Opinion: Sponsorships leverage other people's relationships

And an excellent way to do this is with sponsorship.

Sponsorship allows you to capitalize on and leverage other people’s relationships.

First, let’s define what a “sponsor” is.

A sponsor is an individual, company, organization or association that pursues and benefits from the same or similar target market(s) or target customer(s) as you.

While your products and services are non-competitive, they’re likely to be complementary.

For example, if you sell computer or management information systems to businesses, complementary partners might include interior designers, space planners, computer accessory companies, furniture distributors, lighting specialists, etc.

Let’s imagine you’re an accounting or financial services firm serving small businesses; complementary service providers might be print shops, computer hardware or software companies, travel agents, photocopier dealers, banks, telephone re-sellers, etc.

If you’re a remodeling company, complementary businesses could include carpet cleaners, kitchen and bath showrooms, designers, landscape architects, floor-covering specialists, paint and wall covering dealers, etc.

As you can quickly see, the potential sponsorship possibilities are seemingly endless. The only limit is your creativity.

Here are six advantages of sponsorship:

1. You benefit from an existing relationship between the sponsor(s) and your prospects.

2. You and the sponsor(s) can jointly pursue prospects.

3. You can serve new customers, because the sponsor has made the investment or a portion of the investment. For example, when I speak at national trade or professional association meetings, my investment – or a portion of it – is sometimes paid by a sponsor that is a major supplier to the industry.

The sponsor receives recognition in a variety of ways, i.e., on signage, in the program brochure, in my handouts or even in my presentation with a personal expression of thanks.

4. You, your company, your products and services are being positively positioned by the sponsor(s) because of your expertise and quality.

5. Your credibility is enhanced by somebody else’s touting your talents.

6. You capture valuable contact information, i.e., name, title, company, address, e-mail address, etc., for future marketing and sales opportunities.

There are advantages of sponsorship for your sponsors as well:

1. They have exposure to an audience or a customer base they value.

2. There can be tangible evidence of their involvement, as their company’s name and logo are seen everywhere, i.e., on collateral, promotional, advertising and support materials.

However, there’s also very high perceived value, because of their contribution to this particular customer’s or market’s success.

3. They have distinguished their business from their competitors by finding another business – yours – that benefits their prospects and customers.

4. They create tremendous goodwill, loyalty and the potential for future business opportunities with these prospects or customers.

5. They might be able to now open and penetrate a market or a prospect that was previously impenetrable.

And the obvious advantage of sponsorship to your prospects, clients or customers is that they can benefit from your products or services, while the sponsor makes a partial or even the complete investment at the time of the initial offering.

Action steps:

1. Make a list of complementary products and services to your products and services. Start general. List only industries or types of businesses.

2.Now, get specific. Based upon your list in Step 1, jot down companies and individuals that are key sponsor targets. Prioritize them. Begin with those most likely to say “yes.”

3. Write your sponsorship idea and how the sponsor(s) will benefit on paper. Don’t wing it. Commit your strategy to print. Read it out loud. Tweak it. Improve it. Make it irresistible.

4. Make a deliverable date or promise to yourself, i.e., you will contact these potential sponsors on or before a defined date.

5. Do it! Contact the sponsor(s).

6. Meet. Explore the possibilities. Brainstorm. Strategize. Work as partners. Collaborators. Investors. Visionaries for the future.

7. Take action. Create the event, promotion or happening!

8. Deliver incredible value.

9. Create customers for a lifetime.

10. Reap the rewards.

11. Tell me about your tales of triumph!

Jeff Blackman is a speaker, author, success coach, broadcaster and lawyer based in Illinois. His clients call him a “business-growth specialist.”

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