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✏️ ON MY MIND
Collaboration, Advertising, and Sponsorship: What's the Difference?
A few days ago, C and I attended an insightful workshop at The Rocks in Sydney. Hosted by my amazing friend Therese Tarlinton, business advisor at Realise Business, the topic was How to Get Sponsorships for Your Business.
Here are my key takeaways on the differences between collaboration, advertising, and sponsorship.
Collaboration:
An exchange of items or services between two parties without exchanging cash.
Both parties use the assets they have developed in their business.
Collaboration might involve money for the campaign, but no cash exchanged between the two partners.
Advertising:
A company paying to tell an audience whatever they want.
The advertiser decides the message to the audience.
Audiences feel like they're being sold to.
Sponsorship:
A commercial deal where a corporate company gives money and receives exposure and leads.
Sponsors are looking for profit and audience engagement.
The key is to create an activation that sponsors are excited to be a part of and that audiences want to engage with. The audience wants entertainment, inspiration, and relaxation. They feel excited and anticipation about the event (and willingly give up something for it).
Four types of sponsorship
Financial Sponsorship: This type of sponsorship involves providing monetary support, like a wine company sponsoring a team or event.
Contra Sponsorship: In this type of sponsorship, a company provides a product or software in exchange for promotion or exposure. For example, a software company sponsoring a podcast.
Media Sponsorship: This type of sponsorship focuses on reach and distribution. A company provides exposure in exchange for promoting its brand. For example, a company providing funding for a YouTube channel to publish its content.
Promotional Sponsorship: This type of sponsorship involves a company partnering with another to promote each other's products or events. Some promotional sponsorships are paid, like an affiliate program, where a company pays a commission for each sale made through their referral. For example, a clothing brand sponsoring a music festival and promoting its brand to festival-goers.
Tips for getting sponsors for your product, service, or event
Identify brands or organizations that have a natural synergy with you and your brand. Look for those who have the same customers and values as you.
Think about the partnership from the customer's point of view and offer them an amazing outcome. Think about "wow" experiences that they would want to be a part.
Start with a conversation with the potential sponsor. Have a great conversation with the potential sponsor and try to understand their motivations.
Research the potential sponsor to see what they typically sponsor and their promotions. This information can help you tailor your pitch. Focus on how you can help them create something different and unique for their audience.
Collaborate with other businesses or organizations in your industry to offer a package deal to customers. This can help leverage each other's networks and create a hub of expertise.
Want to learn more about creative marketing through strategic partnerships? Check out my interview with Therese on the Authentic Influence podcast.
🔨🧰 MARKETING TIP
OK. Ready for more bad advice?
Bad advice: “Just use these proven templates” ❌
If you want to become a thought leader in your niche...
Copying existing leaders and using the same templates or tactics they use feels like a smart move
The problem?
— Katelyn Bourgoin (@KateBour)
Mar 21, 2023
👍 3 THINGS THAT CAUGHT MY ATTENTION
A good reminder that sometimes you just need to chill.
2/ Watch: BabyMonster: Last Evaluation
Ever wondered how K-POP groups are formed? This fascinating online series by YG Entertainment (the company that launched the global female K-Pop phenomenon Blackpink) documents how they will decide the line-up of new K-pop group BABYMONSTER.
I gotta say - this is compelling TV!
In Rand Fishkin's perspective, the three biggest advantages human creators have over AIs (for now):
Emotion
2. Novelty
3. Creative insight
Anyone can make it. Most of it is at least OK. Some of it’s pretty good. A few folks are already sharpening their skills at prompting AIs to generate increasingly high-quality material. But, the core problem with content created by large language model (LLM) outputs is that it’s so cheap, so accessible, so ubiquitous—it’s not merely table stakes; AI content is the new floor.
💸 WEALTH BUILDING TIP
If you're in your mid 40's like I am or younger, this tip is probably more relevant for your parents. Either way, knowing what's available when you approach retirement is good. So you can understand your options.
If you bought an annuity right before the financial crisis, you made out very well. If you wanted to buy one in the past eight or nine years, you probably found that they were incredibly expensive. But in the current era of rising interest rates, annuities are becoming more affordable again.
