10 steps to Getting Corporate Sponsorship for Your Sport Program/ Event (Part 2)

This is the  continuation of the all important article by Benson Chukwueke. Click the link below to read the Part 1: FAQ: What Steps Should We Take to Get Corporate Sponsor for Our Upcoming Sport Program/ Event?

Chukwueke is a Sport marketing professional and a consultant... He is the CEO of GreenHunters sports International, the company revolutionizing the way football business is done in Nigeria and Africa as whole. This is one of his numerous rev-articles that reveals the mysteries and secrets behind the subject of Sponsorship and immediately gives you the solution you need. Read on if you finishing reading Part 1.

6. Prepare for defense of your Sponsorship proposal 

Even before submitting your Sponsorship proposal, prepare for the initial defense. You will always be called upon either by the Head of marketing or brand manager for cross examination on terms of your proposal. In extreme case, you may have to face the company's management team... and if the Sponsorship amount is really large, you may even face the company's board of directors.

It is not always easy to go through the jawjaw! This is where you really need the support of a sport marketing consultant... To help you prepare and support you all the way. You must sound convincing business wise. So you have to go through your charts and figures very well.

You can even prepare a Powerpoint version of your proposal, where you can showcase short video footages of your audience, charts and graphic illustrations, with sample of signages, T.shirts and other promo tools on display. Illustration of media plan, experiential kiosk.... This is really your chance to win or loose out in the Sponsorship bid.

7. Negotiate Sponsorship terms and implementation of Sponsorship  elements

Let your Sponsorship proposal highlight the impressions, the type of people that will be participating in the event, the marketing opportunities at the event and the potential sponsorship opportunities available.

Tailor the proposal to the kind of sponsorships the company is likely to be interested in. Your proposal should also provide the prospect with the character or theme of your event. Also, make sure they understand the sponsorships elements they will be financing. These will form the basis for negotiation.

8. Draft Sponsorship Contract Agreement and meet for review

When you and the sponsor have determined the best package to meet their needs, put this in writing in a more detailed proposal. Add details like terms of payment, logo specifications, payment for logo signage, benefits to attendees from the sponsoring company and so on. Ask for another meeting where terms will reviewed. If both parties agree on the terms and depending on the size of the sponsorship, a countersigned proposal may serve as your sponsorship agreement .

9. Final Review and signing of Sponsorship contract

Otherwise, for larger sponsorships, such as the exclusive naming rights of an event, you should develop a more detailed contract.

Legal advice may be necessary to ensure the contract is fair to both parties. A final meeting with the sponsor may be necessary before you agree on what you can provide and what they need for their marketing purposes.

10. Disbursement of funds, fulfillment and feed back

Most company will not disburse the total amount of the sponsorship money at a once... Follow up and remind those incharge at least a week before the scheduled date for the next disbursement of fund.

If your sponsors attend your event make sure they are recognized and given special treatment.

After the event, be prepared to supply each of your sponsors with evidence that you fulfilled your commitments to them. This can be done by taking photos or videos of the event, monitoring media coverage, and putting together a “scrapbook” (in quotations because it may be electronic and not actually a book) of the event and any evidence that it was successful and generated the impressions you estimated in your proposal.

Meet with the sponsors to review the event fulfillment. This is the first step towards renewing the sponsorship for next year. Be sure to send them formal thank-you letters.

Also Read: Calling Sponsorship "CSR" - The Challenges of the Misconception in Football Commercials in Nigeria