Newsletter: 25 B2B Marketing Stats to Close More Partnerships 📊 ; Sponsorship Lessons From NASCAR’s Sales Team 👩🏫 ; How Companies Should Speak Out on Political Issues 📣
Frank Strong did a nice write-up of 25 B2B marketing statistics that sum up 2024 at the half-year mark. There are some real gems here. 💎💎💎
Here are a few that apply to partnership sales and how I would activate them.
🤔 Buyer’s choice. When buyers first contact a seller, they are “69% of the way through a buying cycle.”
My Take: Regardless of your nonprofit's size, focus on becoming a magnet for opportunity so that companies call you first. The most effective way to achieve this is by building an audience that knows, likes, and trusts your organization. You can do this with a keystone content asset. Over time, you can monetize this audience through partnerships. As your supporters introduce you to their companies and companies seek to access your engaged audience, opportunities will naturally flow to you. Wouldn't that be a hell of a lot easier and fun than making cold calls? But, lest you think otherwise, building an audience is hard! But it's worth the effort.
Read More: How to Monetize Your Content with Corporate Partnerships
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🤝 Retention is the priority. Nearly half of marketers surveyed are prioritizing customer retention (47%).
My Take: Recruiting new partners is hard, so retaining existing corporate partners is crucial. In a recent post, I emphasized that while partnership teams often focus on case studies to enhance recruitment, their primary goal should be retention. Retaining partners isn't just about maintaining a relationship but maximizing it. Don't limit your collaborations to cause marketing and sponsorship. Explore all potential avenues for partnership. If you only engage a company in one way, you're missing out on valuable opportunities for both parties.
Read More: The First Goal of a Case Study is Retention; An 8-Point Framework for Working with Partners
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🕸️ Webinars are working. Marketers saw “a 56% increase in requests for a demo” stemming from webinars based on an analysis of 2023 data.
My Take: I know what you think: "Joe, we are not a SAAS. We don't have a product to demo." You aren't a SAAS, but you have something to sell. By hosting webinars that offer deep insights into current trends, challenges, and opportunities within the corporate partnership space, nonprofits can position themselves as industry leaders. Featuring expert panels and discussing best practices attracts prospects and provides valuable information that enhances credibility and trust. This strategy can help you stay top-of-mind with potential partners looking to make informed collaboration decisions.
Read More: AI for Thought Leadership: 5 Prompts That Get You Halfway There
✍️ Partnership Notes
1. Partnership teams could learn a thing or two from the sponsorship sales team shakeup at NASCAHH.
What Nonprofits Can Learn from NASCAR, According to ChatGPT
1. Adapt to Market Changes. NASCAR's recent reshuffling of its sales team and hiring a brand consultancy demonstrate the importance of adapting to market changes. Nonprofit partnership teams should be flexible and ready to restructure their approach to remain competitive and relevant.
2. Leverage Consultants for Strategic Change. Bringing in external experts, such as NASCAR did with Monigle, can provide fresh perspectives and innovative strategies. Nonprofits can benefit from hiring consultants to refine their partnership approaches and market positioning.
3. Renew and Diversify Sponsorships. NASCAR's efforts to renew deals with existing partners like Geico and Xfinity while seeking new sponsors highlight the need for a dual focus on retention and acquisition. Nonprofits should nurture existing corporate relationships while actively pursuing new opportunities to diversify their funding sources.
4. Understand Sponsor Needs and Flexibility. Xfinity's desire to adjust its spending and focus within NASCAR shows the importance of understanding and accommodating sponsor needs. Nonprofits should be open to renegotiating terms and adapting to their partners' evolving priorities.
5. Offer Comprehensive Sponsorship Packages. The suggestion to create larger, integrated sponsorship packages rather than piecemeal deals emphasizes the value of holistic offerings. Nonprofits can enhance their appeal by bundling sponsorship opportunities into comprehensive packages that provide greater value to partners.
6. Stay Current with Industry Trends. NASCAR's adjustment to the new media rights cycle and increased competition from Formula 1 underscores the importance of staying current with industry trends. Nonprofits should keep abreast of market shifts and competitor strategies to refine their partnership approaches.
7. Highlight Unique Value Propositions. Since the pandemic, NASCAR's focus on maintaining its "cool factor" demonstrates the power of a strong brand identity. Nonprofits should clearly communicate their unique value propositions and impact stories to attract and retain sponsors.
8. Engage in Continuous Improvement. NASCAR's ongoing efforts to improve and evolve its sponsorship strategies reflect a commitment to continuous improvement. Nonprofits should regularly evaluate and enhance their partnership strategies to ensure long-term success.
2. Wow, this partnership between fast food chain A&W and Multiple Sclerosis has been around for 16 years and raised $20 million.
3. Seven crucial questions to ask throughout the buyer's journey. #2 is vastly underused. Don't be just good. Be good for something.
🤑 Marketing Your Cause
1. McDonald's rebrands Happy Meal as 'The Meal' for Mental Health Awareness Week.
2. Should your nonprof get chill and have a vibe in emails, or nah? Depends on the gen. The olds like proper lingo while the millies and zoomers like things caz.
😎 Cool Jobs in Cause
1. Director, Partnerships & Sales, Engage for Good, Remote ($90k - $105k)
2. Director, Corporate Partnerships-Consumer Brands, World Food Program USA, Washington, DC
3. Director of Corporate Partnerships, The Trevor Project, Remote ($115k - $135k)
4. Philanthropy Officer, Corporate & Sponsorship, Jacksonville Zoo and Gardens, Jacksonville, FL ($57k - $62k)
5. National Manager, Corporate Partnerships, Breakthrough T1D, Remote ($69k - $100k)
🧠🍌 Brain Food
1. Share this with your corporate partners. How should companies speak out on political issues? One thing is clear: Being ambivalent doesn't work. 🎁 (🎁 = I subscribe to this publication and am "gifting" you this article.)
2. I like this idea! How to introduce people the right way with a double opt-in.
3. File this under GO FIGURE. One year after I tore out my mophead hydrangeas in frustration over years of paltry blooms, they are having a banner year on the eastern seaboard. Here's why.
