Scoring partnership deals is all about timing- pitching to brands and companies when they’re ready to spend. Finding that perfect window of opportunity isn’t easy, especially with so much competition in the realm of sponsorship sales.
In order to pitch first and turn more sponsorship leads into deals, it’s crucial to track industry changes. Make your prospecting proactive and be aware of the shifts that suggest opportunity for you and your team.
We’re highlighting 6 triggers to take your partnership prospecting to the next level. Here’s what you should be looking for:
1. Decision-maker shifts
Decision-maker shifts, especially new hires and first-time CMOs, are the top trigger for sponsorship sales. New hires tend to evaluate current partnerships and begin making changes within a 3-12 month window.
2. Spend Increases
The best time to approach brands about partnership opportunities is when they have budget to spend. When a brand receives additional funding, that’s your queue to reach out in order to remain top-of-mind as they allocate dollars.
3. New Target Audiences
Seek out sponsors who align well with your audience. If a brand is moving into new markets, focus pitches on how your opportunity can get them in front of their desired demographics.
4. Planning Periods
The last thing you want is to waste time pursuing prospects that don’t have any budget available. By keeping track of planning periods, you can reach brands while they have dollars to allocate towards new partnerships
5. Struggling Brands
When a brand is attempting to combat continued struggles, often strategy shifts and leadership changes will occur. If the current strategy is not working, brands will likely re-evaluate current partnerships and replace them as needed.
6. New Campaigns/Product Launches
By releasing a new product or campaign, a company is venturing into uncharted territories which calls for different types of marketing to support promotion strategies, which often includes new partnerships.