I was recently asked how I was able to secure sponsors for my podcasts. My short answer was: “Over several years I set a track record of producing content that drew a listening audience with consistency. Then I made a list of companies who might have things to sell to that audience…” And I stand by that as a short answer. Of course, there are more pieces in the puzzle than one can convey in two sentences. In this blog post, we’re going to talk about how you might Research Potential Sponsors.
Industry Fit
Industry fit refers to how well a product, service, or business aligns with the needs, trends, and standards of a specific industry. It’s about ensuring that what you’re offering is not only relevant but also resonates with the demands and expectations of that industry. Look for companies or brands that align with your podcast’s content and audience.
Competitor Analysis
One quick method is to check who sponsors similar podcasts to identify potential targets. In addition to giving you ideas about WHO to approach, it may serve to help you think of what you might be able to do differently WITH the potential sponsor.
Craft a Personalized Pitch
In short, do your homework, and don’t go in cold. What’s your elevator pitch? What’s the extended version? Tailor your pitch to each potential sponsor, highlighting why your podcast is a good fit for their brand. Create sponsorship packages that align with the sponsor’s objectives, offering customized benefits such as prominent logo placement, exclusive access, or specific activation opportunities.
Clear Benefits
Illustrate that you understand the sponsor’s goals. Demonstrate how you can provide exposure to their target audience. Outline the benefits and potential return on investment (ROI) for the sponsor.
Reach Out
Reaching out to a potential sponsor involves a strategic approach to demonstrate the value of a partnership and to align their goals with your offering. You can engage with potential sponsors on social media platforms, but make sure your approach is professional and respectful.
Direct Contact
Email or call the marketing or sponsorship department of the companies you’re targeting. A professional and well-crafted email is often the first point of contact. Ensure it’s personalized and includes your proposal or a link to it. Follow up with a phone call if appropriate, especially if you haven’t received a response to your email.
Networking
Attend industry events, join podcasting groups, and leverage your connections to find introductions. A warm introduction is always preferred to a cold call.
Negotiate Terms
There will inevitably be a quick negotiation about the terms and particulars of the sponsorship. Usually it’s just a friendly conversation. Sometimes it’s a bit more formal.
Flexibility
Be open to negotiation on the terms of the sponsorship, such as the length of the sponsorship, type of ads, and payment structure.
Contracts
Ensure everything is documented in a formal agreement to protect both parties. This is critically important. Nothing matters without a signature
Deliver Value
Delivering sponsorship value involves ensuring that both the sponsor and the sponsored entity (such as an event, team, or initiative) receive tangible benefits from their partnership.
Ad Placement
Integrate sponsor messages seamlessly into your episodes.
Reporting
Establish key performance indicators (KPIs) to measure the success of the sponsorship. Common metrics include brand impressions, audience engagement, and lead generation. Waveroom provides a very good summary of certain metrics. Provide sponsors with regular updates on the performance of their ads and any metrics you’ve agreed to track.
Build Long-Term Relationships
The name of the game is stewardship. Double The Donation does some excellent explaining on the topic, even if they’re speaking to a nonprofit audience. Show appreciation for your sponsors’ support and recognize their contribution publicly, reinforcing the value of the partnership.
Engagement
Maintain regular communication with the sponsor throughout the sponsorship period to keep them informed and address any concerns. Explore opportunities for ongoing or renewed sponsorships, building on the success of the current partnership.
Feedback
Seek feedback to improve your partnership and address any issues promptly. Analyze the results of the sponsorship to evaluate how well the goals were met and identify any areas for improvement. Use insights from the evaluation to refine and enhance future sponsorship offerings and partnerships.
Say Thank You
You’d be surprised how many people don’t do this. Go the extra step and snail-mail in an actual thank you card. A short note will go a long way to keeping your sponsor relationship in good shape.
Contact The Podcast Wizard
By demonstrating your podcast’s value and aligning it with potential sponsors’ goals, you can successfully attract and secure sponsorships. Don’t hesitate to Contact The Podcast Wizard if I can help you with these things. In the meantime, our next blog post will be about making the actual ask.