How to Find and Secure Sponsors For A Fundraising Event
Fundraising event ideas have become a staple in many organizations as a way to help with fundraising event planning, entertaining and engaging your donors. The key to having a successful nonprofit fundraising event is by encouraging engagement while still keeping it fun. If you can't get your attendees engaged then your event will quickly lose steam. So make your initiatives fun, try new ideas and see what your donors value the most. However, organizing an event also costs money to produce, as well as resources to manage all the details. To help offset these costs, you may want to consider soliciting event sponsors. Below are some useful tips for soliciting sponsorships for your fundraising event;
Clarify why you need sponsorship
Sponsorship can take many different forms, so it is important to analyze what type of benefits you want from the sponsorship arrangement. Sponsorship may provide funding, discounted or free goods or services or donations for your event. So, you must clarify why you need sponsorship first.
Understand sponsors' needs
Sponsors do not provide funds because they feel benevolent. They have a number of marketing and corporate objectives that sponsorship can help them to meet. When you are seeking sponsorship for your organization, it is important to understand the motives of sponsors. Selling more product by increasing the visibility of their brand, raising their profile by association with your challenge or improving their corporate image by involvement in appropriate activities can be some of them. You must try to combine sponsors' objectives with yours.
Assess your value to sponsors
Before you approach prospective sponsors, you should look closely at yourself and your challenge to identify the potential benefits for a sponsor. Key factors could include your previous track record, your reputation for excellence, the strength of your identity or your community involvement. The facilities you could offer the sponsor or co-marketing opportunities could also be important.
Identify a suitable sponsor
Sponsorship can come from a number of sources, including businesses or individuals. If you are looking for corporate sponsors, draw up a short list of businesses with characteristics such as: companies that have a connection with the charity you are supporting or the skills required during the challenge, local businesses that could benefit from an association with yourself or the challenge or national companies who sponsor similar events or the charity you are supporting.
Prepare a proposal
The sponsorship proposal should be informative and should set out precisely what you require and what you are offering the sponsor. As a guideline, the proposal should be roughly four pages long and should provide details of yourself, the challenge, and the charity you are supporting as well as details of sponsorship opportunities. The information should include some information about you and your previous achievements, purpose of sponsorship, benefits to the sponsor, operation of sponsorship at least.
Write a personalised cover letter
The cover letter should be personalised to each prospective sponsor and should highlight the reason for the approach. It should highlight the potential synergy between you and the sponsor and demonstrate that you understand the sponsor's business needs. You should conclude the letter by saying that you will be in touch shortly to arrange a meeting. If you want the prospect to respond, offer alternatives such as a telephone number or e-mail address to make it easy to reply.
Follow up the proposal
If you stated that you would contact the prospect, make sure you do so within the time frame you indicated. If you are successful, arrange a meeting to discuss the sponsorship in more detail. If the prospect turns you down, you should try to find out why your bid was not successful, so that you can fine-tune any future proposals. announce the successful sponsorship Once you have secured a sponsor, announce the fact in the press to get the first level of coverage. You should also announce the arrangement on your website and contact any other interested parties by e-mail or mail.
Help to raise your sponsor's profile
Sponsorship, like any other marketing medium, should be measured. The sponsor will be looking for a good return on investment. Although it might be hard to track tangible benefits, such as increased sales, the metrics are more likely to focus on intangibles such as levels of press coverage, changes in attitude or awareness levels among key target groups. You can help your sponsor achieve success by promoting its involvement whenever possible. As well as using your sponsor's name and logo on any relevant communications material, you may be able to plan special events featuring your sponsor's products or services.
If you have arrangements with a number of sponsors who have mutual interests, you can create further benefit by enabling the different parties to network. You can do this by arranging informal meetings or inviting all parties to any sponsorship-related events.
Provide feedback to your sponsor
Good sponsorship arrangements are based on effective long-term relationships. You can strengthen the relationship by providing feedback on the results of the sponsorship. This might include: copies of press releases and press cuttings featuring the sponsor; reports on the number of visits to your website; progress reports on the sponsored project; details of upcoming events. As part of the feedback process, you should arrange regular review meetings with your sponsor to ensure that the arrangement continues to benefit both parties.