Clients often ask me if involving their companies in sponsorships can lead to new business. Providing that the group or event is the right “fit,” sponsorship can be an effective component of a business development strategy.
Typically, sponsorship combines excellent opportunities for building relationships along with exposure on both business and personal levels. This makes sponsorship a viable means of reaching a targeted group of prospective customers.
There are two sides of sponsorship, what I call “the giving and the getting.” This is the value of what you bring to the organization and the value you may derive as a result of that association. Value is more than simply the direct cost in dollars or time: value can be raising awareness of a company within a particular market, which may translate into a financial return.
Here is an example of how a company may benefit from sponsorship. I’ll talk about this in terms of VirtualBoard, as I have first-hand experience there and have seen the results sponsors derive from their involvement in the group.
VirtualBoard was created specifically to help entrepreneurs and business owners prepare for and execute the successful ownership transition of their business, with the goal of maximizing the value of the company. This unique peer group is comprised of entrepreneurs and professional advisors, and is lead by a board chairman.
In VirtualBoard, we refer to our sponsors as “advisors” because they counsel and interact with the business owners. Advisors include CPAs, M&A attorneys, investment bankers, financial advisors, intellectual property specialists and related professionals, all specializing in successful businesses transactions. Significantly, there are no direct competitors within a VirtualBoard community.
Any business, especially, a professional service business, strives to go above and beyond the expectations of their clients. VirtualBoard sponsorship is a way of doing exactly that.
For example, think about your own business. Imagine being able to give your client (or prospective client) the gift of tapping into a team of specialists, a team that includes yourself, in which you are positioned as THE expert in your field.
Through the gift of sponsorship, your client would receive invaluable professional assistance from you, along with the collective wisdom of the other advisors. This helps the business owner maximize the value of their company.
What would this mean for you?
- An opportunity to deepen your relationship with your client.
- Strong relationships with 12 business owners who could use your services.
- Showcasing your expertise through professional presentations and group participation.
- Potential revenue from members of the group and from their networks.
- Referrals from the other advisors.
- Increased visibility for yourself and your company.
While peer groups are not a new concept, VirtualBoard is a new concept in peer groups. Think of VirtualBoard as a peer group on steroids. If you are involved in helping transact the sale or transition of a business, VirtualBoard sponsorship may offer you an ideal opportunity to help you grow your business. Please let me know if I can help.