You own a business and a chance of getting sponsored falls into your lap. You think it’s an opportunity of a life-time, it’s not everyday some other organization wants to sponsor your venture. Of course, as with all chances such as this, the excitement of landing a seemingly good deal takes over.
But before you actually take on the offer of sponsorship, there is a need for proper evaluation on your part. Through this practice, you are taking a look at the aspects of the offer and the arrangement of agreement that is prepared for your business. Do not be drawn immediately by the publicity your business will receive, for all sponsorships include an amount of exposure.
It is best to choose carefully when being offered a sponsorship. Elements of relevance and compatibility are very important for your business’s image and market longevity. To give the proper evaluation, below are questions to ask.
Questions that need to be asked
Will this add more customers/clients/buyers?
Adding customers means increasing sales. The name that sponsors you has no bearing whatsoever if the result it yields neither brings or adds customers to your doorstep. It would be a total waste of time, money and effort on both parties if this happens.
Considering the target market that the sponsor also targets should be an insight into the type of customers should also be compatible with your business. If this is mismatched, it’s better to pass on the offer.
Am I the only business being sponsored by this company?
Big time organizations sponsor many events that house different businesses. Having your business sponsored by such companies mean that you will be showcased with other sponsored businesses. By this, association with the other businesses is created. Decide whether or not you want your business to be attached to other sponsees; and see if this will prove to be beneficial or otherwise.
What kind and how much publicity will I get?
Good and great exposure to the public is what all want to obtain. This is also the ‘sales pitch’ of sponsor offers – a big amount of publicity. As will all sales pitches, it is important to research if this is true and the investment you decide to make will reap benefits. Simply put, getting your money’s worth and equal levels of give-and-take between sponsor and sponsee are what you’re aiming at.
What is in the ‘fine print’ of the offer?
Don’t go on jumping in with just a handshake and word of promise. A detailed and lengthy contract is the best way to protect your business when the need arises. It is better to prevent something bad happening than finding a way to resolve it.
With contracts and written arrangements, be sure to look over every aspect and fine print. It is usually in the detail that loopholes may be fixed and that anomalies eliminated for both parties. The target is a win-win situation, and through contract evaluation this is possible. Balance is what should be attained.
What other companies have similar arrangements as this?
Before signing on with the offer of sponsorship, added research on organizations with the same interests is a good practice. This gives your business an opportunity to compare the offers and see whether you are doing what is best for your venture.