Many associations rely on the support of foundations and companies through grants, sponsorships and exhibits – in some cases, this could be one of your largest revenue streams on an annual basis. With such a crucial piece of your fiscal health reliant on this strong level of support – what are you doing to cultivate, nurture and grow this strategic part of your organization?
Some may view sponsors or exhibitors as a business transaction – that’s definitely a piece of it. But to really unlock the potential power of sponsorship, consider the depth of the overall benefits they provide to your members and determine how you can specifically foster that exchange to the direct advantage of everyone involved. That exchange is the key to unlocking the true potential of sponsorship for your association, and knowing the needs of both parties can help identify additional sponsor prospects as well.
Like many topics related to your association, this all begins with knowing your members. Who are they, where are they, and what do they need? If you have current or past sponsors – ask yourself these same questions about those organizations and do so frequently. Our world, and nearly every industry, is consistently moving, shifting and changing. Who are the new players? What are the new tools or technologies? These questions help identify who to reach out to for these opportunities.
Understanding that sponsors and exhibitors are key stakeholders in your organization helps correctly identify how important their role and partnership is – and also helps show the importance of building and maintaining these relationships, not just at conference time, but throughout the year. Shifting the focus from a business transaction to a long-term relationship underscores the importance of keeping in touch with these contacts and the role leader relationships and introductions have in growing these programs exponentially. A key introduction and board involvement in outreach can make or break your prospect outreach strategy. The world is ever shrinking, but personal introductions hold just as much power as they did decades ago, particularly in terms of sponsor relations. People like to do business and support people they already know and that plays into your new sponsor outreach campaign as well as helping to maintain those relationships year over year.
Talk to your sponsors. Ask them what their key goals are not only through support of your association, but also in general. A good way to do this is to survey them regularly or meet with them directly during your annual conference. Get to know their business and you might uncover additional ways to partner and strengthen your relationship that will make a profound impact on your leaders, your association and the members it serves.