Negotiation Process: How to get Sponsored
You have a company/brand that are interested in sponsoring your event, organisation or team….excellent! You are now at the negotiation phase which can be a daunting task. This is the opportunity to create a win-win-win deal; that is, the sponsee wins, the sponsor wins and the target market wins. How to get Sponsored? There are a number of rules that will make negotiating sponsorship a lot easier for you.
Negotiate peer to peer –
Be sure to negotiate with someone who has the authority to negotiate and the ability to approve the expenditure.
Keep the target markets in the picture –
If the target markets – your audience, their customers, ect – don’t win, it’s not going to work for anyone. It is in everyone’s best interest if you keep talking about how various aspects of the sponsorship will impact on the target markets.
Have something up your sleeve –
When you create an offer for a sponsor, always keep a couple of nice benefits up your sleeve to use during the negotiation process.
Stay composed no matter what –
Negotiations can be difficult, no question about it. Even if you have created a strong offer and followed the guidelines set out here. If things start heating up, call for a time out. Tell the potential sponsor that you will rework the offer, taking into account their concerns, and that you will get back to them with a new offer in writing – this allows you to think it out fully, and remember to stay focused on a solution. There may also be a time when a sponsorship negotiation will change due to changes within the business, stay calm and composed and when everything settles back down for them and resume discussions.
Be prepared to walk away –
Don’t ever walk into a negotiation with the mind-set that you need to close the deal as this puts you at a distinct disadvantage and will result in you giving up more than you need to cement the partnership. If at some point during the negotiation you determine that the relationship is unlikely to end up a win-win situation, then it is time to thank you counterpart and graciously walk away.