Promo - March 2009 - (Page 21)

Commentary (I should note that this audit overview is, of course, a gross simplification of a multifaceted process.) AMBUSHING UP Before you get the wrong idea, this recommendation is not about embarking on a strategy of ambushing events you don’t sponsor. Rather, this is about reconsidering whether you really need naming rights or a major sponsorship, considering lowerlevel sponsorships, and leveraging them so well that you look like a much bigger sponsor than you really are—in effect, “ambushing” the bigger sponsors. In lean times, rethinking whether you are paying for a bigger package than you really need to achieve your goals is essential. The answer may be that you need the full complement of benefits at that high level to provide you with the best platform for leverage. On the other hand, you may decide that a sponsorship that costs you half or a third as much, but is leveraged thoroughly and in line with best practice, is more appropriate. the benefits you are currently getting are the most appropriate for your needs. And be fair. Do not expect additional benefits without giving some back. You are exchanging benefits you don’t need for benefits you do, not demanding freebies. INVEST IN UP-SKILLING I know times are tough, but this is an area where you may want to consider investing a small amount of money. What this means is that everyone needs to be on the same page, understanding at least the basics of best practice. This will require up-skilling a broad range of people, which could mean investing in a top-quality external trainer. EXIT GRACEFULLY Sponsors decide not to renew sponsorships all the time. The difference now is that the number of exits is likely to increase and the impact on the sponsee is likely to be greater. So, first and foremost, let your partner know you won’t be renewing just as soon as you know that will be the case. Second, be truthful. Tell them why you are not renewing and don’t put all the blame on them. You might want to leave the door open for future sponsorships. l P This article is adapted from “Sponsorship in a Scary Economy.” The full text is available at www.powersponsorship.com. Kim Skildum-Reid is a corporate sponsorship consultant, trainer, coach and co-author of The Sponsorship Seeker’s Toolkit and The Sponsor’s Toolkit. RENEGOTIATE In a scary economy, renegotiating will be one of the best and fastest ways to improve the performance of your investments. This could happen as the result of a formal audit process or as a general strategy to improve results from current investments. Go in to a renegotiation with the reassurance that you are not trying to reduce your financial commitment (that would be unlikely to happen, anyway). Make it clear that your goal is to get the most out of this sponsorship, but that you don’t think PAUL CORIO Promo / WWW.PROMOMAGAZINE.COM / March 2009 21 http://www.powersponsorship.com http://WWW.PROMOMAGAZINE.COM

Table of Contents Feed for the Digital Edition of Promo - March 2009

Promo - March 2009 Contents Editor's Note No Lumps Sampling by Surprise Legal Check Smartphone Shoppers Taxes and Twitter New Rules of the Road Commentary In Your Face Phones and Flash Social Studies The Agency Center Resource Center Peer-to-Peer Index of Advertisers

Promo - March 2009

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