10 tips + 10 weeks = 100 New Methods to Grow Groups–Week 9, Smooth Sponsorships, Big Benefits
Acquiring a sponsor adds a layer of complexity and benefit. Done right, the added value to you and your guests will outweigh the challenge. Sponsorships can drive two revenue streams. First, the sponsorship fee will build your bottom line. Second, you will enjoy a bump in sales due to your affiliation.
In group boot camp I share all one hundred tips for scoring a great sponsorship. But for now, these ten will get you started on the right path.
- An organization will become a sponsor if they have a compelling reason to reach your group members and be associated with the event. Likewise, choose an organization that can offer compelling benefits to the group (not just to your bank account).
- An organization may tap a marketing budget and approach you with the dollar amount or you will need to reach an agreement based on the value proposition to you both. There is no hard-and-fast rule. Arrangements can be all cash or a mixture of cash and barter.
- Assess what value they bring to you (i.e. added profits) and what value they bring to your guests (i.e. an added event like a reception). Be certain their presence will not be disruptive.
- Create a list of every opportunity for exposure so they are assured their brand will be highly visible. Know their expectations and deliver.
- Exposing (promoting) the sponsor can begin long before departure. Leveraging their brand adds more integrity to your marketing and sales efforts.
- Investigate how the sponsoring organization can create buzz about the group trip tapping their own channels. Press releases, newsletters, blog posts, etc. should bring value to you both.
- Ascertain well in advance if the sponsoring organization requires staff to travel with the group. Set payment or barter terms.
- Be sure to include some ‘podium time’ in the agenda if they wish to address the group. Be prepared to distribute materials.
- If the sponsor offers a product or service of value, consider offering free samples to guests.
- Adhere carefully to a sponsor’s brand guidelines. Seek approval of all materials beforehand to eliminate issues of ‘non-compliance’, which could have consequences.
Leveraging sponsors is an advanced practice. When you are ready to take groups to a new level, the expert guidance in group boot camp will help eliminate the obstacles and increase success!
Come get more of the good stuff as a boot camp member.
Stuart Cohen is an international speaker, trainer, keynoter, health coach, solopreneur, business coach, travel fiend and the founder of resortforaday.com—the world’s largest seller of hotel day passes. His boundless passion is inspiring others to achieve higher levels of success and happiness. Audiences love his fun, refreshing and lively training workshops. Learn more about Stuart and his bootcamp at stuartlloydcohen.com.