Send in the Closer: Closing a Sponsorship Sale
As a sports marketer who spent nearly a decade in the front office of an NHL team and a PGA TOUR event, I have helped generate more than 100 multi-year sponsorship deals totaling $340 million. Closing a sponsorship sale is the climax of the sales process, and today, I would like to share some of my best practices to help you seal the deal.
1. Understand the Sponsor's Objectives
Every sponsor has unique objectives they hope to achieve through sponsorship. These range from enhancing brand visibility and reaching new demographics to boosting sales. Understanding these objectives and demonstrating how the support can help achieve them is critical to closing the deal.
2. Communicate the Value Proposition
Clearly articulate the value proposition of the sponsorship. Show potential sponsors how they can benefit from the partnership. Whether it's access to a specific audience, exclusive advertising opportunities, or the chance to align with a respected brand, ensure the sponsor understands what they stand to gain.
3. Be Prepared to Negotiate
Negotiation is often part of the sponsorship sales process. Be prepared to negotiate terms such as sponsorship fees, the scope of the sponsorship agreement, and any additional benefits for the sponsor. Remember, the goal is to create a win-win situation for both parties.
4. Use Data to Your Advantage
Data can be a powerful tool in closing a sponsorship sale. Use data to demonstrate the potential reach and impact of the sponsorship. This could include audience demographics, previous sponsorship success rates, or projected return on investment.
5. Build Strong Relationships
Sponsorship is a partnership; like any partnership, it should be based on trust and mutual respect. Building solid relationships with potential sponsors can increase your chances of closing the sale. Be professional, responsive, and respectful throughout the sales process.
6. Provide Clear Next Steps
Once a sponsor has agreed to the sponsorship in principle, provide clear next steps. This could include signing a sponsorship agreement, paying, or planning for sponsorship activation. Clear next steps can help ensure a smooth transition from sales to implementation.
Closing a sponsorship sale is a critical skill in sports marketing. It requires a clear understanding of the sponsor's objectives, a strong value proposition, and the ability to negotiate and build relationships. With these best practices, you can increase your chances of successfully closing sponsorship sales and building strong, mutually beneficial partnerships - Hat Trick sponsorships.