Still, if you're approaching retirement age, understand that there is no rush. Figure out your rock-bottom expenses — and then live with that budget as an experiment. Maybe you'll find that you'll need more than that in retirement. Maybe you'll actually need less. Do some comparison shopping. Take your time. Then, when you've got a pretty good handle on the expense of your retirement lifestyle, at a time when interest rates are up a bit and you're ready to quit working, go ahead and buy that annuity.
Honestly, I had no idea what an "annuity" was until I read this article. Now I'm considering how this could be applicable to my father in his current situation.
For us Aussies, here are some related links:
🐦 COOL TWEETS OF THE WEEK
Twitter revealed its algorithm to the world.
But what does it mean for you?
I spent the evening analyzing it.
Here’s what you need to know:
— Aakash Gupta 🚀 Product Growth Guy (@aakashg0)
Apr 1, 2023
AI is moving fast and getting more creative by the day. But I have to say, I didn’t expect this…
When I listened to Arnold Schwarzenegger’s new fitness and positivity podcast, it took me until 1:35 to realize he had cloned his voice and is releasing a daily podcast with it.… https://t.co/8wWvEtjTkp https://t.co/EXZ1AsdOYr
— Chris Savage (@csavage)
Apr 4, 2023
the way to underestimate the ahistorical impact of ai is by thinking of it as a tool, like a “bicycle for the mind”, which is largely how people experience ai today.
the thing is, ai will soon be mind itself, and the impact of that is hard to imagine.
— Siqi Chen (@blader)
Apr 7, 2023
The most powerful skill in the 21st century?
Digital leverage.
3 days ago, @dickiebush & @thedankoe distilled 3 hours of wisdom on the digital economy.
And insights are must-reads for writers, entrepreneurs & digital creators.
Here are 12 biggest takeaways (in 2 minutes): https://t.co/q1UlEDRCek
— Eve Arnold (@writes_eve)
Mar 20, 2023
🔧 TOOL OF THE WEEK
Want a better way for people to schedule calls with you so that you can control your schedule and make time for your personal life?
Let me in on a little secret...
Book Like A Boss (BLAB) enables my clients, partners, and collaborators to schedule appointments without me needing to play email ping-pong with them.
It's super easy for them to reschedule and to get reminders. I can also receive payments for my strategy sessions, consulting, and workshops using this tool.
Here's what one of my consulting services pages looks like:
I've also tested tools like Calendly, and this one beats it hands down.
🤔 PARTING THOUGHTS
C and I caught up with a group of good friends and their toddlers and babies yesterday in Sydney. I asked ChatGPT to "Write a sarcastic poem about hanging out with our friends and their babies and toddler kids over Easter for the first time ever." Here's what it came up with:
Oh, the Easter bells do chime,
For friends and babes, a scene sublime,
We gather 'round with joy and glee,
First time with tots, oh, lucky me!
We thought we'd spend this day so sweet,
With pals and their offspring, what a treat,
The toddlers shrieking, babies wailing,
A symphony of sound, never failing.
We hunt for eggs, we paint them bright,
With sticky hands, a sheer delight,
Our clothes once clean, now wear the art,
Such memories to touch the heart.
We sip our wine with bated breath,
As baby drool takes center stage,
We'd toast the day, if we could hear,
Above the din, our friends so near.
Oh, how we yearned for this grand day,
With toddlers, babies, in full display,
To share the joy, the mess, the tears,
Our lives enriched for future years.
So, raise a glass, with sarcasm's smirk,
For Easter fun, and all its perks,
Embrace the chaos, the noise, the fuss,
This Easter day, forever thus.
Yeah, that about sums it up nicely 😂
Honestly, though, it's interesting to observe how social gatherings become all about the kids once babies and toddlers are involved. We literally sat and watched the kids playing (and crying) for stretches at a time.
Still, it's wonderful to see our friends as loving parents and meet their little humans.
Enjoy your Easter weekend!
Anfernee Chansamooth
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