6 Steps to Securing Sponsors
A very common reason that a nonprofit tells me that they are unable to secure larger sponsors for their event is that they are a small entity and the larger more well-known organizations get all the funding.
Totally understand where that mindset comes from, but I’m gonna call your bluff and tell you this is just an excuse and not a legitimate claim. Wanna know why I can say that?
Because there are an abundance of corporations out there dying to find causes to give their money to, no matter the size and because I’ve worked first hand with micro nonprofits that have done the work and found the funding. All it requires is a little dedication, ingenuity, and some elbow grease.
Are you in? Great, then read my 6 tips below to get the job done!
Step 1: Do Your Research
There are way too many corporations out in this world and let’s face it, the majority of them really aren’t a great fit for you anyway. So do your research. Find out which companies have similar core values to your nonprofit, those that already volunteer or donate to similar causes, and those that you feel would benefit from being connected to your organizations support network and/or the demographic you actually serve. By doing all of the above, you’ve already increased the probability of interest in what you have to offer.
Step 2: Narrow Your Focus
Now that you have an ideal list of companies with brands that align with your organization, cut the list. Yup! I said it. You need to niche down further. Or if it makes you feel better, rank them. Determine which companies would be your ultimate prize over those that aren’t the absolute best fit, but you’d be happy to have them. By doing this, you’ve created a natural direction of where to start asking, which believe me you will thank yourself for later.
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Step 3: Know Your Facts
Now that you have a general focus on the types of companies you are going to target, spend some time developing what and how you are going to share your cause with them. They are going to ask you for some tangible information about your demographic reach, your causes contributions, and what the purpose of your event is and you need to be prepared to share it. Additionally, crafting this knowing you are hitting on areas meaningful to your specific target audience always scores extra points.
Step 4: Determine Your Degrees of Separation
Take your list from Step 2 and share it with your planning committee, board of directors and others in your organization. Ask if they have direct or indirect connections with any of the listed companies you are targeting and if they would be willing to make an introduction OR make the ask themselves; if you feel they are competent at doing so. I hedge on the side of caution with the suggestion above of someone else asking, because you don’t want to miss out on a $20K deal when someone didn’t have all the facts or ask the right way, so be cautious there! In any case, a warm lead goes so much further than a cold lead.
Step 5: Befriend your Cold List
Cold lists are not an impossible safe to crack, but they definitely take a lot more nurturing to be successful. These companies are going to require some extra research and a substantial longer window of time to secure. You are going to need to find out who the right people in the company are to connect with, what events they attend, and you are going to need to “happen” to be there. Continually, over and over again until you establish a rapport that makes it natural to make the ask. So basically you’ll need to stalk these individuals in the most non-creepy way possible. The average timeline for a contact on a cold list is 6-12 months, so get crackin!
Step 6: Be Prepared to Promote
Once you’ve landed a sponsor, you need to be able to begin promoting their sponsorship immediately. So plan ahead, and have all of the logistics in place as to what that looks like, who is responsible for executing and ensure everyone understands the importance of a timely turnaround. You want your sponsors to feel from the get-go that you stand behind what you’ve offered them and that you truly appreciate them coming on board. This also establishes a sense of comfort that your organization is, well organized, and that they are going to be taken care of and chose a cause that gets things done.
There you have it! Sure giving you a list and stating that following these 6 steps you will bring success might seem easier said than done and you are right, it’s not that easy. It’s not that easy, because you have to actually whole-heartedly put your time and dedication into making it happen. But if you do, I’m sure you will one day be in a conversation with another nonprofit and they will ask you how you do it. And your response will be, well . . . it just takes 6 simple steps!
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