Steps to take to save sponsorships
Monday, June 29, 2020
Associations have postponed or canceled many events during these challenging times. Lost sponsorships represent significant income as a percentage of events and the overall budget.
Take steps to save the sponsor relationships and revenue.
Repurpose: Find new opportunities for sponsors. As the association adjusts so do the prospects for sponsorships. Offer new opportunities for remote learning, virtual happy hours, industry town-hall meetings, etc.
Rollover: Propose to roll-over the sponsorship to the same event next year.
Redirect: Offer an alternative such as funding a charitable initiative or giving to the association’s foundation. This may allow for an IRS charitable contribution.
Refund: The least preferable option is a refund, but be mindful of business conditions that have impacted sponsors.
Sponsor Opportunity Menu
A sponsorship menu is an inventory of all potential opportunities. Avoid "nickel and diming" companies for money throughout the year. Encourage a company to include sponsorship in their annual budget.
The menu is created by staff, usually during the summer, so companies can consider their relationship with the association for the year ahead. An excellent model is available here.
Because of cancellations and postponements, the menu should be updated now for 2020 and promote 2021 opportunities.
Be sensitive to the changing needs of sponsors. For example, they may no longer have funds for attendance at a conference but would appreciate increased exposure through website banners and digital newsletter advertisements.
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