Seven Steps to Sponsorship Success

* Strategic Philanthropy: Company A makes a donation to organization B in exchange for designations and benefits typically reserved for sponsors.

Done correctly, sponsorship can help combat consumer and donor skepticism by establishing relationships based on enrichment, affinity and trust.

Common mistakes nonprofits often make when pursuing corporate sponsorships include selling one-off sponsorships instead of longer-term solutions; selling sponsorships to what needs funding rather than what is most marketable; basing fees on the budget and need, and not on value; not leveraging connections.