It’s a good question… How do you get a sponsor to pay for your promotion?
To answer this question, you must first ask yourself, “Why do businesses get involved in sponsorships?” Surprisingly, the answer is simple. In every business strategy, there is a budget delegated specifically to marketing. This budget typically includes billboards, commercials, and paper ads; however, sponsorships are one of the easiest ways to get brand awareness for a great price. The more the sponsor is known throughout their community, the more the community will support them and their business. This is the biggest reason for any sponsor to get involved.
There’s always worry about finances around promotions, and there are two questions we answer most often. The first, “Who pays for the promotion insurance premium?” This answer is easy! The sponsor that agrees to work with you pays for the premium. The second question is, “Who pays for the claim?” In the instance of a winner, neither you nor the sponsor will pay for the grand prize because Grand Prize Promotions assumes the prize payout.
So now that we have answered the most frequently asked questions, let’s take a look at the fool-proof steps to get a sponsor to pay for your promotion:
Step 1: Identify Your Target
More than likely, you have worked with a company, or companies, in the past who have sponsored events, or you have friends that work in businesses that would be a good fit for your sponsorship. If that’s the case, the hard part is done. If you don’t have that step, don’t worry, Grand Prize Promotions has worked with businesses from all different industries and can help you craft your request.
Step 2: Determine the Budget
After you have touched base with your sponsor and you know what they are looking for, begin diving into their marketing budget for sponsorships. Determine how much you want to charge for the promotion or how much money you need to make from the promotion. This information is needed to determine what promotions to put together so that they reflect both their industry and price range. We’ll even provide you with downloadable flyers to share with the sponsor, so they know exactly what to expect from the promotions.
Step 3: Contact Grand Prize Promotions
Lastly, have the sponsor contact us. We’ve worked with everyone from local plumbers to big name automotive manufacturers! We can help design a promotion to fit you and your sponsor’s specific needs.
Have a sponsor that’s on the fence? Present them with these benefits:
- Brand exposure
- Community awareness
- A boost in revenue
- Valuable data to use for future marketing
- Winners (YES… There are winners more often than you think!)
How could someone say no? Especially, since we can insure a $10,000 prize for as little as $400!
Here’s a look at a couple of real-life examples. Let’s take a look at Keith from the Evansville Otters Baseball Team. He initially got his foot in the door with a golf course as his sponsor by paying for signage with the golf courses name on it. This year, he booked our “Hole in One in the Outfield” Promotion because he wanted the promotion to correlate with golf and baseball so that the same golf course would sponsor them this year. Everything went off without a hitch, and he has created a lasting relationship with the golf course!
Our other client, Zoe, works with the Evansville Otters as well. She made one phone call to a cab company and was able to set up a meeting immediately. The cab company needed more brand exposure, so we (our team and Zoe) were able to craft a promotion perfect for the cab company!
If you follow these steps, you will be on your way to getting a sponsor in no time. Just remember to be like Keith and Zoe. They figured out what the sponsor needed and based their sales pitch around it. Plus, they didn’t have to pay a dime out of their own pocket! The promotion was paid for completely by the sponsor. Now if someone wins, Grand Prize Promotions will gladly pick up the tab! Connect with our team today by calling 888.323.2257 or email us at firstname.lastname@example.org!