Category Archives: Finance/Money

Identifying Potential Sponsors

Local Businesses

Local businesses are often more willing to sponsor community-based activities. Reach out to gyms, restaurants, sports shops, and other local establishments.

Corporations

Large companies often have dedicated budgets for corporate social responsibility (CSR) activities, which could include sponsorship opportunities.

Alumni and Parents

Don’t underestimate the power of your personal network. Alumni who were once part of the cheer team or parents who are entrepreneurs could be potential sponsors.

Online Platforms

Crowdfunding websites like GoFundMe offer a platform to raise small amounts from a larger pool of people. While not traditional sponsorships, these can be a significant source of funds.

How to Use Data Effectively

• Audience Demographics: Showcase the age, location, and other demographic details of your audience. This helps sponsors understand if your followers align with their target market.
• Social Media Metrics: Use analytics from platforms like Instagram, Twitter, and Facebook to show your online influence. Data points can include follower count, engagement rates, and average reach per post.
• Event Attendance: If your cheer team participates in or hosts events, attendance figures can be a compelling data point. This shows potential sponsors the direct exposure they can expect.
• Competition Performance: Rankings, trophies, and other accolades serve as proof of your team’s performance level. High-performing teams are often more attractive to sponsors.
• Consumer Behavior: If available, data on how your audience interacts with your team can be invaluable. For instance, merchandise sales figures can provide insights into consumer behavior and spending patterns.
• Visual Presentation: Data is most impactful when easily digestible. Consider presenting key statistics through charts, graphs, or infographics for greater clarity and impact.

Incorporating data into your sponsorship pitch can make a significant difference in how your proposal is received. It gives potential sponsors a clearer understanding of what you bring to the table and how the partnership can be mutually beneficial. By focusing on data that highlights your team’s reach, popularity, and performance, you’re not just telling sponsors why they should invest in you—you’re showing them.

How to Be Transparent

• Detailed Budget Breakdown: One of the most effective ways to be transparent is to provide a detailed budget breakdown. This should include specifics like travel expenses for competitions, uniform costs, equipment purchases, and training fees.
• Regular Updates: Don’t let the communication stop after receiving the sponsorship funds. Keep your sponsors in the loop with regular updates on how their contributions are making an impact. Whether it’s through monthly reports, newsletters, or one-on-one meetings, consistent communication is key.
• Photographic Evidence: A picture is worth a thousand words. Providing photos of the team using the sponsored gear, participating in a sponsored event, or engaging in community service activities sponsored by the company can offer tangible proof of fund utilization.
• Open for Audits: Offering to have the accounts audited or reviewed can also go a long way in establishing trust. This shows you have nothing to hide and are using the funds as agreed upon.
• Feedback Loop: Always be open to feedback from your sponsors. If they have suggestions on how the funds can be better utilized, be willing to listen and adjust if necessary.

Follow-Up

Once you’ve sent out your meticulously crafted sponsorship proposal, it may be tempting to sit back and wait for responses to roll in. However, this passive approach often results in missed opportunities. The act of following up is a crucial, yet frequently overlooked, aspect of the sponsorship acquisition process. Here’s why it’s so important and some best practices to keep in mind.

Why Following Up is Important

• Visibility: Sponsorship proposals can sometimes get lost amidst a sea of emails and business correspondence. Following up ensures that your proposal gets the attention it deserves.
• Interest Gauge: A follow-up can serve as a gauge for the interest level of the potential sponsor. If they respond positively, you know you have a foot in the door; if they decline or don’t respond, it may be time to move on to other prospects.
• Demonstrates Seriousness: Taking the time to follow up shows the potential sponsor that you are serious about the partnership. It adds a layer of professionalism that could set you apart from other teams seeking sponsorship.
• Opportunity for Clarification: A follow-up can provide an opportunity for potential sponsors to ask questions or seek clarifications, moving the conversation forward.
• Closes the Loop: Sometimes, decisions are delayed due to internal processes or pending approvals. Following up can speed up this timeline by reminding the potential sponsor of pending tasks.

Best Practices for Effective Follow-Ups

• Timing: The general rule of thumb is to wait about a week after sending your initial proposal before following up. This gives the potential sponsor enough time to review your proposal but is not so long that they forget who you are.
• Method: Email is usually the best medium for the first follow-up. It’s less intrusive than a phone call and gives the recipient the opportunity to respond at their convenience. However, if email fails to elicit a response, a polite phone call can sometimes be more effective.
• Content: Be concise and to the point. Politely inquire if they’ve had a chance to review your proposal and offer to provide additional information if needed. Always maintain a professional and courteous tone.
• Personalization: Customize each follow-up to the recipient. Mention any commonalities or past interactions that could make your message more memorable.
• Frequency: If you don’t get a response to your first follow-up, it’s acceptable to try again after another week or two. However, more than three follow-ups without a response can come across as pushy, so know when to move on.

