Do you achieve an ROI for sponsorships and memberships that you engage in for your business? Is the money you put toward these activities an investment or an expense?
If you are questioning whether that membership or sponsorship – or even a conference – is worth the money, think about how the opportunity aligns with the values, goals and the PURPOSE of your business.
Consider these questions
- What is the total investment? While making sure you have the funds to cover the expense, this is the most basic question to answer.
- Why are you considering this opportunity? What will it bring to your business? Who will it bring into contact with your business?
- What value is the sponsorship or membership offer in return for the investment? Professional development, education, networking, perks?
- Will this opportunity bring you closer to your ideal target audience?
- If you are renewing a prior agreement, think about it retroactively – were there benefits that will continue or be replicated going forward?
- Are you doing everything you can to make the most of the sponsorship or members? Are you attending the events? Getting to know others involved? Are you learning new skills or trends in your industry?
Take ownership in the opportunity
Building on that last point, think about what you are putting into the relationship. Is there more you can do? Review the benefits and the activities of the organization you’ve partnered with. Have you taken advantage of those?
If not, consider taking action to create your own ROI on the membership or sponsorship. Here are a few ideas:
- Attend events
- Volunteer to be on committees or mentoring other members
- Join the board of directors
- Offer to present at an upcoming meeting
- Write for their newsletter or website
- Network and develop relationships with other members
For more ideas on how to create your value, I recommend the book The Girls Guide to Starting a Business. One chapter offers a new business perspective on evaluating these opportunities.
Other resources you might consider:
- How to calculate ROI for sponsorships
- How to effectively your event sponsorship ROI
- Send the right message about membership ROI
- Proving ROI of memberships and sponsorships
Always in pursuit of purpose,