Inflation is stubbornly high, interest rates keep rising, and economists are increasingly pessimistic about whether the economy will have a “soft landing”, with no recession. If we do get a recession – and many companies are preparing for one now – there’s no question it would have a big impact on sponsorship budgets.
Or maybe you need to cut your sponsorship budget for another reason, such as a major change in strategy, reorganisation, or acquisition.
Either way, making substantial cuts to your sponsorship spend isn’t easy. Between internal politics, arbitrary targets, and multi-year sponsorship contracts, culling the dead wood and finding efficiencies can be fraught. And even then, sponsorship still has to deliver on objectives.
Creating lean, efficient sponsorship portfolios has been a specialty of Power Sponsorship for some time. See more below about how this expertise can help your organisation.
Downturns mean making hard choices around sponsorship. What to keep, and what to exit? Should we exit or sponsor at a lower level? What to prioritise?
And with those choices, there needs to be a new framework – one that maximises results with resourcefulness and creativity. One that turns your leaner portfolio into an even bigger asset for your brand.
As with all of my sponsorship consulting work, I’ll work collaboratively to create that framework, providing recommendations and rationale that your whole company can get behind.
When you work with a consultant, you want someone with the talent, experience, and industry credibility to not only create a great strategy, but build the consensus to get it done. You want someone who will take the time to understand your organisation, challenges, and goals. And you want the consultant you hired – the consultant you trust – to do the actual work.
Whether you’re staring down a budget cut now, or you’re preparing for a potential downturn, you need to make a plan as early as possible. The longer you delay, the fewer good choices you’re going to have. And if you don’t have a plan at all, you could end up with everything on renewal being cut, no matter their value to the brand.
Let’s not let that happen.
If you want to discuss your situation, please drop me a line and tell me a bit about your organisation and your challenges. We can then set up a phone or Zoom meeting to discuss, before putting together a consulting proposal for you.
Please note, because I do all of the strategy work, I can only take on a handful of major consulting clients a year.