Be armed with as much information as possible when meeting potential sponsors.
Whether you're a sports person looking to get a business to sponsor you, an arts organization looking for funding for an upcoming event or an entrepreneur looking for a strategic partner to drive your idea forward, it's important to have a strategy for approaching prospective sources of sponsorship. There's little point in wasting your time and the time of prospective sponsors if your project isn't the right fit.
Identify Potential Sponsors
Draw up a list of potential sponsors in your area or nationwide. If you're looking for funding for a music festival, then concentrate on companies that actively target the demographic of the type of music being headlined. If you're an athlete looking for sponsorship, then look to sports manufacturers and health food companies. If you're a filmmaker working on a short about homelessness and drug abuse, then consider approaching charities that work in these areas. Look at others who work in your sector or industry, and see what types of companies are sponsoring them.
Research
Before you even consider approaching a potential sponsor, thoroughly research the nature of the sponsor's business or activity, and identify how your project is going to add value to the sponsor's operation. Brainstorm specific ideas about how your work can tie in with the activities of the companies you're planning to approach. If you're looking to form a strategic partnership, then look for cross-promotional opportunities, so you both benefit.
Letter of Introduction
Put together a detailed letter of introduction, and outline why you need sponsorship and the benefits that an association with your project will bring to your potential sponsor's organization. If relevant, then explain how the money you're asking for will help your project grow and supply financial projections to back these claims up. It's important to nail down exactly how any sponsorship monies will be spent. Asking for a figure that you've effectively plucked from thin air without a solid idea of how it's going to be spent will not impress. Most important, base your knowledge on the information you found while researching. Sending a generic letter is unlikely to get the results you want.
Follow-Up and Meeting
If you don't receive an immediate response, then follow up with a phone call, and ask if you can meet with a representative of the company. If you manage to secure a meeting, then it's important that you go armed with as much information as you can gather. Have a solid grasp of the finer details about the company you're approaching. Read up on the company's history, and look for its annual reports on the Internet. Most important, you'll need to come across as knowledgeable, in control, enthusiastic and professional.
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