When you open your franchise, and possibly even before your doors are open, you will undoubtedly be approached by organizations in your community about sponsorships. School clubs need someone to sponsor their programs. The local rotary club might ask you to sponsor a golf tournament. Non-profits in the area might request money to help their cause.
It’s enough to make your head spin.
As you begin to receive these requests, it’s important to have a filter for which ones make sense for your franchise and which ones you can pass on. Ask yourself the following questions before handing over a sponsorship check.
Who will see my sponsorship?
Each event or cause has its own target market associated with it. For example, schools cater more toward the students and parents in the community, while non-profits cater more toward those in need. Depending on who you want to align your franchise with, one might make more sense than the other.
What will I get for my sponsorship?
Every sponsorship package will come with various levels. The more you pay the more exposure you’ll get.
Still, not all exposure is created equal. Look carefully at where your name and/or logo will be printed. Notice whether you’re able to have your logo printed on the marketing materials, or if it will only be your name. This can make a big difference in how many people see you as a sponsor. Logos tend to stand out more than text names.
This will also help you answer the first question about who will see it. If your name will be printed on flyers to be sent out to the community, more people will see your logo than if it will only be on materials handed out at a specific event.
Would I be able to buy this kind of exposure for the same price?
A sponsorship might be a solid advertising strategy, especially if you compare how much you’re getting to how much it would cost for you to pay for the sponsorship yourself. Many media outlets will give away free spots and ads to non-profits. By sponsoring the event, you can take advantage of this discounted rate and get your logo in front of the community.
Who else is sponsoring this event?
If your competitor is sponsoring the same event, you have some considerations to make. On one hand, it would help your business get equal exposure with the same great cause as your competition. On the other, it could dilute how many people you could potentially reach.
Another thing to consider is the type of businesses sponsoring an event. There might be some on the list who you do not want to align your brand with unintentionally.
What is my motivation for sponsoring?
Ultimately, you’ll need to decide your motivation for sponsoring an event. If it is to support a local cause, it might make sense to sponsor many events in town. This is one of the best ways to feel more fulfilled in your franchise ownership. But, if you’re using this as a way to market your franchise in the area, you will need to be a little more strategic about which sponsorships you choose for your franchise.
Answer these questions after giving each of them careful consideration and you will know whether the sponsorship in front of you is right for your business or not.