Every week, we answer a common question about marketing or an aspect of business. This week, our question comes from a fan who entered our giveaway for an Amazon Firestick and Echo Dot bundle. Today, we will answer the following question: “how can I get sponsors for my small business?”
You know your business’s value. After all, it is YOUR business! Not everyone else will know what you are capable of, though, so you will have to spread the word. One way to do this is by securing a sponsorship.
What Sponsorships Are & Why They Work
As defined by Investopedia, “corporate sponsorship is a form of marketing in which a company pays for the right to be associated with a project or program. … Corporations may have their logos and brand names displayed alongside the organization undertaking the project or program, with specific mention that the corporation has provided funding.”
With the above definition in mind, here’s why this matters to a small business. Starting out, you might not have the reputation that other larger companies have. That is totally normal.
Sponsorships work for businesses because you can benefit from the publicity, reputation, and resources of a larger organization. A corporate sponsor has already had the time to develop a name, reputation, and following. Through showing their support for your business, they are essentially saying “we support you.”
The benefits of having a corporate sponsor, from a marketing standpoint, are twofold. First, you can get your name out to their audience. Second, you can show your already existing audience that you’re doing well enough to get a big corporation to back you. Corporations don’t just indiscriminately back everything that looks cool, and your customers know that.
Landing a Sponsor
How you land a sponsor will differ based on the nature of your business and your industry. Some of the basics stay the same, though. You need to understand your product and your market position. You need to be able to clearly demonstrate product-market fit with your specific target market.
Think about your corporate sponsor’s needs. They want to reach a specific niche or audience. If your business can reach out to their desired audience, that’s how you benefit them. Make sure you can do that and make sure you can show them how.
Lastly, your business needs to have a good plan. Your financials need to be grounded in reality and you need to have a way to scale up if you receive more work as a result of the sponsorhip. Remember: this isn’t just a marketing deal. It’s also a financial one.
Final Thoughts
Sponsorships can propel your business to the next level. Though they can be hard to land, doing so will pay off in the end. Remember to know your business inside and out, show your corporate sponsors how you will meet their needs, and show them why this is a smart investment on their part.
Most of all, have faith in yourself and your small business!
