Sponsorship is a form of advertising that has been increasing in popularity. Where the sponsorship of an event or organisation can be beneficial to both your business and the event or organisation, it is important to make sure that these benefits are balanced between you. If a business is participating in sponsorship activities it is a good idea to set up some sponsorship policies.
Sponsorship policies give a business some guidelines as to the minimum benefits required from the organisation or event that they sponsor. This makes decisions easier when sponsorship is requested from your business. Stick to the rules you set and do not go below them. Remember by sponsoring you are giving away products, services or money from your organisation that could otherwise have been sold or spent elsewhere. You need to make sure that you are getting a return on your investment. Sponsorship is about exchanging goods, services or money for brand exposure, so make sure your brand is gaining enough exposure to at least balance out what you are giving away.
Some ideas for policies include:
- ensure the sponsored organisation displays
- business cards
- brochures
- posters
- ensure your business is identified as a sponsor of the organisation on their website
- ensure your business has the right to promote that you sponsor these organisations
- set requirements for the size of your name and/or logo on promotional materials for events
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