Archive for April, 2014

Sponsorship Selling

Friday, April 18th, 2014

by Kathrine Glass

Have you ever been 2-3 weeks out from a major station event and find yourself worried about hitting the budget? Many of our clients have events that their station use to drive revenue while simultaneously connecting with the community.   Unfortunately some are not as successful as they could be from a revenue perspective because there hasn’t been enough sales planning and the value of the event is not clearly defined.

If we are going to be even more successful in event sponsorship sales, we have to begin thinking like a “property” when it comes to the event. A property is a group, institution or event that can be sponsored. The MLB, the PGA, a local museum are all examples of “properties.” Those organizations review their assets and develop packages to sell to sponsors, just like we do, but they are often better at explaining the overall value because their packages are not media centric. They can’t just rely on media value.

We are in a unique and fortunate position because we have event assets PLUS we “own” the media that supports it and therefore can show event value and media value. We are also better positioned to create custom programs to help our clients activate in a way that regular properties can’t. Each station that we work with is an expert at creating promotions to support a client initiative. That’s just what we can do with our events, too! We should create base packages that include general benefits that are built off of your event’s assets. For example, as a presenting sponsor they will receive X, Y and Z. Then once we understand the client’s goals we can layer an activation element on top of the base package – ultimately increasing their investment and providing them potential for a higher ROI.

Planning, of course, is key. Management needs to prioritize the key events, establish individual goals for each AE and begin the sales process early! By doing so, we can capture more revenue, have better events and can stop the fire drills that occur as the event gets closer. Planning will also allow sponsors more time to activate and to build additional components that will make the event sponsorship more valuable to them.

It is crucial to be proactive in our prospecting. Did you know that 42% of sponsorship sales are initiated by the property? That means it is our responsibility to bring the opportunity to prospects.   Besides thinking of prospects that are categorically right for your event, you should also think about clients in the industries listed below. They are top spenders and therefore are more primed to be open to sponsorship opportunities.

  • Non-Alcoholic beverage
  • Bank
  • Automotive
  • Telecommunications
  • Beer
  • Insurance
  • Specialty retail
  • Food
  • Airline
  • Supermarket

Get your lead list ready and start researching. Understand what makes those companies tick and determine IF they are a fit for your event. They may not be. It is your job to paint the picture of why that organization would be “a natural” and to create some activation idea starters that would demonstrate that understanding. Use the idea starters as a hook, connect with them for a needs analysis and then be thoughtful with the packages that you present. Optimize the event’s assets to meet the client’s needs, customize elements so that each client stands out, and help them visualize themselves in the picture.

If you can bring them some good activation ideas, plus the base sponsorship elements, you will be adding more value to the client. You will be showing them WHY it makes sense for them to sponsor your event and ultimately you will be able to capture more money!

The Art of the Story

Monday, April 7th, 2014

by Ginny Speaks 

One of the things I love about my job when conducting sales trainings is that I get to tell stories.  I find that when I connect the knowledge with a real live example of how the information I am teaching was applied and deliver it in a story, it really resonates and you can feel the energy in the room shift.

This skill set, the ability to tell a success story, is a powerful tool that can elevate your sales presentations, strengthen your needs analysis calls and help you build instant credibility with your prospect on how you can deliver.

I encourage you to take time and review your successes over the past quarter,  then over the past year and take note of those campaigns you were most proud of, the promotions that brought the best results and how you solved your client’s needs.  Then write them down.  Make a one-sheet of these successes and begin to recite them to yourself, to your colleagues and to your family until they are ingrained and flow easily.  Make sure to limit the story to about 5 minutes and hit the high points.   Follow this simple outline and your stories will make an impact:

Set up the story by setting the stage. Tell the name of the company, the decision maker’s title and what the assignment is.

For example, we worked with the VP of Marketing at a Credit Union out west and our assignment was to create a program that got men 18-34 with high interest car loans to refinance with their institution.

Establish the challenge, the competitive advantageWhat is the main goal or outcome of the assignment?

This particular Credit Union knew that their interest rate was the best in the market and if they could get consumers to see how much money they could save over the term of a loan, they would have a great chance of capturing new business.

Share how you provided a solution. The highlights of the campaign created.

We created a program called Shift to Savings.  This campaign directed young men to a custom   designed website to see how much money they could save by refinancing with this credit union    and if they made the switch, they received a $25 gas card.

Then share the results.

The program doubled the projected loans. We were able to create an integrated marketing program that captured 400+ loans worth 5.6M in dollars.

See how powerful that is?  A good story will engage your prospect and help them see tangible ways on how your services can help them accomplish their goals.

Start today and build your very own success story database and make a commitment to become one of the best story tellers in your market!