Buckle up because I’m going to share a story that may cause you a white-knuckle experience.
In a recent debriefing meeting with one of my clients, the discussion took an interesting turn. The team began listing sponsors it did not want to pursue for renewal.
Now these were no little bitty sponsors. These are significant global companies investing healthy five-figure or low six-figure fees in my client’s event.
(Before I continue, how are you feeling? Does the idea of letting sponsors go cause you a little panic and fright? Are your knuckles white, gripping the arms of your chair?)
First, rest assured. This is not something any organization does randomly. It’s a strategic decision.
And it is a necessary one.
For your sponsorship program to evolve, you may need to let certain relationships go. It’s normal. It’s healthy, and it’s more profitable for you.
The goal of your sponsorship program is not to have lots of sponsors each paying low fees. That is the opposite of what you want.
You want to have great partners who are fully invested and bringing value to your event, program, or operation.
Sometimes that means that to have the vision and bandwidth to find those partners, you have to have the mindset to let go of sponsors that don’t fit your strategy.
That may sound like a heresy—most nonprofits want all dollars—however, it is the direction your sponsorship business needs to go, if you see long-term potential in this revenue source.
So why would you let a sponsor go? What are the criteria? How do you know?
Download this complimentary white paper and learn five reasons to get you started. Click here.
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