What is a Corporate Sponsorship?
How do we attract Corporate sponsorships? Corporate sponsor support is a payment by a business to a nonprofit to further the nonprofit’s platform, that is generally recognized by the nonprofit with an acknowledgment that the company has supported the nonprofit’s activities, programs, or special event. So how do we attract Corporate Sponsors?
Nonprofits and corporate sponsorships have a codependent relationship. Corporations provide nonprofits with financial support, and in return, nonprofits give the corporations positive PR and a boost in business.
Here are some statistics:
- 91% of global consumers are likely to switch brands to one associated with a good cause, given comparable price and quality. *
- 61% of consumers are willing to try a new brand or one they’ve never heard of, because of its association with a particular cause. *
- 50% of global consumers said they would be willing to reward companies that give back to society by paying more for their goods and services (44% in the U.S. and 38% in Canada). **
Corporate Sponsorships strongly need to be viewed as a business agreement and not as a donation. The challenge is convincing those doing the sponsoring that your organization can be a valuable business partner for them.
What can nonprofit organizations offer to a Corporate Sponsor:
- Attract customers to a brand and spike consumer interest.
- Characterize the company’s brand from competitor brands.
- Personalize a brand image and humanize the brand.
- Improvement of a company and build product awareness and visibility.
- Attract customers to a retail store or a particular product.
- Demonstrating community responsibility or corporate social responsibility.
- Exhibit community involvement.
- Build the corporations credibility and educate the public about the products and services offered.
- Persaud the public to sample a new product or to demonstrate a new product or service.
- Entertain critical clients when sponsoring cultural or athletic events
Marketing is a big player for nonprofits to be attractable to corporations. It is not enough to just sell your mission statement anymore. Corporations equal big business; they need to be convinced that by supporting your nonprofit organization, fundraiser or special events that their needs get met. Again, this is a business relationship.
Nonprofit organizations should focus on five key areas:
Corporate sponsors want to see their logo, their brand, anywhere and everywhere. Make sure your event or fundraiser has that corporate sponsorships’ logo splashed on every piece of swagger. Think t-shirts, baseball caps, gift bags, banners, newsletters, print ads, Facebook post, Instagram, Tweets and so much more. Put your imagination to work for them.
- Give Thanks:
Politeness and recognition go along ways. Corporate sponsors want a public thank you and to be recognized for their generosity. Anytime you have an event announcement, acknowledge your corporate sponsor. Recognize them in all advertisements. Make it personal, invite them to tour your nonprofit headquarters and make sure they have a private invitation or VIP pass to attend the event.
Do not forget that corporations are paying you, the nonprofit, for a sponsorship service. Nonprofits should make sure any collateral with the sponsorship logo is approved.
- Return on Investment:
When a corporation sponsors an event, they want to measure their return on investment. Be transparent, give exact numbers that prove the amount of exposure the sponsor received through the sponsorship campaign.
- Communication is Everything:
Do not leave your corporate sponsor in the dark. Keep them informed, making them a part of the whole process is essential. Draw the agreement of the sponsorship in black and white from the beginning. Then, afterward, communicate to the corporate sponsor that your nonprofit organization delivered everything guaranteed. Continually build and nurture the relationship.
Be an A+ nonprofit organization to your corporate sponsorship and exceed their expectations. Make this relationship a winning combination for both parties.