Sponsorship and Networking

Networking Is a Huge Component of Sponsorship

When we analyze the value of a Sponsorship Marketing program, one of the key components we examine is how well the sponsorship lends itself to networking.

This aspect represents a “value multiplier” to the sponsor, because it leads directly to new business. Typically, that new business involves big orders.

For that reason, it’s important that properties don’t treat networking as an afterthought, or worse, rely on the sponsor to do all the work.

Here are two components that properties should consistently offer their sponsors:

• 1.     Easy access to other sponsors, to facilitate networking internally.
• 2.     Assets that can readily be leveraged to network with the sponsor’s existing key customers and prospects.

Let’s look at those individually, in more depth.

Face it, in the battle for sponsorship dollars, you are competing against ALL sponsorship opportunities, not just other players in your niche. The sponsor has many possible pathways to marketing success.

So look to industry best practices for inspiration.

One great example lies in the world of professional sports. Top NASCAR teams like Penske and Hendrick Motor Sports stage annual get-togethers for their sponsors, with presentations on how to build business. They revel in bringing their sponsors together and making connections, in the context of their own racing business.

This brings value to the sponsors, and secures contract extensions and expansions for the racing teams.

You may not be able to play on that same scale, but you can emulate their tactics. Invite sponsors to your headquarters, if applicable, or a high-profile event, for dedicated networking time. Develop your own version of one-minute dating, or anchor the event around a keynote speaker, ideally drawn from one of your top sponsors.

Facilitate the connections, and importantly, share your successes with existing sponsors and prospects.

Likewise, sponsors want to leverage your relationship among their own leads in the context of your events and activities.

This emphasizes the connection between the sponsor and property provides unparalleled sales opportunities by creating a comfortable zone of interaction with their key prospects.

Your role is to make sure the experience fits the expectations. It needn’t be luxurious, but it does need to be hassle-free, with plenty of opportunity for interaction, so don’t overload the schedule.

Make networking a central component of your sponsorship offering, and help your sponsors take advantage. You’ll create stronger, more lasting bonds.