If you’ve attended a fundraising event recently, you likely noticed the business sponsors who support the event. At Jasmin Group, we support many causes throughout the year. Some are near and dear to us, some are hosted by our clients, and others require careful evaluation before we offer sponsorship. While altruism and giving back to the community are essential, this article focuses on the business return on investment (ROI) in supporting great causes. 📈
Before your company sponsors a good cause, you should have a framework and budget in place for assessing these types of requests. Some considerations before you donate:
- Are the nonprofit’s brand values in alignment with your company’s brand values, mission, and overall brand message? This cohesion strengthens the authenticity of your support and helps prevent potential conflicts that may arise. 🤝
- Who is the target audience for the event? Does that target audience match your business’s target audience? For example, the event is for a men’s health screening organization but you sell makeup targeted to women. This may not be a good match for your business. 🎯
- Consider the expected number of guests/attendees, media presence, and social media exposure. The larger and more relevant the audience, the greater the potential ROI. 🌐
- Understand the benefits offered by the nonprofit. The nonprofit should do an exceptional job of outlining the benefits, which may include table top advertising, electronic signage at the event, speaking opportunities, newsletter ad inclusion, a table for guests, etc. Will your company be able to leverage the sponsorship with posts of your own? Ask for other perks if you are not seeing what you need for sponsorship perks. 📢
- Assess the cost of the sponsorship relative to the expected benefits. Ensure that the investment is justified by the potential returns in terms of brand visibility, leads, or sales.💰
- Measure the success of the sponsorship for the business. Did you get leads, referrals, sales as a result? Be sure to have the structures in place to capture this data. For example, a sponsorship worth $20,000 in exposure, would cost the organization $10,000. Did you gain that exposure?📊
After careful assessment, you and your team will feel great at the end of the day when you support worthy causes. If you need assistance setting up a plan for your sponsorships or if you are a nonprofit who needs help gaining sponsorships, reach out to us at Jasmin Group. After all, your success is our business. 🏆
