation your sponsors will receive in any print or web formats. If you are selling sponsorship for a member organization, your membership department is your first introduction to your potential sponsors. Work closely with them so they are able to convey to new members the values of your available sponsorships. Also remember that many of your sponsors may offer products or services that your organization uses and make sure they’re included in any bids or purchasing bids your organization sends out.
2. Know what you want the outcome of your sponsorship packages to be for both your organization and your sponsors’ organizations. Help them formulate a realistic and trackable plan at the outset of your sponsorship relationship.
The First ‘P’ of Sponsorship: Aim for Permanence
As we shared in our first newsletter, each client we assist…whether it is the client building the sponsorship program or a potential sponsor who hires us to evaluate their options…is subject to the 5 ‘P’s. They are our road map to ensure the sponsorship programs we help develop are sound and valuable to both our client and their future sponsors. The permanence ‘P’ involves a review at three levels…
1-Examine your sponsorship program and aim for as many opportunities to give your sponsors a lingering presence. Permanence during the conference/workshop/expo/event and through-out the year. The more staying power an opportunity has, the more valuable it is. A log in a melting ice cube, no matter how novel, isn’t something that has the opportunity to be viewed, used or enjoyed for very long!
2-Create opportunities that lead toward a permanent partnership. A sponsor who feels valued and whose opinion is sought when changing or upgrading sponsorship opportunities is one who will continue to support your organization. Permanence in your partnerships is a huge financial and professional benefit to your organization.
3-Lastly, consistency of sponsors allows an organization to produce better conferences/tradeshows/events by offering more benefits and allowing an organization to continue to provide their attendees and members the latest and greatest in products, services and subject matter expert participation. Sponsors are eager to educate your members about their abilities . By creating a permanence in your sponsorship presence, you reinforce your worth to your members and attendees.
Please contact us via email at sponsorship@lodestar-group.com or by phone 919-573-6108 if we can answer any questions or provide any additional information.
Our Approach, or the 5 P’s
When we assist clients in developing or assessing their sponsorship/advertising/PR/Marketing programs we always apply our ’5P’ approach. We also use this very same approach when assisting potential sponsors in determining the sponsorship/advertising/marketing opportunities they best suit them. I will delve into each one a bit more in each upcoming newsletter but briefly our overall philosophy can be summarized here:
1-Aim for Permanence
2- Make it a part of a Plan
3-Advance the/your Purpose
4-Give it a Personality!
5-Always benefit the Partnership
Contact us for more information about what this means and how it can work for you. And watch for our next newsletter where we explore ‘Aiming for Permanence’.
Part-1 Creating or Revamping a Sponsorship Program
Implementing a sponsorship program into your events, conferences and tradeshows can enhance both the attendee experience and the organizer’s bottom line. Over the next few newsletters we’ll discuss many aspects of sponsorship program development, sales and fulfillment. But the first step in developing a sponsorship program is setting the organization’s sponsorship policy. Every organization should have a written and widely accepted sponsorship policy and it should be reviewed at the onset of each sponsorship campaign or throughout the year if your sponsorships are yearly. Your policy should define your sponsorship objectives and list practical fulfillment issues but most importantly it should include the ‘rules’ that everyone is aware of and follows. This document can alleviate confusion in the prospecting, sales and fulfillment stages as well as protect you should any allegations of special consideration be made by one group or another. Click here to view and print. This guideline will help you formulate the policy that is right for your organization and should serve as a great outline for you to follow. Please feel free to email us at sponsorship@lodestar-group.com or call 919-573-6108 with any questions.