Sponsorship for business ideas involves partnering with organizations or individuals to promote a brand or product. This form of collaboration offers a range of benefits, including increased exposure, brand recognition, and revenue.
Successful sponsorship requires careful planning, selection of the right partner, and effective leveraging of the partnership.
5 Steps to finding sponsorship for Business Idea
Finding sponsorship for a business idea can be a challenging task, but with a step-by-step approach, it becomes much more manageable.
By following a structured process that includes defining your target audience, researching potential sponsors, developing a proposal, reaching out, and negotiating and closing the deal, you can increase your chances of securing a successful sponsorship.
Step 1: Define your target audience and sponsorship goals
Define your target audience: Identify the demographics, interests, and behaviors of the audience you want to reach. This will help you identify the types of sponsorships that will resonate with them.
Set sponsorship goals: Define the goals you want to achieve through sponsorships, such as increasing brand awareness, driving sales, or building relationships with customers. This will help you evaluate potential sponsorships and measure their effectiveness.
Step 2: Research potential sponsors
Identify potential sponsors: Research companies that align with your target audience and sponsorship goals. Look for companies that have sponsored similar events or activities in the past.
Evaluate potential sponsors: Evaluate potential sponsors based on their brand image, marketing objectives, and budget. Make a list of the top sponsors that align with your goals.
Step 3: Develop a sponsorship proposal
Define sponsorship benefits: Identify the benefits you can offer to sponsors, such as logo placement, product placement, or social media promotion.
Develop a sponsorship proposal: Create a proposal that outlines the benefits of sponsorship, the target audience, and the goals you want to achieve. Be sure to include a clear call-to-action and a deadline for response.
Step 4: Reach out to potential sponsors
Contact potential sponsors: Reach out to potential sponsors through email, phone, or social media. Introduce yourself and your business, and explain why you think they would be a good fit for your sponsorship proposal.
Follow up: Follow up with potential sponsors to ensure they received your proposal and answer any questions they may have. Be persistent but respectful.
Step 5: Negotiate and close the sponsorship deal
Negotiate sponsorship terms: Negotiate the terms of the sponsorship agreement, such as the sponsorship fee, duration, and benefits. Be open to compromise and be prepared to make concessions.
Close the deal: Once you’ve reached an agreement, formalize the sponsorship agreement with a contract. Be sure to include all the agreed-upon terms and conditions, and have both parties sign the contract.
top 5 popular platforms finding sponsorship For business ideas
|Platform||Description||Reason to Use|
|SponsorPitch||A platform that connects businesses with potential sponsors||Offers a large database of sponsors and sponsorship opportunities, making it easy to find potential partners for your business idea|
|BrandSnob||A platform that connects businesses with influencers and brand ambassadors||Allows you to leverage the reach and influence of social media influencers to promote your brand and attract customers|
|Grapevine Logic||A platform that connects businesses with influencers on YouTube and Instagram||Provides a straightforward and effective way to promote your products or services through sponsored content on popular social media platforms|
|Eventbrite||An event management platform that offers tools for finding sponsors for events||Ideal for businesses organizing events, offering a way to attract sponsors to help finance and support the event, while gaining exposure to a relevant audience|
|A professional networking platform that can be used to find potential sponsors||Useful for businesses looking to establish partnerships with other businesses, investors, or individuals in their industry, as well as building credibility and promoting their brand to a professional audience.|
Note: The order of the platforms in the table is not indicative of their rank or popularity.
Examples of Successful Business Idea Sponsorship
Examples of successful business idea sponsorship include Red Bull’s sponsorship of extreme sports events, Nike’s sponsorship of professional athletes, and Coca-Cola’s sponsorship of the Olympics. These sponsorships have helped to increase brand awareness, create positive associations with the sponsored events and athletes, and ultimately drive sales and revenue for the companies.
Example 1: Red Bull Stratos
Red Bull Stratos was a project sponsored Red Bull that involved sending Austrian skydiver Felix Baumgartner to the stratosphere in a helium balloon before freefalling back to Earth.
The project was a massive success, with Red Bull receiving extensive media coverage and brand exposure. It generated over 52 million views on YouTube, 11 million live streams, and over 120,000 online articles.
Red Bull’s sponsorship of the project helped establish the brand as a leader in extreme sports and adventure.
Example 2: Nike’s Sponsorship of the NFL
Nike signed a 10-year contract to become the official uniform supplier of the National Football League (NFL) in 2012.
The sponsorship has been a massive success for Nike, benefiting from extensive media coverage and exposure during NFL- games. The partnership has helped strengthen Nike’s position as a leader in the athletic apparel industry and has boosted sales of NFL-branded merchandise.
Example 3: Mastercard’s Sponsorship of the World Cup
Mastercard has been a sponsor of the FIFA World Cup since 1990.
The sponsorship has been a significant success for Mastercard, generating extensive exposure and increasing brand awareness among soccer fans worldwide.
The brand has leveraged its sponsorship through a range of marketing campaigns, including ticket giveaways, digital experiences, and exclusive access to events.
Example 4: Emirates’ Sponsorship of Arsenal FC
Emirates signed a sponsorship deal with the English soccer club Arsenal FC in 2004.
The sponsorship has been a significant success for Emirates, with the brand benefiting from extensive exposure during Arsenal’s matches and other marketing activities.
The sponsorship has helped Emirates establish a strong UK presence and boosted its brand recognition among soccer fans worldwide.
Example 5: American Express’ Sponsorship of Small Business Saturday
American Express created Small Business Saturday in 2010, a shopping holiday that encourages consumers to shop at small businesses on the Saturday after Thanksgiving.
The sponsorship has been a success for American Express, helping the company build brand loyalty among small business owners and consumers. The event has grown in popularity each year, with more than 100 million people shopping at small businesses on Small Business Saturday in 2020.
The sponsorship has helped American Express establish itself as a champion of small businesses and a leader in the payment processing industry.
In conclusion, sponsorship for business ideas can bring significant benefits such as exposure, brand awareness, and increased sales. The key to successful sponsorship lies in following step-by-step guides and utilizing popular platforms. A strong proposal, careful selection of sponsors, and strategic leverage of the partnership are also crucial for success.
By measuring results, businesses can evaluate the success of the sponsorship and use the insights gained to improve future partnerships.