As a nonprofit warrior, you already know the importance of sponsorships. They’re truly essential to your event’s success. When curated thoughtfully and intentionally, sponsorships often out-earn live fundraising revenue.
In our market, sponsorships are not as readily available as they were last year at this time. Which means YOU may need to refine your approach!
Here are six suggestions for more successful sponsorships in 2024.
1. Relationship Building
As with so many things in life, it all starts here. Relationships with people. Human connection. Get to know your potential sponsors before reaching out. Invite them on a coffee or lunch date and get to know them. Pick up the phone – don’t just rely on email. Really get to know these folks BEFORE asking them for money or support. And do your best to stay in touch, even when you’re NOT asking for money! Make sure you check in post-event, requesting feedback, finding out if their return on investment (ROI) was worth it and if they’d sponsor you again. And if not, why not? Yes, this is challenging to look back after the event is over, and you just want to breathe a sigh of relief, and you have a million other things requiring your attention RIGHT NOW! So do think of all of this time and effort as an investment into your next ask. Remember, you’re playing the long game here. And you need to get to know these folks whom you’re asking to sponsor you, get to know them better. Not only because it’s polite, but also because you’ll be better able to suss out your shared values.
2. Value Alignment
Value alignment is – you guessed it! – finding sponsors who share your belief that the work you and your org are doing is critically important! Find potential sponsors who believe in you and wish to align with you and your mission. This is why relationship-building is necessary – it’s how you find the folks who agree that your mission is important and worthy of their financial support. The folks who believe in you and your mission are a lot easier to find when you know who they are and have shared values in common.
3. Economic Impact
This is a major reason why you need to innovate your sponsorship development process – because what worked last year might not work as well this year. According to our data from the PNW market, sponsorships are down about 10% from last year. In a more challenging economic climate, social proof is going to be a powerful tool in convincing potential sponsors that you need their financial support and that it behooves them to offer that support.
4. Social Proof
Have you ever been in a situation where you’re not really sure how to act (or react!), so you look at people around you, to see how they’re acting (or reacting)? What you’re looking for is social proof. “If others are doing it, I should be doing it, too.” It can be problematic when referring to teenagers and peer pressure, but it can work in your favor with fundraising and sponsorship. You’re making an impact, and you’re inviting your potential sponsor to be a part of this impact, as well.
Some of your sponsors, particularly corporate ones, may want to know what you did with what they gave you. How much impact did they help you make? They’ll want proof of their own return on investment (ROI). So make sure you have the data to back up your assertions. Case studies, data, statistics – this is also social proof.
5. Stand Out
A bit earlier we touched on value alignment. Highlighting those shared values and how they pertain to the work you’re doing is how you stand out in a sea of orgs doing similar work. What would a sponsorship mean to you, in terms of continuing and expanding that work? Telling that story well is how you stand out, after you’ve worked your way into their heads and hearts. Of course, the BEST way to stand out in their heads and hearts is through storytelling! What better way to demonstrate your impact than with a meaningful story of someone whose life changed for the better, after your org helped them?
Another note on standing out: Brand visibility. It’s especially important for smaller orgs, newer orgs, those that haven’t been around for very long and who are competing with other nonprofits for the same donor base. Brand visibility takes time, consistency and commitment. But you’re already doing it just by upholding your mission. Be seen in the community. Volunteer. Encourage and perhaps incentivize your employees to, as well.
6. Sponsor Packets that Slay
When looking for a job, would you ever address your cover letter, “To Whom It May Concern?” Not if you really wanted the job, you wouldn’t! A cookie-cutter sponsorship packet is the equivalent of a form cover letter. If you want results, you must personalize it. Refer to your previous conversations with your potential sponsor and let them know you heard their needs, and what you’re hoping to get out of your partnership. Also, include social proof in the form of stories, data, statistics. Don’t just talk about your impact. SHOW it! Demonstrate your mission in action.
Ready to go out and conduct a robust and intentional sponsorship procurement campaign? Ideally, sponsorships will cover at least half (more is always the goal!) the cost of your fundraising event. Half! Truly a godsend. Happy fundraising! Have questions? Want more? Let’s Chat!