With austerity biting and further cuts coming, especially in schools and education, we’re being approached by organisations that would not traditionally look for sponsorship contacting us to find out how they can generate different forms of funding.
Here’s our top five tips for organisations that are testing the sponsorship water.
1. Identify Your Funding Need
It sounds simple, but it’s amazing how many organisations haven’t worked out exactly what they need and how much they have to raise to achieve it. Thinking about the letter three of Ninety-Five received from our children’s primary school, private sector schools funding could well be the only way in which many teachers keep their jobs.
2. Get the Offering Right
We’ve all been approached by organisations looking for sponsorship who have offered us “a mention in a press release” or “a bit of social media”.
Businesses want more than that. They want to know what they are funding, but most importantly what it will give them in return.
A mention in a press release or a bit of social media is an output. Think about the outcomes that supporting your organisation will give them, and focus on that.
3. Define Your Target Audience
Once you’ve identified your funding need and defined your offering, then you need to think about who you want to approach.
There’s little point in throwing your offering at a load of businesses hoping one will stick. You need to see if the business share your values and ethos, as well as make sure they don’t have an agreement set up with a similar organisation. You can also put together a wish list of businesses you want to be aligned with.
4. Develop Your Rights Document
Your ‘rights’ simply outlines what you are prepared to give away and what you want in return. Getting your document right is key. Think about your messaging, think your target business – how do they want to be approached? How can you offer potential commercial partners real benefits and return on their investment?
5. Engage and Evaluate
Once you’ve got your offering and rights document in place, now is time to approach your targets. A huge part of coming to an agreement will be to show the prospect sponsor that you can give them information they need to show them that are going to get a return on investment.
Public services offer huge value to our society and communities. As many of our public services have been cut, and face even more future funding cuts, it’s now time to open up the value and benefits of our public services to obtain sponsorship investment.
It may be the only way in which our public services get the investment they require.