A sponsorship is a form of partnership that generally aims for brand exposure. The person being sponsored looks to either receive goods or services or gain more revenue in exchange for exhibiting their information. For getting a sponsorship, the sponsored needs to understand what the sponsors expect to gain from the sponsorship deal and the sponsored should clarify what they will do for the sponsors. Both should have a clear perception of what each will be acquiring out of the relationship.
Showing appreciation to a sponsor is a good tip for a sponsored party to keep existing sponsors, and to help forge relationships with new ones. An expression of thanks could be offered in a number of ways, including an advertisement in newspapers, during speeches, on posters, or in a letter sent after the event. Following up with a photograph or a video showing how the sponsor was thanked is one of the ways of getting a sponsorship, and keeping it. This gives a boost to the ego of the sponsor and provides them with positive publicity, hopefully ensuring further prospects of sponsorship.
The sponsored party has the responsibility of guaranteeing the exclusivity of the sponsorship category. They have to make sure that competing sponsors do not clash with each other. The sponsors will be more willing to back events that their competitors are not sponsoring as well. In case the sponsored is unsure about getting a sponsorship with an additional sponsor, it is worthwhile to discuss it with both the sponsor companies to find out how they feel about the others sponsoring the event. It is preferable to talk with them and settle the issue before signing, rather than upsetting them both and potentially losing them later.
Researching a sponsor should be done with the goal to ensure that their vision and interests are aligned with the event that is being planned. To become a sponsor, they will also check if the suitability between the event and their organization is acceptable. Therefore, it becomes necessary to research the company and if possible, to tailor the sponsorship goals to each company that is being approached for getting a sponsorship.
Explaining all the details of the event is also important, so that sponsors have a clear understanding of what they may expect from the sponsorship program. Researching could include looking at the sponsor's website and to see the types of events they have sponsored in the past, and to see what other participation they have had in the community. The sponsored could use information of this nature in their proposal.
To get a sponsor, communication should be taken as a very important aspect. Communicating regularly and openly with sponsors is a must for getting a sponsorship. Sponsors like to get involved in the planning process of the events and it is important for them because there is so much competition. It is preferable to talk with them often, take their advice and their ideas about the event, and keep them apprised with information as to how the event and the planning is moving along with their sponsorship funding.