How to Ensure You Deliver

• Clear Understanding: Ensure that all team members and stakeholders understand the terms of the sponsorship agreement. This includes what is expected of the team and by when.
• Task Delegation: Assign specific tasks related to the sponsorship to individual team members or committees. For example, if one of the terms is social media promotion, designate someone to manage that aspect.
• Regular Verifications: Hold regular meetings to review progress on fulfilling sponsorship terms. This allows for timely adjustments if something is off track.
• Documentation: Keep a record of all activities related to the sponsorship agreement. This could be in the form of photographs, event attendance logs, or social media posts.
• Transparency with Sponsor: Keep the lines of communication open with your sponsor. Update them on how their contributions are being used and any milestones reached.
• Plan for Contingencies: Sometimes, unforeseen circumstances can prevent you from fulfilling a promise. Have a backup plan in place and communicate openly with the sponsor if adjustments need to be made.

Deliver on Promises

Delivering on promises is not just about ticking off boxes on a sponsorship agreement. It’s about building a lasting relationship founded on trust, accountability, and mutual benefit. By consistently meeting or exceeding the terms of your sponsorship agreements, you not only ensure the success of the current partnership but also lay the groundwork for future opportunities. Therefore, take your commitments seriously and make every effort to fulfill them to the best of your ability.

Example Scenario:

Your cheer team has just secured a sponsorship from “CheerGear Co.,” a company specializing in cheerleading apparel. The terms of the sponsorship agreement include:

• CheerGear Co. will provide uniforms and practice gear for the team.
• Your cheer team will promote CheerGear Co. on social media at least twice a month.
• The CheerGear Co. logo will be displayed on banners at all team events.
• A quarterly update report will be sent to CheerGear Co. detailing how the sponsorship has benefited the team.

Action Steps for Clear Understanding:

• Team Meeting: Schedule a team meeting specifically to discuss the sponsorship agreement. Provide each team member with a copy of the agreement and go through the terms point by point.
• Role Assignment:
  • Appoint one team member as the “Social Media Manager” responsible for the bi-monthly social media posts promoting CheerGear Co.
  • Assign another member or a committee to handle event logistics, ensuring that the CheerGear Co. logo is displayed on banners.
  • Designate someone to compile and send the quarterly update report to CheerGear Co.
• Deadline Setting:
  • Set specific deadlines for each task. For example, decide that social media posts will be made on the first and third Fridays of every month.
  • Establish a quarterly deadline for the update reports, perhaps one week before each quarter ends.
• Clarification Session: Open the floor for questions and clarifications. Ensure that everyone understands their roles and responsibilities, as well as the timelines.
• Written Summary: After the meeting, send out a written summary outlining what was discussed, who is responsible for each task, and the respective deadlines. This serves as a reference point and ensures everyone is on the same page.

By taking these steps, you ensure that all team members and stakeholders have a clear understanding of what is expected under the terms of the sponsorship agreement, boosting the likelihood of successful fulfillment.

Effective Strategies for Post-Sponsorship Follow-Ups

• Immediate Acknowledgment: The first follow-up should be immediate—a thank-you note expressing gratitude for the sponsorship as soon as it’s confirmed. This sets a positive tone for the relationship.
• Progress Reports: Periodically update the sponsor on how their funds are being used. This could be in the form of a monthly report or newsletter that includes key milestones, upcoming events, and even photographic evidence of the sponsorship in action.
• Event Invitations: If the sponsorship is tied to specific events, such as competitions or fundraisers, extend an invitation to the sponsor to attend. Post-event, share a brief report on the event’s success and how the sponsorship contributed to it.
• Social Media Shoutouts: Publicly thank your sponsors through social media platforms, tagging their accounts and using relevant hashtags. This not only fulfills part of your end of the sponsorship deal but also offers your sponsors additional exposure.
• Feedback Surveys: Towards the end of the sponsorship term, consider sending out a feedback survey. Ask the sponsor what they liked about the partnership, what could be improved, and whether they would consider renewing the sponsorship.
• Renewal Discussions: Don’t wait until the sponsorship term is over to discuss renewal. Start the conversation a few months in advance, so you have ample time to negotiate terms.

Follow-ups after securing a sponsorship are essential for ensuring that your sponsors are satisfied and see the value in their investment.