What is the best way to ensure sponsors fulfill their obligations under an agreement?

1 Set clear expectations

The first step to ensuring sponsors fulfill their obligations is to set clear and realistic expectations from the start. This means defining the scope, deliverables, timelines, and payment terms of the sponsorship agreement in writing. You should also specify the benefits and recognition that the sponsors will receive in return, such as logo placement, booth space, speaking opportunities, attendee data, etc. Make sure that both parties agree on the terms and conditions and sign the contract before proceeding.

2 Communicate regularly

The second step to ensuring sponsors fulfill their obligations is to communicate regularly and effectively with them. This means keeping them informed of the progress, updates, and changes of the event, as well as soliciting their feedback and input. You should also provide them with the necessary information, resources, and support to help them achieve their goals and deliver their promises. For example, you can send them reminders, guidelines, templates, deadlines, and contact details for the event. You should also acknowledge their contributions, thank them for their support, and celebrate their successes.

3 Monitor performance

The third step to ensuring sponsors fulfill their obligations is to monitor their performance and compliance with the agreement. This means tracking and measuring their deliverables, such as logo placement, booth setup, speaker presentation, attendee engagement, etc. You should also verify their payment status and invoice them accordingly. If you notice any issues, discrepancies, or delays, you should address them as soon as possible and seek a resolution. You should also document and report any problems, disputes, or breaches of the agreement.

4 Provide feedback

The fourth step to ensuring sponsors fulfill their obligations is to provide feedback and evaluation of their performance and satisfaction. This means collecting and analyzing data, such as attendance, leads, sales, surveys, testimonials, etc. You should also solicit feedback from the sponsors themselves, such as their expectations, experience, challenges, outcomes, and suggestions. You should then share the results and insights with them and highlight the impact and value of their sponsorship. You should also thank them for their participation and express your appreciation and gratitude.

5 Build relationships

The final step to ensuring sponsors fulfill their obligations is to build long-term and mutually beneficial relationships with them. This means maintaining contact and communication with them after the event and following up on any pending issues or opportunities. You should also seek their feedback and input on how to improve and enhance the sponsorship agreement for future events. You should also recognize and reward their loyalty and commitment and invite them to renew or upgrade their sponsorship. By building relationships, you can increase trust, satisfaction, and retention of your sponsors.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?