If you’ve done the hard work of prospecting and soliciting sponsors, and got some of your prospects to engage with you, you may be forgiven in thinking your job is done.
Actually, that’s where the real work begins - understanding your sponsor’s needs and closing the deal with a sponsorship proposal that hits all the right notes.
So, how do you get into your sponsor’s head? How do you put together a sponsorship proposal that clicks with them, while maximizing the value you get out of a potential deal? And how do you gather clues on what a sponsor might be willing to pay, before you actually submit your proposal to them?
That’s what we’ll be discussing today with returning guest, Green Cactus CEO, Teresa Stas. It’s a pleasure to have Teresa back on the podcast after our very popular chat back in episode 40 last September on finding and approaching sponsors, and today we’re taking the next step on the sponsorship sales journey to look at the challenges and secrets behind researching, preparing and delivering a winning sponsorship proposal.
Among other things, we’re going to be looking at the all important discovery session, where you get to spend time understanding the sponsor’s needs before submitting your proposal, as well as some very useful tips on efficiently drafting customized proposals, and navigating the negotiations that hopefully will get to follow your proposal submission.
In this episode:
- The importance of holding a discovery meeting with sponsors before sending out a proposal
- Preparing for your sponsor discovery meeting
- What questions to ask during the discovery meeting
- Getting a feel for a sponsor's budget expectations
- Easily customizing sponsorship proposals
- The layout of a comprehensive sponsorship proposal
- Dealing with sponsor radio silence and/or rejection
- Negotiating sponsorship fees
- Drafting a robust sponsorship agreement
- Using sponsorship brokers
Thanks to RunSignup for supporting quality content for race directors by sponsoring this episode. More than 28,000 in-person, virtual, and hybrid events use RunSignup's free and integrated solution to save time, grow their events, and raise more. If you'd like to learn more about RunSignup's all-in-one technology solution for endurance and fundraising events visit runsignup.com.
You can find more resources on anything and everything related to race directing on our website RaceDirectorsHQ.com.
You can also share your questions about sponsorship proposals or anything else in our Facebook group, Race Directors Hub.