What our client needed
Before our client engaged Malachite, they offered a limited number of annual meeting sponsorship opportunities to companies in the industry. In addition, the Board of Directors offered a financial discount to outside sponsors with whom they held personal relationships. As a result of these relationships, the number of companies this client could approach to sponsor their activities was limited to one or two large companies at best.
In addition to an extensive educational offering via an annual meeting and a strong individual membership program, this association also developed print and online publications, a webinar program, corporate membership and a regional meeting. Each of these activities provided sponsorship opportunities.
What we created
Malachite recognized that the pricing structure, marketing and distribution for the range of corporate opportunities required a complete overhaul. To begin, Malachite worked with the board to review and update its strategic plan and clearly define all future activities. This plan was used to develop a comprehensive fundraising plan that included all of the association’s potential corporate sponsorship opportunities.
How it worked
Malachite developed a clear and market-appropriate sponsorship package for the annual meeting, more in line with organizations of similar size and scope, which was significantly more financially beneficial. In addition, the new corporate opportunities package outlined sponsorship opportunities well matched with the past preferences of specific sponsors. This allowed long-time sponsors to have a one-stop-shopping experience to offer financial support for other activities including:
- Advertising and/or logo recognition in print and online publications and on webinar programs.
- Joining a corporate membership program to further involve companies in activities and recognize long-standing supporters.
- Training opportunities with the potential for one-on-one interactions at regional meetings.
- Supporting the national and regional meetings.
This was beneficial for our association client and its corporate sponsors. The corporate prospectus included a “menu” of long-term sponsorship opportunities, which allowed companies to optimize their involvement and incorporate sponsorship funds into future budgets. Our client was able to use this fundraising plan to project potential revenue and create long-term financial plans. This allowed the association to become a sustainable organization and to continue to work towards its mission. The success of the comprehensive fundraising plan Malachite created resulted in a 267% increase in corporate support.