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so you've just signed on a new sponsor in today's video i'm going to talk to you about the first thing you should do after signing a new sponsor yes even before sending them an invoice check it out so what's the first thing you should do right after signing a sponsor even before you send them an invoice it's to hit like on this video of course hit the thumbs up button and make sure you hit the subscribe button and the bell icon so that you get updates every week when we release a new video [Music] okay so you've just closed a new sponsor they've signed on the dotted line the first thing you should do before you send them an invoice is book a meeting but not just any meeting this is an activation brainstorming session now in this meeting you're going to do a very quick review of what you agreed on this is not an in-depth contract review you're just going to go over the high points then you're going to ask your sponsor to confirm their outcomes logos speaking sampling rights these are not outcomes these are outputs these are tactics your sponsor is using to get a specific outcome you want to be crystal clear on what your sponsor is trying to achieve through measurable outcomes you want to make sure that you fully understand how they will measure success of your sponsorship program based on those outcomes and then i want you to ask your sponsor for some ideas to help get those outcomes quicker better cheaper in other words i want you to run a really simple brainstorming session with your sponsor to make sure that every possible idea is on the table now you've already gone through discovery with them you've already negotiated the contract why would you want to go through an activation brainstorming session simple the pressure is off now nobody's worried about price anymore nobody's worried about negotiation tactics now you can just connect as real partners and ask your sponsor for some ideas and thoughts concerns around how they will get these outcomes how they will measure these outcomes and what you can be putting in your fulfillment report to prove to them that you delivered everything you said you would now when i'm negotiating a sponsorship package i always include a budget to cover activation expenses so that when i'm in this negotiation brainstorming session i actually have some extra cash that i can put towards the agreement that i can put towards this sponsorship opportunity to make sure that i'm delivering and over delivering on everything we've discussed in fact in some cases i even include an activation credit in the sponsorship package and agreement that my sponsor has access to almost like a spending account that they can draw from in order to build out activation ideas now in most cases what i discuss with my sponsor during this brainstorming session i can cover easily within the budget of the sponsorship agreement i'm not big on nickel and diming my sponsor so if something comes within five to ten percent of the total value of the package i'm happy to just eat the cost as part of our customer service strategy in other cases what my sponsor wants to do is significantly more expensive than what we negotiated and we simply let them take care of the hard costs sometimes it means that we pay for the hard costs and invoice them other times it means that they just pay for the hard costs directly themselves one example is a sponsor of ours who wanted to set up a graffiti wall in our exhibit hall now this wasn't part of the initial agreement but it made a lot of sense given the theme of their sponsorship and so we agreed to do this of course there was no change in the rights fees that they were paying we arranged to have the graffiti wall set up and then we simply sent them an invoice for all of the hard costs and it was just a quick amendment to the contract to make sure that everybody was on the same page i think it's important that the first experience your sponsor has with you after signing a contract is a meeting where you are asking them how you can deliver value how you can make them happy how you can help them measure outcomes and then you like a true partner coming to the table offering these things simply as a value add or at cost will it have an immediate positive impact on your bottom line no but when you get to the stage of renewal in your fulfillment report and you ask for a multi-year agreement or you ask them to increase their rights fees by 20 30 50 next year it sure does make those conversations go a lot better and also if something goes wrong throughout the partnership you've already negotiated over delivery and you've also created a partnership a friendship where you can be honest with your sponsor and tell them what happened and they're more likely to understand now if you want to learn more about how to build these value-add sponsorship agreements and turn them into real partnerships click the link below in the comments section which will go to some free training that i'm putting together we actually dive into these concepts in more detail and if you want us to keep making videos like this be sure to hit the like button and don't forget to subscribe and hit the bell icon so that you get updates every week when we release a new video