Tuesday

New Sponsors? It's a Numbers Game


photo by Mulsanne

New Sponsors? It's a Numbers Game
By Don Terrill (c) - www.RacingSecrets.com

It's a numbers game my father told me - to find a great woman you just need to meet more women.

Well, what about sponsors?

The Formula:


Number of new sponsors = (Number of prospects you contact) x (Percentage of contacted prospects you close)

So, to get more sponsors you need to contact more prospects and/or increase your closing rate.

The closing rate is going to be dictated by your skills and economic conditions. Now, you can't do anything about the overall economy or a business's financial position, but you can improve your skills by...
  • Educating Yourself - Read every sponsorship book you can get your hands on. You only need to get one good idea for a book to be worth it.
  • Role Playing - Get your family members to play potential sponsors so you can work on your pitch. This should also help your confidence when you do the real thing.
  • Becoming a Veteran - No shortcut here, the more experience you have in searching for sponsors the better you'll be.
As you can see, one of the ways to improve your closing skills is to make more closing attempts. How do you make more closing attempts? You contact more prospects.

In the end it really does come down to how many prospects you contact - (1) by directly increasing your odds and (2) by helping improve your closing skills through practice.

So, did I take my dad's advice on women? You bet, the best thing I ever did.