The Local Leaders Roundtable met on June 9 to share ideas and experience in successfully creating sponsorships and partnerships to increase revenue at your IBA. This Roundtable showed more than most the power of our collective hive. Ideas and advice abounded and we could have talked all day. Perspectives came from across the country and covered a wide breadth of sources, plans, strategies and more. You’ll need to watch the video to capture them all but here are just a few highlights:
- We do one big ask a year, that way we aren’t knocking on donors doors all year long.—Vicki Markussen, Local First LaCrosse.
- Build relationships and talk to the potential sponsor first to understand their interests. The approach them with a program or option that speaks to their interests.—Colin Murray, Dane Buy Local.
- It’s not just your relationships. Your board and committee members often have relationships that can turn into a partner or sponsor if asked.—Jennifer Rubenstein, LIBA
- All of our partnerships and sponsorships were based on marketing for companies or organizations, not cause (local business). Our power lies in both the consumer and small business audience that we reach. I define a partnership as an ongoing annual relationship. A sponsorship is support of a specific event or program. —Rebecca Melançon, Local Business Institute.
- We’ve been working with banks and lending institutions for Financial Literacy programs for small business. Sometimes you can tap into Community Reinvestment Act (CRA) funds. The CRA requires a back to show that they serve (and market to) all of their chartered area including underserved businesses.—Maryann Miller, Stay Local.
There was also much discussion on breaking the $5,000 ceiling for sponsorships, offering exclusivity for a higher price and building partnerships with colleges and universities.
Missed this event? You can see the video on YouTube.
The Local Leaders Roundtable is every second Thursday at 1pm ET. Our next Roundtable is July 14 for Local Leaders Roundtable: Local Hive: Events That Work. See upcoming Local Leaders Rountables and other AMIBA events here. Hope to see you soon!