The Care and Feeding of Sponsors
What Needs to Happen After the Sale
By: Sheridan Sechter

Anyone who has ever been involved in sponsorship sales will quickly offer that the process can be quite lengthy and fraught with challenges. Typically there is such relief and celebration when the sponsorship sales goal has been met, in fact, that some might make the mistake of thinking (or hoping) that the job is done. Actually, if you are interested in doing all you can to curb attrition and ensure that your sponsors become your impassioned advocates, your job has just begun. For those who have sponsored an event and have been disheartened with the outcome, then read on.

Beyond Cashing the Check
You’ve made the sale. And, you’ve cashed the sponsor’s check. Now what? Well, let’s start with the written agreement you have with the sponsor. What was promised? Have you communicated to the sponsor’s representative exactly how and when they can expect to receive all the fabulous benefits outlined there? Is their logo to be included in your event program? Do you have said logo? If you want to increase your sponsorship retention rates and distinguish your event among other special events, you will recognize that it’s your responsibility to provide to the sponsor a list of requirements and deadlines if information, banners, logos or anything else is needed from them (and that’s almost always the case). If you’re waiting for them to remember; or, worse, not thinking about it at all, you might be saving yourself work in the short term but you risk creating negative word of mouth (buzz) about you personally and also about your event. Isn’t your job challenging enough without that? No sponsor wants to feel like all you care about is their money even if they work for a “gigantic” corporation. They won’t notice if you don’t deliver on your promises, right? Wrong. You need to ensure that your sponsors are receiving what they were promised and ideally, more than that.

A Word about In-Kind Sponsorships
For those not in the know (yet), an in-kind sponsorship is one in which goods and/or services change hands instead of cash (the sponsorship fee) in exchange for sponsor benefits. Is this type of sponsor less, more than or equally as valuable as one who writes you a check? That depends. Because you’re a savvy sponsorship salesperson, I’m assuming that you only secured in-kind sponsorships from businesses that are delivering something to you (printing, food, beverage, advertising, design, flowers, etc.) that you would have otherwise needed to purchase with cash. If this is the case, then these sponsors need to be treated just as well as those writing you a check. Why? If you really need the business’ products or services, you can either trade for them in exchange for sponsorship benefits or you can write them a check out of your event’s operating budget thereby increasing the amount of sponsorship monies you need to secure.

How Many Ways Can You Say “Thank You”?
You were most likely gracious when you initially received the commitment from your sponsors, but what have you said to them lately? Seriously; you don’t need to call them every day and gush, but you do need to recognize them appropriately and frequently. I’ve been told the new rule of thumb is “saying thanks” seven times. That seems like a good number. And, it’s vastly better than once or zero (I’ve seen it happen). This includes sending thank you notes, recognizing them verbally and warmly at the event--ideally more than once--and sending them an event recap report which includes a run-down on everything they received in exchange for their support whether that was in-kind or in cash. How do you feel when you receive genuine appreciation? It’s pretty great, right? It’s no different for sponsors. Demonstrate your appreciation in a variety of ways and your sponsor will remember that the following year when considering whether to support you or one of the other dozens of other opportunities they are presented with throughout the year because, believe me, most sponsors feel at least somewhat unappreciated. They might support you a few times out of duty (you might have a few “heavy hitters” on your board or committee) or based on the hope that your delivery will improve because they want access to your audience, but they will inevitably pledge their support to those who seem appreciative and deliver rather than those who don’t. Please remember that sponsorship fees are budgeted out of a business’ marketing budget. Sponsorship is not a philanthropic endeavor. And, there are dozens of opportunities for prospective sponsors to consider. So, it’s all the more important to express the gratitude that you must feel when a company chooses to support your event and/or cause.

And, Finally
In spite of your best intentions, the event program wasn’t thoroughly proofed and got printed without one of your sponsors’ logos. No one is perfect, so when you mess up please fess up... ASAP. You will preserve your integrity, your credibility and your relationship with the sponsor. A word about admitting your mistake(s): offer a solution. Just saying you’re sorry, while expected and necessary, is pretty hollow when a sponsor has counted on--and paid for--receiving ALL the benefits outlined in your sponsorship agreement. They missed being listed in the brochure and it’s your fault. What can you do now to make it right? Two things to remember: making it right immediately, not “next year”, is the best course of action, and the “make-good” should be valued more greatly than the item that was promised and not delivered.

Sponsorship sales can be complex and quite challenging so it’s all the more critical to care for the sponsors that have pledged their support to you. If your event or property doesn’t need the revenue that sponsorships generate, then that’s great. Don’t worry about touchy-feely things like gratitude and delivering on promises because you won’t notice when they fail to renew their commitment to you. But, if you need sponsors, and your integrity is important to you, then do the right thing for them and for you. Demonstrate your genuine appreciation and do what you said you would do and you will retain loyal, supportive sponsors for as long as sponsoring your event is in alignment with their company’s marketing goals.

Sheridan Sechter’s firm provides sponsorship consulting to not-for-profits, events and companies of all sizes. The company represents a variety of clients in the U.S. including entertainment venues in Los Angeles, Chicago, and NYC. For more, email Sheridan@sheridansechter.com