Retention Strategies to Keep Your Sponsors
Sponsorship plays a vital role in the financial health and success of many associations. However, retaining sponsors can be a challenge. Here are some tips to help you develop strategies to keep your sponsors engaged and committed to your association:
Establish clear expectations and deliverables.
Before entering into a sponsorship agreement, make sure that both parties understand and agree on what is expected from the relationship. This includes specific deliverables, such as branding opportunities and recognition, as well as more general expectations, such as alignment with your organisation’s values and goals.
Deliver on your promises.
If you have made certain commitments to your sponsors, it is important to follow through on those promises. Failing to deliver on your end of the bargain can lead to frustration and disappointment, and may ultimately result in a sponsor choosing not to renew their support.
Communicate and build relationships.
Sponsorship is not just a transactional relationship. It is important to communicate regularly with your sponsors and build personal relationships with them. This can help to strengthen the connection between your organisation and your sponsors and increase the likelihood of their continued support.
Show appreciation and recognise your sponsors.
It is important to show appreciation for your sponsors’ support and contributions. This can include verbal recognition at events, as well as more formal gestures, such as awarding sponsors with plaques or certificates of appreciation.
Offer value to your sponsors.
Sponsors are investing in your organisation because they expect to receive some kind of value in return. Make sure that you are delivering on this expectation by offering them meaningful opportunities, such as networking and promotional opportunities, which are aligned with their business goals.
Review and evaluate the sponsorship relationship.
Regularly review and evaluate the sponsorship relationship to ensure that it is meeting the needs and expectations of both parties. This can help to identify any potential issues or concerns and address them before they become major problems.
Be proactive and responsive.
If you want to retain your sponsors, you must be proactive in addressing their needs and concerns. This means being responsive to their inquiries and requests and being proactive in suggesting ways that you can further support their business goals through your sponsorship relationship.
If you are looking for support to optimise your partnership programs, please contact Julian Moore from SMS at [email protected].