It is not always sunshine and rainbows in college sports. Not every team or school can win a national championship every year. But, it is still possible to sell sponsorship deals at hot and cold properties. How do we keep sponsors happy when things are not going great? It all starts with a relationship.
In the realm of sports sponsorships, it is clear that relationships are one of the most important aspects of a successful sponsor deal. When the client and your company are in good understanding of each other's goals it is easier for both parties to enjoy themselves. Having strong relationships with clients also makes tough conversations a bit easier. When a deal isn’t going to plan, regrouping and discussing how to move forward is a conversation that will be had. Having a relationship outside of business helps these conversations.
Brandon Parks states, “Everything starts with a relationship.”
Sometimes these “cold properties” can be a result of outside events such as the Covid-19 pandemic. During these times it’s critical having a good relationship with a client so that you can get through it together.
One of the main reasons why sports sponsorships are so unique is because the morale of the fan base can affect a sponsorship deal. The morale of college sports is specifically important as there is a certain passion and affinity that is only present in college sports. Since many college sports fans went to that university they will always be fans even if the teams aren’t doing good. If you can engage these alumni and students even during a bad run for a team you can still market products through the school.
Being creative is another way to show the care that you have for a sponsorship deal while also hopefully producing higher revenue numbers. Doing this shows a client that you are educated on how to help them which can lead to referrals and more business.
A great way to help enhance the relationship is to attend events in person with your clients. Whether it is you going to the company's office or inviting them to your campus, doing this goes a long way. Overall, it comes down to the chemistry that you build with your client. If you can show them from the start how much you care then they will respect your decisions moving forward.
Parks states, “We all want to win and be dominant in our game.”
What this means is that even if sometimes a school’s teams aren’t doing too well on the field, there can still be wins off the field. Making sure your client wins even if the team loses is crucial to success. Staying with your partners through their “cold” times can be one of the most rewarding parts of a sponsorship deal. This is because once you have been through the bad times it makes you want to stay in the good times for as long as possible. Working hard during the hard times almost always will lead to renewal with a client.
To read more about sponsorships with hot and cold properties or to hear the podcast version, here.