5 Things You Need Before Approaching a Sponsor

Have you got a brilliant business idea and need some guidance on getting sponsors? Or perhaps you’ve approached a few sponsors already, but you’re not getting the response that you’re looking for? Well, then, this is for you.

No matter how innovative or interesting your concept may be, without the right approach, it may fail to get the necessary traction or funding to take off and become a full-fledged business. To help you start your journey, here are 5 things you need to have before you approach and pitch to a sponsor.

The edge

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If you’re breaking into an existing industry, chances are, there are many other businesses that operate similar to yours. When it comes to getting sponsors, there should be an untapped market opportunity you are trying to reach for. What is it that makes you stand out from the competition? What gives you that edge?

For example, let’s take the media industry. Think of brands like Travel Trade Maldives, MV+, or even Baiskoafu – while they are all very different from one another in terms of scope and content, they each offer a unique edge that sets them apart from rival companies in the same category.

The understanding

Depending on the industry and subsector you operate in, the market data can vary and fluctuate widely. Your understanding of your respective market needs to be accurate and up-to-date, which then needs to translate into a comprehensive media kit.

The media kit would have all the relevant information about your company and its platforms, and sponsors should be able to know the kind of exposure they can expect if they fund you.

The client list

Another important aspect is your list of clients or sponsors. Are the clients you approach related to your business? Do they even give sponsorships?

Researching beforehand and keeping an updated list of sponsors you aim to approach will save you a lot of time and effort in the long run, so that you don’t go barking up the wrong tree.

The pitch

Alright, so now you’ve got an innovative idea, a proper understanding of your market, and an updated client list. But what about your pitch?

At the risk of sounding overly dramatic, your pitch could either make or break you. You’re given a short period of time to fully relay what your business is about. It needs to have an impact! Show your clients exactly how your business can add value to them, so that both parties can mutually benefit from each other.

The fee

At the end of the day though, what it often comes down to is the fee you’re asking for. Apart from having a thorough knowledge of current market rates, know when to ask for more or settle for less. This depends on the sponsor.

Regardless, the money that you earn should reflect the work that you do, so make sure you’re setting your rates to earn fair compensation.

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