#BusinessStartUp #GettingCorporateSponsors How Can Your Small Business Get Corporate Sponsorship? No small business can soar without steady streams of income. Yes, the bulk of your revenue will come from your product or services being sold, but when the relationship is mutually beneficial, some small businesses can raise capital through corporate sponsorship. There is a growing trend in developing this type of deal. In 2013 $18 billion was spent on this kind of funding. Lets consider how your small business can get corporate sponsorship. 1. Offer Value. Sponsorship comes in many forms, including: Sponsored posts from the corporation on your blog, Giveaways of their products to your audience and Product reviews Advertising Events Come up with a few packages that offer a mix of these activities, or let your potential sponsors pick items. Remember, you want to build a long-term relationship with your sponsor, so its in your best interest to come up with ways to engage them and work with them for years. 2. Know your platform and the companies that match it. Companies are interested in reaching audiences they typically do not have at their fingertips. Its less expensive than purchasing traditional media advertising and helps them target these individuals through a outlet that already has their attention and trust. Make sure you know exactly who you serve. Are your customers male or female? How much income do they make? Do they have children? Do they travel frequently? Once you identify all the characteristics of your customer base, start researching companies that advertise to or want to reach that group. For example, if mothers are your primary customer, look through the pages of parenting magazines and research parenting websites. What companies advertise on those sites? Then make a list of those businesses as potential corporate sponsors. 3. Ask for your worth. Many small businesses make the mistake of not asking for enough money in sponsorship. Remember that you are offering these corporations value and direct access to the customers they want to reach. In addition, many of these corporations are used to making deals in the tens of thousands. Dont ask for $1,000 from a company that has the pockets to give $10,000. Value your connection to the people they want to reach and charge accordingly. 4. Follow up! How many times have you ignored an email or phone call because youre busy or on a deadline? Corporate executives feel the same way. So many people lose sponsorship deals because they do not follow up. If you dont hear back from an organization after youve submitted your proposal, pick up the phone and check in. 5. Write a compelling proposal that makes it clear why a corporation should sponsor your business. You want to write a story about you or your business that is exciting and meaningful. Dont simply state what you sell; explain why you impact lives. Remember, sponsorship is not just about your business: the company you want to partner with will want to know whats in it for them. How will the company reap benefits it wouldnt otherwise get? Also include in the proposal your target audience demographics and discuss your reach as well as how youll help the corporation reach its target audience. Connecting with corporations wanting to target specific audiences through sponsorship can become a win-win relationship, and in doing so can also give your small business a healthy income boost. Written By Melinda F. Emerson on the Huffpost Website.
Posted on: Sat, 13 Dec 2014 13:23:45 +0000
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