There is no mystery as to why some people are effective at securing sponsors and corporate partners whilst others are not. The explanation is found in their actions; what they do or don’t do which you simply have to observe in order to understand.
To be effective in any role you need an effective process and to demonstrate key competencies (attitudes, skills and knowledge). Securing sponsors is no different. If someone is unable to attract sponsors, the reason is that the person either has an ineffective process or is not competent in one or more of the required competencies.
The key stages of an effective sponsorship seeking process
Understanding the market
The starting point in any business development process is to understand the market that you are entering, in the case of seeking sponsors you need to understand why companies undertake sponsorship and what they look for in a proposal
Understanding what you have to offer
Once you understand the market’s needs, you then identify which of those needs you can help to satisfy and develop a propositions around the outcomes and value that you can create
Identifying prospects
Having developed your propositions, this will allow you to identify companies that will be attracted to your propositions; companies that can derive value from what you have to offer (qualified prospects)
Approaching or attracting prospects
Qualified prospects are approached either though personal introduction, letter or telephone, alternatively you attract prospects through speaking, writing or experiencing your events
Building rapport
The first meeting is about building rapport (trust and understanding) with prospects by discussing their issues, using their language and asking questions based around research you have undertaken on their business
Uncovering specific needs and exploring solutions
After building rapport, you uncover the prospect’s specific needs through questioning and active listening and explore solutions to those needs based on what you have to offer
Presenting solutions
This allows you to develop and present a compelling solution in the form of a proposal and presentation
Inducing action and overcoming objections
At the end of the presentation, you induce action to get them to say ‘yes’ and if required you must be prepared to overcome their objections
Effective at every stage
Improving your performance is about making sure that you are effective at every stage of the process. It’s no use being a great presenter, if you haven’t uncovered their real needs, and it is no use having great approaches if you haven’t identified anyone to approach.
Attitudes, Skills and Knowledge (ASK’s)
At each stage of the process there are key ASKs that need to be displayed in order to be effective
Key skills include
- Research
- Analytical
- Communication
- Rapport building
- Questioning
- Active Listening
- Writing
- Presentation
- Negotiation
- Project Management
Key knowledge includes understanding
- Your target audience at a business and personal level
- Your organisation and your features, benefits and proposition
- Your competitors and your unique selling point (USP)
- The market in terms of the going rate for similar sponsorships
- The macro environment
Key attitudes to display include
- Belief
- Initiative
- Determination
- Enthusiasm
- Attention to detail
- Flexibility
- Creativity
- Professionalism
- Passion
- Positivity
To be effective you need to display all three; skills, knowledge and attitude. It is no use being passionate (attitude) but not understanding the market (knowledge) or be unable to effectively present the opportunity (skill)
The four steps to raising your game
1. Knowledge
– understanding what an effective sponsorship seeking process is and the competencies (attitudes, skills and knowledge – ASK’s) that are required within the process
2. Identify
– identify your barriers to performance; the stages of the process and the ASKs that you need to improve as an individual, as a team and as an organisation
3. Improve
– address your barriers, typically through some form of training and coaching.
4. Reinforce
– finally you must reinforce the new learning over time, as real behavioural change only comes from reinforcement