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Are Sponsorships Right For You?

By Michele Pariza Wacek (Michele PW)

Although the whole notion of sponsorships has been around for years, it's only recently been gaining popularity in the online entrepreneurial community. Which leads me to 2 very important questions --

1. Should you as a business become a sponsor?

2. Should you offer sponsorship opportunities?

Let's look at the pros and cons of each and see if your business is missing out because you haven't fully considered sponsorships.

First, let's look if you should become a sponsor. Sponsorships are great if:
Yes, I would classify sponsorships as more of a long-term marketing tactic than a short-term, make money immediately, tactic. That doesn't mean you WON'T walk out of there with sales. But I would view any immediate sales as a bonus, and the point of why you're doing the sponsorship is to increase your exposure and visibility for the long term. That doesn't mean you shouldn't track your sales and make sure you get a good return on your investment, it just means you understand this is an investment in your marketing and your business and the pay off might come that day or next week or in 6 months.

If you need an immediate influx of money, sponsorships are probably not the way to go. First off, they're more expensive than just the cost of the sponsorship -- you're probably going to have come up with booth design, advertising, flyers, etc. And second, while you very well could walk out with immediate sales (especially if your sponsorship comes with some speaking or stage time) there's no guarantee of that. It could just as easily work out that the sales start coming in a month or 2 later, which may turn into a very big stress point for you depending on how much you need that cash.

So, now let's look if you should offer sponsorships. First, is your business offering something where a big group of your tribe is hanging out? Something like an event is perfect, but it doesn't have to be an in-person event. It could also be a virtual event. Or you could even offer sponsorships if you have a membership site or an association or you've created some other community.

Are there going to be enough people involved to make it worth your sponsor's money and time? Ask yourself if YOU would pay to be in front of your community? (Be honest with the answer.)

Now the other part of this is will the sponsorship interfere with your ability to sell your own products or services? If you think it's going to dilute what you're doing, then I wouldn't do it. But if it isn't, and your community is big enough to warrant it, offering sponsorship opportunities could be a great way to add an additional income stream to your business plus add value to your community by offering them products and services they need.

About the expert(s):
Michele PW (Your $Ka-Ching!$ Marketing Strategist, aka Monster Hunter) owns Creative Concepts and Copywriting LLC, an agency that specializes in direct response copywriting and marketing campaigns for small businesses as well as online traffic strategies. If you feel embarrassed about your website, are afraid to give out your url, and/or find yourself wondering why the darn thing isn't making you any money after you put tons of resources into it ... you may have a website haunting! Find out how Michele can help you rid your URL of the Website Killer Monster for good - so you can finally get more clients, leads, and money from your website. Go here: http://michelepw.com/monstercall/


Michele PW
(Michele Pariza Wacek)
Creative Concepts and Copywriting LLC
PO Box 10430
Prescott, AZ  86304
Phone: 877-754-3384
Direct: 928-776-7495
Fax: 928-443-0089


© Copyright 2010, Michele Pariza Wacek (PW)