4 Bulletproof Ways to Increase Sponsorship Income

In today’s competitive landscape, many associations are experiencing a slight decline in membership and attendance – a challenge which highlights the fact that securing sponsorship is more important than ever. The key to obtaining more sponsors and ensuring additional sources of sponsorship income lies in finding the right partner; after all a...
sponsorship income

In today’s competitive landscape, many associations are experiencing a slight decline in membership and attendance – a challenge which highlights the fact that securing sponsorship is more important than ever. The key to obtaining more sponsors and ensuring additional sources of sponsorship income lies in finding the right partner; after all a successful sponsorship sale is a mutually beneficial negotiation with an agreeable outcome for both parties.

Leave no opportunity unexplored and consider the following tips to increase sponsorship income.

1.Think beyond the classics with the sponsorship items

Sponsorship packages, including congress bags, posters and brochures, must be handled with extra caution and creativity. Following a mainstream path is not going to get noticed in these days of fast-paced media exposure, where audiences are craving for unique information. The first step is to get a firm understanding of your sponsor’s needs, requirements and objectives. Then, you can move on to the second step and create tailored packages that add value and increase exposure.

Think about sponsorship activation; this is how the programme comes to life and increases engagement. While activation may be translated in several forms, sponsors will be more willing to invest in your congress once they see the value and benefits.

2.Focus on building loyalty

It all comes down to relationship building, not selling. Leveraging your current partnerships with sponsors should be a number one priority, as they already believe in your organisation and have seen the value of making considerable investments to support your cause. Focus on keep creating custom experiences for them, and you will eventually experience greater engagement as well as increasing retention. After all, this is what guarantees sponsorship income in the long run.

3.Rethink your active sales strategy

While building long-lasting relationships with existing sponsors is your golden ticket to sponsor retention – and hence income increase – don’t overlook the power of acquiring new ones. Identify which congresses attract your target sponsors and be there to network. These congresses are the perfect platform to gain industry knowledge and see first hand what your potential sponsors are looking for. Just enjoy the perks of attending in regards to observing best practices and increasing your contacts database.

4.Go strong with retargeting and email marketing

Online marketing tactics are there to help you not only to reinforce the relationship with your loyal sponsors, but also to assist you in developing new ones. In many cases, sponsors are not ready to sign a contract immediately, and might require more time to make an informed decision. Make sure you give them short and crisp nudges as a reminder to consider you for sponsorship and keep highlighting how you can generate true value to them.

Whether you are interested in learning more about how to attract more sponsorships or how to forge strong partnerships with your sponsors, find more tips here.

Source: live.mci-group.com