Just like our bodies' biological rhythms, sponsorship development has a rhythm, too. Are you in the optimum rhythm? Or do you feel a little off? Here are few signs to help you recognize that you're off-beat.
- Stressed. You're feeling super-stressed about landing sponsors ASAP because your event is only a couple months away.
- Conflicted. You really should be tending to other tasks and activities to ensure that you're event is successful, but you know you have to get sponsorship dollars pronto (hence the stress, see #1).
- Disappointed and under budget. You've actually managed to confirm a few companies' committments, but you're disappointed because they're only agreeing to very low-level participation.
How do you fix it? Make a pledge to begin sponsorship development for the next year of your existing events as soon as you complete this year's.
Your sponsors' abilities to achieve success, as defined by their metrics and the business results they seek, are contingent on having adequate time to implement. Usually sponsors have numerous internal steps they need to take to align internal departments to execute. Similarly, you need adequate time to sell, develop, and fulfill all aspects of your offerings.
A handy guide
Time needed to:
- Secure new sponsors for an existing event 1 year
- Renew sponsors for an existing event 9 months
- Secure sponsors for a new event 18-24 months
- Launch a new sponsorship program 1+ years