Renewing sponsorship partnerships before the end of term can be a challenge, but with the right approach and preparation, it can be done successfully.
Here is a 10 step guide to help you achieve this goal with your partners:
- Review past performance: Before you start approaching sponsors, take a look at the performance of your past sponsorships. Identify what worked well and what didn't, and make a plan to improve the areas that need attention.
- Start early: Don't wait until the end of the term to start talking to sponsors about renewal. Start the conversation early, ideally six to twelve months in advance. This gives both parties enough time to discuss any changes or concerns and make any necessary adjustments.
- Communicate regularly: Keep sponsors informed of your progress and updates. This helps to maintain a good relationship and shows that you are serious about the partnership.
- Offer value: Show sponsors the value that they receive from the partnership. This can include increased brand exposure, access to your target audience, and opportunities for engagement. Make sure to quantify this value, if possible.
- Be flexible: Be open to suggestions and changes from sponsors. If they have specific requirements, try to accommodate them as much as possible. This shows that you are willing to work together and value their input.
- Provide exclusive benefits: Offer exclusive benefits to sponsors that are not available to others. This can include special event tickets, VIP access, or customized branding opportunities.
- Show appreciation: Show sponsors how much you appreciate their support. This can include sending thank you letters or small gifts, or inviting them to special events.
- Negotiate fairly: When it comes to renewing the sponsorship, negotiate fairly. Take into account the value that both parties bring to the partnership, and find a solution that works for both. Be transparent about your goals and expectations for the partnership. This helps to avoid misunderstandings and ensures that both parties are on the same page.
- Listen & ask questions: Asking the right questions will go a long way. What has the brand found to be successful in the past? What hasn’t been successful? What are their future plans for growing their sponsorship program and revenue? Listen to their responses and incorporate it as needed.
- Follow up: After renewing the sponsorship, follow up regularly to ensure that everything is running smoothly. This helps to maintain a strong relationship and ensures that both parties are happy with the partnership.
In conclusion, renewing sponsorship partnerships requires a proactive approach, open communication, and a willingness to work together. By following these steps, you can increase your chances of successfully renewing your sponsorships and building long-lasting partnerships.