Patience Is the Key to Launching a New Sponsorship Program
Posted: 9/22/2009 4:52:31 PM by
Dan Kowitz | with 0 comments
Most of us probably don’t even remember learning to ride a bike or learning to swim. For those who did not learn how to do those things when they were young, trying to learn as an adult can be difficult. This typically comes with added fear, increased effort and requires more patience. Learning to do these things as an adult also usually takes a longer period of time.
Launching a new sponsorship program, or re-launching an old one, can be just like learning to swim as an adult. The problem is that many executives within organizations expect new revenue within weeks, even in this economy. The truth is it will not happen overnight. It can take several months to get your assets organized strategically for the sales process. In my experience, once the sales process starts in earnest it can take anywhere from 6-18 months to see new or increased revenue.
Sounds scary, but think about building a new business or new product line. Most are not in the black overnight and may not be expected to get there for several years. That does not mean they are unsuccessful ventures and should be scrapped. The new product line may end up being the most successful thing a business has ever done, but it needs time to develop.
Sponsorship is no different. Launching a new sponsorship program requires the same scrutiny, planning, effort, execution and time as it would take to grow any other part of your business. This is not like handing a shiny new toy to your child at Christmas. The child will usually take almost anything. Trying to sell a new sponsorship program is more like trying to buy jeans for your teenager; increased effort and more patience are required!
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Filed under: selling, assets