Mistake #1: We’ll use your logo!
Is it everything you can think of to offer when creating your sponsorship proposal? Mistake #4 is assuming your potential sponsor only wants your logo on their t-shirts, websites, promotional materials, etc.
How many billboards did you see on the way home? Can you tell me each billboard you saw on the way home, and the order of them? Can you tell me the phone number and website of each one?
You may? NOT? Well, you’ve just helped show why I’ve been teaching for years that it’s not just about putting on the sponsor logo or free t-shirt.
This is a mistake because instead of just telling a sponsor we’ll use their logo and give them a prime placement, we should be looking to create experiences for our sponsors and customers.
Instead of just offering the location of the logo, think of other unique ways you could provide exposure and value to your sponsors. What kind of once-in-a-lifetime opportunity could you offer that would help your sponsors know that you are creating a win-win situation?
Mistake #2: Skipping the fine print
The sponsor said “yes,” you signed the agreement, and they gave you a check! We’re done, right? WRONG!
If you want to get sponsors, understanding the sponsorship agreement is critical and that’s why mistake #5 is skipping the fine print. Just because they said “yes” doesn’t mean your job is done. Many endorsement agreements contain fine print detailing when and how you will receive your payments. Often those payments can be tied to specific results. When I first started out in sponsorship I made this mistake and this is why I encourage everyone to read the agreements. We didn’t get paid in an endorsement deal because we missed a simple milestone in the fine print. Don’t let that happen to you.
Instead of skipping the fine print, You should read the sponsorship agreement carefully and ask any clarifying questions before signing. Once you’ve signed, keep a copy of your sponsorship agreement in a place that’s easily accessible to you and any members of your team working on sponsorship activation. I personally create a folder for each sponsor that includes all the important documentation.
Mistake #3: Call the CEO
One might think that calling the CEO or CMO of a company is the best way to get a “yes.” FALSE! Unless you have an existing personal relationship with the CEO or CMO, calling them is mistake #6.
If you want to get sponsorship from large corporations, chances are they have a full-time person or team that handles your budget and sponsorship approvals. These same people receive hundreds, if not thousands, of proposals and sponsorship requests every week. Calling the CEO or another C-level executive may seem like a great idea, but many times you’ll get an immediate “no” or the information he sent to your office ends up at the bottom of a pile when more pressing issues arise. Also, from personal experience, sponsorship coordinators I’ve dealt with didn’t particularly like feeling like a potential sponsor was dodging or running over them to try and get a yes.
Instead of calling the CEO, find out who to contact. If you don’t know where to start, marketing, human resources, or public relations departments are a great place to start. If you do a lot of networking, find someone else who has been sponsored by a brand you want to work with and ask for a presentation.