If you sell sponsorship, you should hope that your prospects read Seth Godin's influential blog because today's post endorses sponsorship.
- Substitute for advertising.
- Bragging rights.
- Opportunity to have influence over the organization being sponsored.
- Inspire internal staff.
- The CEO's ego.
There are way more than five reasons why a company sponsors an event, activity, campaign, initiative, race car driver, tour, exhibition, Little League game, etc.:
- to increase sales
- encourage product usage
- drive online or retail traffic
- enhance trust
- tell a story (about diversity or environmental impact) that enhances the brand
- generate leads
- gather market data
- recruit talent,
- among many others.
Sometimes the reasons involve many of these drivers. It's all about affecting a change in behavior, perception, or a business result. And, it's the job of your sales process to uncover what they are and how your opportunity can meet them.
By the way, please note that Godin is not endorsing the five reasons he put forth. I suggest that several of them are not good reasons for a company to sponsor, though he is accurate in his descriptions.
Cost Per Thousand (CPM).
CPM is the way traditional advertising is purchased. Media buyers compare media rates among broadcast or print outlets via understanding the cost per thousand. CPM, a quantitative approach, is not the way to buy corporate sponsorship, a qualitative medium.
Corporate sponsorship is the ultimate social media. It incorporates the two-way interaction of social media with the three-dimensional power of face-to-face interaction. Think social media on steroids. So, if you're comparing sponsorship opportunities through a CPM analysis, you're missing major opportunities.
Yes, yes, yes! I love this description, and I couldn't agree more. Sponsorship is high value. Sadly it's especially a screaming bargain because so many organizations dramatically undervalue what they have to offer and have no pricing strategy.
Share Godin's post with your sponsors and prospects. Let them know what a bargain your opportunity is.