Lessons for Business Owners – Managing Expectations and Evaluating Sponsorship Opportunities

As business owners, we are always anxious to get our products in the hands of customers and in front of the public. The tactics used may be different – from free samples at the grocery store to promotional tie-ins with movies and TV shows – but the expectation is always the same. We know our products are the best – and we want as many people as possible to see how great they are.

Unfortunately, there are always people and organizations willing to take advantage of our enthusiasm and excitement and our excitement about our products. That is why business owners need to look at every new opportunity with both excitement and caution.

Sponsorship opportunities are a case in point. Sponsoring an event or providing a valuable prize can be a great way for business owners to promote their endeavors and gain new clients. There are many great organizations out there who work hard at creating real relationships with their sponsors. Those sponsors receive real value for their money – from mentions in program materials to heartfelt thank yous from those running the event.

The bad news is that not every organization works so hard to acknowledge and thank its sponsors. As a business owner, UNICAS recently encountered an ungrateful sponsor and poorly run event. It can cost a great deal of money to provide a sponsorship – in terms of both money and merchandise – and it is not unreasonable to expect a return on that investment.

UNICAS designers Bonike and Sade in Los Angeles

As business owners, it is our responsibility to choose our partnerships carefully and to follow up on the commitments others make to us. That follow-up can take many forms, from ongoing communication with those in charge of the event to real-time monitoring of the festivities. It could mean insisting on seeing an advance copy of the program booklet and other promotional materials. It could mean talking personally with the organizer of the event.

The bottom line is that these sponsorship opportunities carry risk as well as potential reward. When handled well, such a partnership can help out a worthy cause while increasing business. On the other hand, a partnership with a poorly-run organization or one whose intentions are not so honorable can leave the business owners with nothing to show for their dedication, hard work and monetary investment.