What's the sponsor thinking?
In the early 1990s, LaSalle Bank sought a special event to increase the company's visibility in the Chicago area. It first sponsored, then purchased, the Chicago Marathon, investing substantial sums in what has become a world-renown running event.
Now that Bank of America (BOA)has purchased the company that owns LaSalle, it will be interesting to see how the marathon fits in its marketing plan. BOA already has the name recognition that LaSalle didn't have and it will have to determine if the funds pumped into the marathon are dollars well spent.
Whenever you solicit sponsors, you should know how the company can benefit from sponsorship of your race. It may be seeking an increase in sales, strenghtening of its brand, connecting to a particular market to which you can provide access, or fulfilling some other corporate goal.
Know what the sponsor is thinking so you can demonstrate to the sponsor the value of your event.