More marketing dollars are wasted on local sponsorships than just about anything else. Unless you know how to leverage a sponsorship, you’ll probably see no return on your investment. So unless your kid is on the team, don’t waste your money.
Not a smart investment
So as a small business owner, are you constantly being hit up to contribute to sponsorships? This is usually NOT marketing money well spent. Read on to find out why and what to do instead.
A lot of money is spent on local sponsorships. It could be for sporting events or fundraisers. Some business owners do this year after year with absolutely no idea if it is a good investment.
One perceived benefit that pulls many small business owners in is there’s usually some media exposure and logos are displayed – plus my favorite, the T-shirt with 27 tiny logos all over it.
There are many problems here: 1) You message gets lost in the morass of sponsors, and 2) How exactly are you going to track the response to this add and ROI on marketing dollars spent? As I talk about in another No B.S. Grassroots Marketing Inconvenient Truth, if you can not track it, it does not hack it for measurable results.
Because of this and many other reasons, most sponsorship money is a total waste. Often, because it supports a local worthy cause, the ROI is not held to the same standards as traditional advertising. Perhaps this is because the money comes out of a different budget.
If you have a budget for this out of a desire to give back to the community and/or it’s for your spouses’ nephew’s soccer team, then will, alright if you must. Just don’t think of it as a potential huge return on investment.
As a No-B.S. Marketer, you need to examine each potential sponsorship opportunity and structure the arrangement so that you can maximize the return. If you’re not getting buying customers from your involvement with a sponsorship, your money should be put elsewhere.
First of all, do what most small business owners do not do: discover which marketing efforts are giving you the biggest return on your investment. Focus efforts and funds there.
Second, go completely outside of your industry to see what other small businesses are doing. Look for businesses that are pulling in new customers and retaining them. Figure out what they are doing and how you can apply it to your marketing.
Bottom Line – You can get Free Instant Access to all 10 of the No BS Grassroots Marketing Inconvenient Truths when you visit http://GrassrootsMarketingBonus.com
And if you like the tips in these Inconvenient Truths, your are going to love Dan Kennedy and his co-author Dan Slutsky’s new book “No B.S. Grassroots Marketing: Ultimate No Holds Barred Take No Prisoners Guide To Growing Sales and Profits of Small Businesses.”
From Dan Kennedy, the provocative, truth-telling author of seven popular No B.S. books, thirteen business books total; a serial, successful, multi-millionaire entrepreneur; trusted marketing advisor, consultant and coach to hundreds of private entrepreneurial clients running businesses from $1-million to $1-billion in size; and he influences well over 1-million independent business owners annually through his newsletters, tele-coaching programs, local Chapters and Kennedy Study Groups meeting in over 100 cities, and a network of top niched consultants in nearly 150 different business and industry categories and professions.