I’m getting ready to Speak and Sponsor at Jeneth Blackert’s Crazy, Rich, & Free event in Austin in a few weeks, and I am pumped! Can’t wait to share with all the incredible inspired business owners there!
Are you ready to start positioning yourself as an expert and make a quantum leap in your business reach and income? If so, one of the many questions on your mind is likely how to choose the best opportunities for you and your business.
You’re an entrepreneur, so I know you have you have an incredible number of opportunities vying for your attention. And, you want to get the biggest bang for your buck when it comes to investing in your business, so choosing the right sponsorships is critical.
So allow me to share these 5 Tips for Choosing Sponsorships that Work for You!
Tip #1: Know Your Sponsorship Goal!
There are many reasons to pursue sponsorship. You might want to make immediate sales. You might want to build your list. Or you might want to make connections with other sponsors. It’s important that you know what your goal is so you can filter the opportunities through that.
For example, if your goal is to quadruple your list size, you might look for a larger event. If your goal is immediate high-end sales, you might be looking for an event that people paid a high cost to attend. If your goal is to connect with other sponsors for some reason, you might be asking more questions about the other sponsors than the attendees. These are just a few examples – the important point is that you need to know your specific business goal before you choose a sponsorship.
Tip #2: Make Sure Your Peeps Will be There!
This sounds so logical, but it’s surprising how often people don’t do their homework on this! Once you have your goal, you need to create a “profile” of the people you want to connect with at the event. And then you’ll want to check that profile against the people who will actually be at the event. They need to match up as closely as possible.
Tip #3: Make Sure They are PAYing to be There!
This is a biggie. One of the many reasons that sponsoring is such a great strategy is that the people you meet will already be pre-qualified – that is, they will have proven that they not only know they have to invest money to solve their problems, but also that they are willing to do that.
So you’ll want to find events that either require them to pay to attend either directly or indirectly (perhaps their event ticket was bonused because they paid for a different program).
Tip #4: Know the Track Record of the Event Host
It is common for event hosts to overestimate the number of people who will attend their event, especially if it’s the first event they’ve ever hosted. Make sure you know the track record of the event host – how many people have attended their past events? If they’ve never hosted an event before, ask about their list size, and know that on average, 1-2% of a list will attend a live event. Make sure the investment is lower for a non-proven number of attendees OR ask for a minimum number guarantee in your sponsorship contract.
Tip #5: Make Sure the Sponsorship Fee Makes Sense
Sponsorships can cost anywhere from $500 – $50,000 (the higher ones usually include speaking time.) Look at the investment from your end goal and the best possible outcome you could achieve from the sponsorship. If your goal is to take your income from $50,000 to $150,000 this year and the sponsorship has the potential to help you connect with enough new clients to do that, it could be worth $20,000-$50,000 to you!
Be sure to think about the lifetime value of each new client or relationship when you think about the sponsorship fee. And this is important to know as well – sponsoring and speaking tends to be a “long tail” strategy – I have had new clients enroll a year after they met me at an event, so the results from these opportunities can keep coming long into the future!
Sponsorship is a great strategy for positioning yourself as an expert, helping more people, and growing your business income. Get off to a great start by employing the tips I’ve shared here!
Ready to reach 6 Figures or Multiple 6 Figures in your business, but not confident in your strategy for doing that? Contact Debbie and see if she can help!
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