Avoid making these 5 costly mistakes BEFORE committing to your next sponsorship opportunity.
Don’t instantly react to last-minute opportunities
As a brand you may be offered a fantastic opportunity at a reduced rate, which looks too good to miss. This may be the case however, it’s imperative that you take time to consider whether this sponsorship opportunity really meets your requirements. If you were planning on spending the same amount of money on sponsorship, are there other opportunities that may be more suitable. If, after you have reviewed all the facts, this turns out to be a great offer, then go for it!
Don’t commit to any sponsorship BEFORE you have planned your objectives
Your sponsorship marketing objectives may be – building brand awareness, creating brand association, increasing sales, growing market share, increasing your customer base. Spend time to carefully plan your objectives and then look at each opportunity individually to see how well they match those objectives.
Don’t make rush decisions
Before agreeing to any sponsorship, including rider sponsorship, decide how much of your marketing budget you intend to spend on sponsorship. Then look carefully at all the opportunities available to you. Which package offers the best value and will directly work to meet your objectives?
Don’t put all your eggs into one basket!
Spread the risk. Depending on your product, consider splitting your sponsorship budget between disciplines, ie dressage, showing, polo, eventing, endurance, show jumping etc. and research al opportunities available to you in those areas.
Don’t commit to sponsorship without understanding ALL the costs involved
For event or competition series sponsorship, expect to spend at least 50% more on associated costs, such as marketing collateral, staffing, display boards etc. For rider sponsorship consider additional costs such as professional photography and advertising promotions.
In conclusion, equestrian sponsorship is a powerful marketing tool BUT before committing to any sponsorship opportunity take time to PLAN your objectives, SET a realistic budget, EXPLORE all opportunities, ACTIVATE your package and REVIEW the sponsorship to MEASURE success.
If you’re looking for a new sponsorship opportunity, struggling to fully implement the sponsorship commitments you already have or need your sponsorship campaigns to work harder for you, get in touch!