Sponsorship Glossary -Know the Lingo, Get the Sponsor! (Part 2)

Last week I shared part 1 of my sponsorship glossary. In case you missed it or want to review, you can read it here.

Here’s part 2 of the sponsorship glossary:

Marketing Message: The message a sponsor wants to share through their sponsorship. Marketing messages can be around the launch of a new product, a set of shared values, or any other message important to the sponsor at the time of the campaign. Be sure the marketing message of your sponsor matches your core values.

Media Sponsor: Any media partner that provides either cash, or usually advertising time or space, to a property in exchange for official that designation.

Niche Marketing: Marketing focused at a specific group of individuals within a set target market. (e.g.: Lifetime: Television for Women)

Official Supplier/vendor: This is often a low cost sponsorship in which a supplier and/or vendor pays a sponsorship fee to guarantee that they will receive a certain amount of business or rights to sell at the event. (e.g.: The Official Car, The Official Beverage, etc.)

Option to Renew: A contractual right to renew a sponsorship based on terms agreed to in the initial sponsorship agreement.

Point of Difference: The key event details and sponsor benefits that set an event or organization apart from competitive events.

Property: Any entity or event that is available for and seeking sponsorship.

Reporting: Providing updates to sponsors regarding the event and specific milestones that have been met.

Right of First Refusal: The contractual right granting a sponsor the right to match any offer the property receives during a specific period of time in the sponsor's defined product category.

Signage: Signs displayed at an event that feature the logo or marketing message of a sponsor.

Sponsee: The individual or organization receiving sponsorship funds from the sponsor.

Sponsor: The individual or organization that purchases the sponsorship property offered by the sponsee.

Sponsorship: A cash and/or in-kind fee paid to a property in return for access to the commercial potential associated with that property.

Sponsorship Fee: Any payment, cash or in-kind, paid to a property for the rights associated with the property.

Sponsorship Plan: A document that details how a sponsorship will be serviced by the sponsee.

Title Sponsor: The sponsor that has its name incorporated into the name of the sponsored property, e.g., “Chick-fil-A Peach Bowl”.

I highly recommend bookmarking this sponsorship glossary for future reference, or printing a copy of it that you can keep nearby as a resource.