2020 Sponsorship Common Questions
2020 is just around the corner and now is the time to start preparing for next year’s sponsorship’s. In this article I want to talk about some of the most common questions I get about preparing for sponsorship presentations and the basic things you can be doing right now to prepare for gaining marketing partners for 2020.
While some of these things may seem boring, a lot of work, or just doesn’t seem to matter. I have learned that the attention to detail you give now, will pay off when sitting across the table from a potential primary sponsor presenting your proposal.
Confused on who to partner with?
While that may seem obvious to some of you, the number one question I get is: “Who do I get to sponsor me?”. I always suggest and say, pick a company that you believe in. For example, if you use brand A filters in all of your race cars and your personal vehicles and you really wouldn’t use anything else, any other brand would not be a good fit. Target company A because you are already a customer, believe in the product, and you have the confidence to talk about their products with passion!
Do I have to have a schedule for 2020?
The short answer is yes but it does not have to be a complete one. You need to do the best you can with what you have to work with. If you are a big money bracket racer and pretty much know the races you are going to attend, those races are almost always released prior to the first of the year. If they aren’t released then you would know approximately when the event is held and can use that information. For example, I attend the World Footbrake Championship every year and I know that it is always held over the 4th of July weekend.
Most companies understand that track schedules aren’t released right at the first of the year. So, you may not be as accurate with your local racing schedule but again, do the best you can.
Should I do a budget?
Absolutely! I would bet a large majority of you reading this article does not have a budget for the current year. If you don’t have a budget you are behind the times and you are not taking your race program seriously.
Almost every racer I talk to, wants to race for a living or wants to take their program to the next level but they don’t have a budget. If your race program is a business then you should treat it like one. You have to know where your money is going and how much is coming in. Businesses have a budget and if your race program is really a business, then so should you.
What does the budget have to do with sponsorship’s? A budget can do several things for you. Let’s say you look at last year’s budget and it was balanced except for a few things. In looking you found that you overspent on tires, race fuel, and traveling expenses. These are the things that you can look at for sponsorships to help better balance the budget and free up capital.
Also having a budget shows the potential sponsor that you are serious and have a plan!
One last thought on budgets: If your budget is not written on paper, it is not a budget!
Start preparing now for 2020 because if you wait until the end of the year, you are behind and most businesses have allocated their marketing money long before then.
About the author: Jeff Lambert is the President of Armed Forces Racing and founder of racesponsorships.net. Jeff has a passion to grow the sport of sportsman drag racing by helping grass roots racers improve their race programs through sponsorship’s. During the next 12 months Jeff will be sharing articles that will guide you to ways of funding your race program through sponsorship’s by obtaining marketing partners.