To Sponsor....or Not to Sponsor....

If you had a million dollars right now and you had to give it away to one company or multiple companies, which ones would you choose and why?  Most would say, well I want to make sure my money was used well or for the goodness to others!  According to IEG, the leading organization is sponsorship, valuation, consulting, and measurement, Sponsorship is a multi-million dollar industry.  Many music artists, famous sports experts, and models, are paid by companies to wear and promote or use products thus increasing the marketing and awareness of its products.  An great example can be found here when a wine company sponsors a company called Constellation Inc.  

Many music artists and famous role models make money just by wearing the products that other organizations offer or even use the services other companies offer.  Reebok sponsors Alicia Keys in a recent advertising campaign for its company.  Alicia got her message out about her Girl on Fire Tour as well as her wearing Reebok shoes promotes the company.

Sponsorship provides many rewards for upcoming organizations, but how do you get the money or product from the companies wishing to endorse you?  IEG has a product that gives you full access to all the training tools necessary to learn about how to put your package together for thousands of different companies.  Below is a quick and simple step by step guide for the new beginner.

1.  Define your product/service
2.  Define your target market
3.  Set your objectives
4.  Develop a marketing strategy
5.  Now develop an ACTION plan
6.  Build your sponsor packet:  This is a description of who you are, what you do, who you are looking to target, your marketing strategies, and put it all into a package.

LASTLY,
  1.  Figure out what companies you want to endorse your company, music, or service
  2.  Find the right person to make the proposal to the company
  3.  Initiate contact with the company
  4.  Businesses budget for sponsorship once a year so being in contact with them every month can keep you informed.
  5.  Once a sponsor is secured, follow up with the sponsor to show how their sponsorship was used in marketing materials and so forth.

Sponsorship is not rocket science and there is a great deal of money to be made in this field.  As a student at Full Sail University, I would highly recommend this as a great starting point for new musicians, and companies.  Always ALWAYS remember that you are selling an experience.  Bring what your value is to the table and lay it out there for the sponsors to see.  Grab the attention, and intrigue the emotions of those you meet.  If you show your passionate about what you do and what your company represents, others will believe with you.