Dear Athletes,
Over the past 2 weeks we have looked at developing your personal brand and how you can increase your value to sponsors (if you missed these, they are on the forum). This week we will look at how you can identify, attain and retain sponsors.
As my previous post states, it is very important to remember sponsorship is not free. Organisations require a return for their sponsorship. As such, sponsorship relationships should be carefully identified, negotiated, developed, and part of a long term strategic plan for both parties.
All athletes are capable of receiving sponsorship, and it is important to ignore the following myths surrounding sponsorship in Triathlon
There are not enough sponsors available - This is simply not true. Athlete sponsorship is a valuable marketing investment for any size and type of business. The key is to connect with the right companies in the most effective way and develop a measurable value return on their investment. Some of the main motivators for potential sponsors include, increased brand awareness, increased sales, improved image and community relations, and increased exposure of products. If you can identify your value to sponsors in these areas, you are well on your way to developing a relationship with them.
Sponsors will not be interested in me - Believe in yourself. While the superstars of sport appear to be able to collect money from unlimited sponsors, the fact is even they have to make appearances and show up for product launches. All athletes need to provide a return to sponsorship. While you may not be world number 1 you still can provide a worth and value to companies. Believe in yourself, don’t let your humility hold you back.
Sponsorship is too hard to get hold of - Hopefully, this email will help you out here. It takes careful work and planning, but it is worth it. You have many skills as a professional athlete that can be used in the corporate world.
So where do you start with sponsorship?
- Attaining Sponsors
This is where your real groundwork happens. When approaching sponsors you need to work out what you want in a sponsorship. This will include identifying which products or brands you want to represent and initially, to a lesser extent, what you expect to earn (dollars will grow as the relationship grows). You then need to develop an engagement strategy, prepare sponsorship proposal documents and finally make your pitch. The key to your sponsorship proposal is to focus on your association and connection you make with the product and brand you are pitching to, rather than just an outline of your results as an athlete. You as an athlete are part of the picture, identifying and providing value to a company provides the total picture.
While it is important to remain focussed on what you can bring to the brand, try to also make sure the brand is engaging you in various print, media and even television advertising. You ideally want your sponsors to increase your personal brand exposure and this is a very strategic way to do this.
Aim to make contact with any potential sponsors prior to sending them your proposal. Ideally organise a face to face meeting, but emails or a phone call are also useful.
It is important you remain patient when obtaining sponsors. You need plenty of time to properly engage sponsors.
- Maintaining Sponsors
This is where you action all the sponsor activations you agreed to with your sponsors. You need to keep engaging them, remain diligent with social media, follow up with blogs and make sure your website links to and recognises your sponsors support. You must ensure you are always visible with your sponsor products and equipment and maintain particular attention to the sponsor logo requirements of your contract. To properly maintain your sponsors, you must maintain regular communication and you must always hold up your side of the sponsorship agreement.
- Retaining Sponsors
Retaining sponsors is vital in developing strong relationships with your sponsors. Always remain diligent in your sponsorship recognition and remain professional in your representation of them. Retaining sponsors requires feedback from them, so make sure you provide them with regular opportunities to engage you. Allow this time to check in with your sponsors so you remain relevant and most importantly they continue to sponsor you.
When considering sponsorship opportunities, a general rule is the more you give, the more you will get in the long run. Remain focussed on what value you can bring to sponsors when you approach them and always, make sure they are also promoting your personal brand and thereby increasing your value to other sponsorship opportunities.
Remember to always work on maintaining the relationships you have with your sponsors and you will be well on your way to developing a professional approach to sponsorship as a professional athlete.
Here is a short video with World Triathlon Development Coach Vicente Beltran and multiple World Champion Triathlete Chris McCormack discussing sponsorship.
https://www.youtube.com/watch?v=64yb4UDDpxA
Next week we will return to training tips and look at how you can return to training outdoors as lockdown restrictions start to ease.
The forum is open if you have any questions.
See you next week
Emma
