- The downfall of many events is over-optimistic forecasting on ticket sales, trust funding and sponsorship revenue in the early budget planning phase. Be conservative in your budget estimations. Take a ‘worst case scenario’ approach.
- Ask an experienced major event professional to 'reality check' your forecasting.
- Both prospective New Zealand sponsors and trusts can be very reluctant to sponsor one-off events as they generally prefer longer-term sponsorship deals.
- Aim to include the event sponsorship benefits in a longer-term legacy project/plan with the partner or rights holder organisation, to help maximise funding opportunities. For example, link your event sponsorship to a longer-term sponsorship opportunity with the host sports organisation if applicable.
- Develop tailored proposals specific to the companies approached – avoid the ‘shotgun’ method.
- Be flexible – all sponsors and suppliers vary as to their objectives, ambitions, personalities and how much they will get involved in and support the event.
- Approach prospective sponsors at least 12 months out to meet company budgetary rounds. Don’t leave it too late.
- Treat local and central government providers of funding in the same way as you would a sponsor, by ensuring they receive a good return on their investments – see leverage and legacy module for more information.
- Keep a fair balance between all of the sponsors and official suppliers, with transparency as to their rights and benefits.
- Look after your sponsors, and ensure they are happy with the deals they are getting, both up to and at the event.