Sponsorship IS an investment on which the business should be expecting a meaningful return. The business needs to ensure that they are receiving real value and not just ‘lip-service’ from the sponsorship funds that they have invested in the sporting, charitable or community group.
Sponsorship can assist an SME by:-
• generating more business;
• building relationships with your targeted customers;
• promoting products or services;
• showing support for the local community;
• increasing your market presence;
• creating a positive business image in your local community;
• helping differentiate your business from competitors; and
• improving your relationships with employees or contractors.
Businesses should seek a sponsorship business plan from the organisation that is seeking financial support.
You will then need to closely evaluate the sponsorship proposal. Some of the questions that you might ask are:-
• Is the organisation proposing a marketing partnership with your business?
• Are the members, supporters and audience potential customers?
• Do your products or services fit?
• What are the goals of the sponsorship?
• What additional leverage can be attained through the sponsorship?
• What additional activities can be undertaken to enhance the sponsorship?
• Have you conducted due diligence on the organisation?
Clients who are considering sponsorship are encouraged to contact Christie (christie at lewistaxation.com.au) for a free copy of the Sponsorship Business Paper from our Marketing series, along with a Sponsorship Evaluation Checklist.
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Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
Christie has written 811 awesome articles for us at Alan Lewis Accountants – BLOG
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