Tips for completing a sponsorship application include choosing the right target corporation, timing the application, focusing on how the partnership will benefit the corporation, and accurately describing the expected impact and marketing strategy. Many corporations now use pre-designed application forms.
Choosing the objectives, timing the application, presenting the case, and highlighting the information are the top four tips for completing a sponsorship application. Knowing successful ways to attract a sponsor’s attention is important because many corporations have switched to a pre-designed application form instead of accepting a narrative-based sponsorship proposal where the applicant chooses the format. The application is more restrictive than the proposal format, asking only for the basics and leaving little room for elaboration.
A corporation using a sponsorship application is indicating that they know exactly the type of event or product they are looking to sponsor, and need only the basics of an opportunity to determine if there is a fit. One of the most important tips for applying for sponsorship is to strategically choose your target corporation by doing your research and making a selection based on an alignment of need with a market. Although it can’t hurt to apply for a sponsorship where the probability of success is low, it does waste time. That time can be better spent wooing a corporation that has a strategic interest in the market that the event or product is designed to tap into.
Many corporations will accept sponsorship applications throughout the year, but others will have a specific acceptance window. Sponsorships are different from ordinary applications for grants and other funding lines because decisions to sponsor are made on an ongoing basis, not on a deadline date. Corporations have a sponsorship budget that can be spent from the beginning of the corporation’s fiscal year until it is exhausted. Another important tip is to find out when the target corporation’s tax year begins and complete the application as close to the beginning of that year as possible.
The sponsorship application will ask a series of questions about the product or event. Space will be limited, encouraging the applicant to focus on essential points. The best advice for completing this section is to focus on how the proposed partnership will benefit the corporation, not how the sponsorship will benefit the event or product. Public goodwill is often an important by-product of sponsorship, but it is not the main incentive. Ultimately, corporations want opportunities to expand market share and increase visibility.
Sponsorship applications typically include a section for the applicant to indicate the expected impact or scope of the event or product and describe the marketing and advertising strategy. This is the section that tells the corporation if the sponsorship will have enough of an impact to make it worth the investment. It’s tempting to overstate, but the best advice is to stick to an accurate estimate of support and range, or underestimate if there is any uncertainty. There is nothing more detrimental to a sponsorship relationship than promising something that is not delivered.
Smart Asset.
Protect your devices with Threat Protection by NordVPN
