What are the best practices for managing sponsor relationships?

What are the best practices for managing sponsor relationships?

Effective sponsor relationship management involves clear communication, setting mutual goals, and regular updates.

How often should I communicate with my sponsors?

Aim for regular updates, at least monthly, but adjust based on the sponsor's preferences and project needs.

What should I include in my updates to sponsors?

Include project progress, challenges faced, and any changes in strategy. Highlight successes and future plans.

How can I ensure my sponsors feel valued?

Show appreciation through personalized messages, involve them in key decisions, and celebrate milestones together.

What are common mistakes to avoid in sponsor relationships?

Avoid lack of communication, unmet expectations, and neglecting to acknowledge their contributions.