In the business world, corporate social responsibility has got a significant position that involves working for deprived and needy section of the society. According to a study, 8 out of 10 consumers expect their companies to realize their responsibility and take such initiatives that can pay back to the community. In other words, business is not just about being profitable but, it’s also about being socially responsible for society’s benefits.
So, when it comes to finding out society’s crucial parts to work on, cause-related marketing turns out to be a good option that involves offering sponsorships to charities. Here, charities usually think that they have to be performing on a large scale to qualify for their facility. That’s not true. As long as they are legitimate and aware of their responsibilities, businesses may think to sponsor an event through their platform. It just takes some time, efforts and understanding of a few factors. Let’s have a look at them:
What is a Sponsorship?
Sponsorship refers to a bridge between a business and charity where, the non-profit receives help to organize events and the company enjoys public exposure that creates goodwill. To do so, charities have to find out what it takes to grab companies’ attention and how they could motivate them for sponsorship.
Does Small Charity Receive Sponsorship?
Big charities usually have separate departments for cause-related marketing or have consultants to handle sponsorship programs. Small-scale charities lack in this field and end up making a lot of struggle to create their position in the market. They just have to make some efforts and things would start to turn in their favor.
Decide the Event Budget
Before organizing any event, it’s necessary to create an estimate of how much to be spent. Costing involves venue cost, physical set-up, advertising, security, printing, food services and many more. Also, there would be a set target of donation so that the charity can decide on how much to charge an individual and how to generate money.
Number of Sponsorships
While approaching sponsors, charities should have to think through the audience who will participate in the event- whether it would be for children, families, high-income people, senior citizens, mothers, grandparents or retirees. This way, they would be in a better position to appropriate sponsor(s).
Work on the Geographic Circle
Pay a visit to different venues and search the surroundings in order to be sure about which place to go for. Once everything is finalized, approach businesses and have a meeting with their representatives to explain about the sponsorship plans.