What does it take to secure event sponsors who can not only help offset cost, but also assist in increasing a company’s bottom line? The question went out to Czars, a closed Facebook group for PR, marketing and media professionals. Ian Gerard, CEO of Syndicate-5, a consultancy connecting brands with art and entertainment events, shared his insight with me.
Prior to Syndicate-5, Gerard ran Gen Art for more than a decade. The company’s primary source of revenue came from corporate partnerships and at one point, partnerships with brands like American Express, Acura, Maybelline and Armani brought $6 million into the company, annually.
Via email Gerard provided a deeper understanding of what it takes to secure corporate sponsors. Here are lessons he learned from more than 15 years in the business:
Timing depends largely on the ask.
The bigger the dollar amount, the more time needed to pitch. “If you’re looking for a six or seven figure sponsorship, you generally need to propose such partnerships prior to the brand’s annual budgeting process,” said Gerard. “Often times that’s about three to six months before the fiscal calendar year in which your offering takes place.” That means if a brand’s fiscal year begins in January, Gerard recommends pitching to them the summer before.
The timeframe for smaller partnerships is more flexible. “Most brands and their agencies have discretionary funds that can be doled out throughout the year,” said Gerard. A lead time of two to four months is ideal for an in-kind partnership or a monetary ask under six figures. However, there are [smaller] brands who will participate in an event within a month of it happening.