SPONSORSHIP IS AN INVESTMENT, NOT CHARITY
There is no getting away from it - motorsport is expensive!
For many, seeking sponsorship is more like asking for charity to fund your hobby!
You may get friends, family or close business associates to hand over a few thousand Ringgits each to sponsor your cause.
That maybe alright for the immediate future, and if you get dozens of people doing that, then you may survive the season. But you’ll have to start over from scratch and do the same thing over again next year, and the year after that, causing much unnecessary stress and not developing your career professionally.
Just because a multi national company is an industry leader with millions of dollars, doesn’t mean they spend that money freely and are prepared to throw even 10,000 Ringgits at something.
They didn’t become a multi-million dollar company by giving their money away!
The biggest mistake seen from drivers and parents is that they have the perception that it’s all about asking a company for money as sponsorship just to fund their hobby. There is no investment proposition.
One vital process a lot of people miss out on during their sponsorship crusade is that they don’t put themselves in the other potential sponsor’s shoes. Doing this can be the best form of SWOT analysis: “would I give money to invest in this?”; “what am I getting out of it?”; “what is the purpose of this?”
It should be viewed as a ‘strategic partnership,’ not ‘sponsorship’?
Forming strategic partnerships and offering an investment proposition is the way to fund your career for the long term, with multi-national corporations.
No matter how many races and championships you may have won in the past, or how much faster you are than the competition, no corporation is going to give any amount of money to something that doesn’t have a strategy to produce for them a return on investment.
“Return on Investment” is probably the most important words in any business. If you take the first letters of each word, it spells ROI, which aptly means Crown in French. This undoubtedly strengthens the belief that Return on Investment is indeed King.
The return on investment doesn’t necessarily need to be financial gain, but it needs to be something that helps the investor grow their business.
Just as importantly, you have to keep them. You must imagine putting your arms around the sponsor to give them a big reassuring hug, but also you make sure that they are looked after and that they feel so comfortable that they can never escape!
Always remember, that you must treat your sponsor as a valuable investment!