SEM II Obj 2.04 Service Sponsors

Importance of Servicing Sponsors Lifetime $ potentially made from having satisfied sponsor ◦ Will continue to sponsor year after year ◦ Ex: A $1 million sponsorship deal with a company that feels they are well taken care of and benefits from the sponsorship will renew for 5 additional years = $5 million Service to the lifetime value potential, not the initial amount

Techniques & Procedures Used to Service Sponsors 1. Deliver What You Promised ◦ Bare minimum 2. Understand & Show Interest in their Business ◦ Issues impacting business? ◦ Challenges? 3. Help them Achieve their Business Outcomes ◦ Hospitality for THEIR potential clients

Techniques & Procedures Used to Service Sponsors (continued) 4. Show Initiative ◦ Send articles relating to their industry or competitors 5. Move from a Seller to a Trusted Advisor ◦ Build the relationship over time so they seek advise/thoughts on how to deal with challenges within their business ◦ Become a friend

Considerations in How to Service Sponsors Designate One Point Person ◦ Assign a contact person to communicate & coordinate with each individual sponsor (personalized) Develop a Joint Implementation Plan ◦ Outlines who is doing what and when to achieve the desired outcomes Leveraging Workshops ◦ What else can both parties do to drive add’l value from relationship? Joint Sponsorship or Client Workshop ◦ Bring clients/sponsors together to explore opportunities to do business with each other Effective Questioning ◦ Determine their satisfaction regarding what you are delivering

Adapted from Richard Woodward & Assoc “How to Service Sponsors & Clients Effectively”