Many advisers will know the opportunity to sponsor local school sports teams comes up quite often.
If you are large enough to have a sponsorship policy, criteria and budget you can test new ideas against these and take a reasoned decision. If not, you need to answer the following questions:
- Do we need to undertake activities that raise awareness and promote our brand? What benefit will this bring? Are we sufficiently well known?
- How will the name of the firm be used (for example, on shirts, advertising, prize giving, press coverage and so on)?
- Is this a school and competition that we want to be associated with?
- Will our target market see our sponsorship and name?
- Are there alternative marketing activities that will bring a better return?
- Can we fund this for up to three years to maximise the impact?
- How much of our time will it involve?
Although this is relatively minor in the context of the overall business, such activities consume time and money and are very visible. You cannot do everything that comes along, so a considered decision is needed to make sure there is a clear business benefit.
You should normally commit for three years to make sure people remember your sponsorship long after the arrangement has finished.
David Shelton is the author of The Business of Advice book and website www.businessofadvice.co.uk