02/06/2018 – In Post 1 of this series, I introduced how getting sponsorships for your music events can increase your earning potential and help you put on the events you want without breaking the bank. I shared how to identify potential sponsors that would fit well with your fan base and how to approach them. In this article, I will discuss in greater detail what to say on the phone to a potential sponsor and what to include in your sponsorship proposal.
If you haven’t already read Post 1 from this series, click here to read it now.
Once you’re on the phone with someone in the office, you might run into a few responses. You should be prepared for all possible responses. For example, if the person you need to speak with is not available, which more likely will be the case more times than not, you need to find out when they will be available and how best to reach them. The person you’re speaking with will probably try to get your name and information to have someone call you back. That’s fine, but ideally you want to get the person’s name and a best time to call back or their e-mail address so you can reach out to them yourself. If you don’t have that information at the end of the call you might as well cross this business off your list, because you’ll be waiting for a phone call that might never happen. You must always be in control during this process and do things on your terms. Once you have a name and a good way to reach the person, you have a much better chance at making the actual connection.
If they put you on the phone with a decision maker, or better yet, the decision maker answers the phone, you’re in luck! You’ve gotten straight to the source. Once you speak to a decision maker, your goal is to get them to agree to see a proposal. You don’t have to try to convince them right there on the phone. Although, if they start asking questions you should be ready to answer them and you should be prepared to close the deal if you have to. So when you finally talk to a decision maker, here’s what you can say…
Sample Phone Script
“Hi, I’m Anitra a local performer in Houston. I’m hosting a Summer Fling Concert in July and I’d love to have Lovett Dental be a sponsor. We’re expecting 100 attendees who are local residents (or some other demographic magic word that hits their target market) ranging from 20-60 years old. It would be a great opportunity to get your message out to them and possibly get new patients for your business. I’d love to send you a proposal and you can have a look over the expected turnout and event details. You can decide then if it’s a good fit for your marketing needs. Can I send the proposal via e-mail or would you prefer a physical copy? (Wait for the answer) Great, I will call you next Monday to see if you got it and if I can answer any questions you might have.
Not trying to convince them on the initial contact takes the pressure off of you and them too. It’s easier to get them to agree to see a proposal than it is to agree to give you money. I’m taking this concept from a tried and true sales tactic…
Get them in a ‘YES’ mode.
Once you have them saying “YES” to you, then you have a better shot of them saying ‘YES’ to your final question, which is whether they can give you money or not. The other tactic you’ll be using here is the power of suggestion. You’re suggesting that they tell you yes, in a very subtle way by only giving them the option of you e-mailing the proposal or sending them a copy in the mail. Notice you’re not asking them if you can send them the proposal. So unless they really want to push back and risk that awkward point in the conversation where it looks like they’re being uncooperative, they’ll acquiesce to your suggestion. Afterall, what harm does it do if they look at a proposal?
When speaking on the phone, here are a few tips to remember. You want to have a lively, welcoming voice. I know this seems crazy, but one trick is to get up and do a small jog around the room. It increases your heart rate and boosts your energy. Believe it or not, this will reflect in your voice. Think happy, positive thoughts and believe in yourself. Even though you’re speaking on the phone, the person on the other line will respond to the energy you bring. So make sure your energy is positive and alive. Be professional and courteous. Practice your script ahead of time and get to the point where it sounds natural and organic. Think of the person on the other line as your friend. Make them feel welcome and comfortable with you. If they announce their name, take the liberty to use it. Nothing sounds sweeter to a person than their name. It brings down their guard and ingratiates them to you.
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Note: If you want to learn other tips on the power of influence and suggestion, I recommend you read Dale Carnegie’s book, ‘How to Win Friends and Influence People’. There’s lots of great advice in there with real world examples that you can use in your interactions with fans, potential sponsors, venues, and many other relationships.
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Put yourself in their shoes. Imagine that you are the business owner and someone is trying to get you to sponsor their event. What questions would you have? What objections would you have. Prepare a convincing answer for each of the questions and objections you come up with and be ready to share these answers over the phone. You might get someone who is really interested and will want to talk about it on the spot. Be prepared for everything even down to taking a payment if it comes to that.
Don’t forget to follow-up. Following up with those who have asked to see a proposal is crucial to you getting your event sponsored. Set the expectation that you will follow-up with each person that agrees to see your proposal by letting them know that you will call them at a certain time. That way when you call, they’ll be expecting you. Also, be ready to answer any objections. If your attendees don’t match their target, well there’s not much you can really do about that. But, if it’s too pricey ask them what can they afford and see if you can work with them. There might be an opportunity to barter and trade services as payment. Keep following up with them until you get a solid answer.
How many potential sponsors should I approach?
That all depends on how much money you want to raise. My best suggestion is to decide on two amounts. An ideal amount you’d like to raise, and an amount you would settle for.
Use this formula:
Sponsor Goal = (# of leads x .02) x Avg Sponsor Payment
Sponsor Goal = Whatever amount you’d like to raise.
# of Leads = How many people actually agree to see your proposal.
.02 = A recommended conversion rate based on how many people (2% of leads) will agree to be a sponsor. A 2% conversion rate is a standard rate used in marketing. It is very conservative. You may be able to close at a higher rate than 2%. If you think you can close more than 2% of your overall leads, then raise the number to an amount that fits your situation.
Avg. Sponsor Payment = Take the average amount of your sponsorship levels. For example if you have three sponsorship levels at $750, $500, and $250, use the average of the three for this equation.
Using this formula will tell you roughly how many proposals you need to send out. If your sponsorship goal is to raise $1000, and let’s say your average sponsor payment is $500, then you would need to send out at least 100 sponsorship proposals.
$1000=(100 x .02) x $500
If you spread out your calls over a few months you can easily hit that number.
How to close the deal?
Closing the deal is as simple as proving that you can provide the answer to a business’ marketing needs in an affordable way. Your proposal should have three sections.
A section about your event, number of attendees and the demographics your event will attract.
A section describing sponsor benefits and levels.
A section asking for the money.
Demographics
Describe your event in a super fun way. Use descriptive and colorful wording in such a way that whoever reads it will want to attend. Carefully describe the attendees. How many will be there and their demographics such as age range, where they live, ethnicity, household income, education, hobbies, shopping habits, needs, etc. Supply as much information as you can in this section.
Sponsor Benefits
You must also be clear about how exactly the business will be able to reach the attendees at the event or in relation to the event. In what ways will the sponsor be able to talk to your attendees? Will there be a booth, or raffle participation? Will you display logos in a prominent position? Will sponsors receive e-mails of all the attendees? Think about how businesses would want to interact with attendees at your event and create points of interaction that the business would find appealing.
Ask for the money
Finally, you need to close out your proposal asking for their sponsorship. Include a way for them to make a payment and talk about what the next steps are once they do.
Want even more help and guidance in creating your sponsor proposal? Click here to download my free sponsorship proposal template. It includes a sample introductory letter, and a list of benefits you can use as a template for your sponsorship activities. Getting sponsors for your events doesn’t have to be painful or emotionally draining. If you look at it as a numbers game and focus on hitting your numbers, it can be fun and quite rewarding.
Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission (with no additional cost to you). Regardless, I only recommend products or services I use personally and believe will add value to my readers.
