7 Steps to Attract and Retain a Sponsor

Thanks to Cardinal Health yesterday for the opportunity to share data on women in leadership and pharmacy at their #RBC2019 in Nashville.

More on the background that triggered this post is at the podcast today.

One interesting item that came up that I hadn’t though a ton about in the context of this particular audience (pharmacy owners) during the talk was the concept of finding a sponsor: as in, how do you get one?

So, let’s back up and define a sponsor. A sponsor is kind of like a mentor, but a little different. Mentors give you general advice, and may or may not be inside the organization you work for….however, a sponsor is typically someone who works at the SAME company in which you work, but is several levels above you. They also can provide guidance and advice to you individually, but more important — they also fight for you when you’re not in the room. And every big company out there has closed door conversations about promotions, cool new project teams, and succession planning without the rest of us in the room.

I gave a story of one of my own sponsors a while ago in my career when questioned about it, who is still a great mentor for me today, even though we no longer work together at the same company. But….this was an interesting question on how to find a sponsor — especially when you’re already at the top of your business (in this case, as a pharmacy owner). Also, one of the leaders at Cardinal after the presentation and I were talking about sponsors — and she raised an excellent point: that sponsors choose who they’re going to sponsor (the sponsoree). The sponsoree really doesn’t get to pick their sponsor.

Back to the original question: HOW DO YOU FIND A SPONSOR?

Here is what I suggest.

How To Find a Sponsor:

1. Pause. First, who are you? First and foremost, you ALWAYS need to start with yourself. Who are you? Think of yourself in third person to get out of your head. Ask your friends, family and people you work with to describe you — use the 360 degree feedback routine to start. Do tests like strengthsfinder and a values assessment and KNOW your top 5 of each and HAVE stories ready to go on examples of each of them. Until you first meet and get to know yourself, you shouldn’t really seek out sponsors, because you have no idea what you really want or need from one.
2. Next, what do you want? After you figure out WHO you really are, you next need to figure out WHAT you want. Do you want to be a CEO some day? Do you want to level up your business you ALREADY have? Do you want to be CLO of Pinterest?* Get clear on what it is that you want. That means, doing research. Study people who you admire. DO NOT COPY THEM, but you can always follow them and see how they operate. You then have to blend the first part of who you are along with what you want to do, but again, don’t copy — add your special super powers to it. Maybe you want to be a dean of a new non-existing school, but you admire a dean in pharmacy, a dean in business, and a dean in law. Whatever, just be ready to figure out and CLEARLY DEFINE what you want. And sorry, but you and ONLY YOU can really figure this out.
3. What do you need in a sponsor? Once you’ve done the hard work on who you are and what you want, THEN you can shop for attracting a sponsor, IMO. Follow them on social media, and try to connect with them in a commonality or interest shared. For me, I’ve generally found sponsors through books or the written word. I’d find a great book and share it with them, and that’s the doorway into a relationship. Give and don’t ask for anything in return. You’re investing in a relationship over time. Once you have the know, like and trust factors in place…
4. ID a potential sponsor or two: I think it’s easier to find a sponsor target if you work in a big company with many chief officers. I think what was interesting at this particular meeting was that the audience was ALREADY at the TOP of their OWN organizations. As pharmacy business owners, there was no C-suite above them. If this is the case, I think your quest to find a sponsor becomes a little more difficult. That may mean heading to your chamber, or angel investors, or multi-business owners OUTSIDE of pharmacy even who can help a one pharmacy business owner, for example, grow to many pharmacies. It all kind of goes back to #3, but you really need to get clear on what you need in order to seek out a sponsor outside of your organization. What is your business’s NEXT LEVEL? Then, WHO HAS BEEN THERE DONE THAT? Those are the people you need to seek out as potential sponsors.
5. Ask for what you want, but not out of the gate: I would never meet with a potential sponsor and say, “Would you be my sponsor?” Instead, I’d meet with them, and then ask for their advice. Lay out part 1 — who you are, then lay out part 2 — what you want, and then ask — who do you recommend I seek out to elevate me into this type of next or ultimate position? What books/podcasts/authors do you recommend I read or listen to? What else can I do here at Company X to flex and build muscles around the skill set necessary for this type of gig? THEN STOP TALKING and let the potential sponsor share. Keep asking questions and let the sponsor continue to share. People generally love giving advice, so be genuine and ask, and STOP TALKING and TAKE COPIOUS NOTES.
6. Follow up: This step is what either makes or breaks you, in my opinion, when it comes to getting a sponsor. If you really want to attract the rock star sponsors, you have to keep showing up. That means: follow up. If they suggest someone to you, follow up. If they suggest a book, follow up, read it, then send them more questions and your notes — or better yet, create a discussion guide and share what you learned back with them and others. If they have ideas on connections, follow up. Promptly. Take every suggestion they give you 100% seriously and follow. Up. Every. Time. Promptly. If you took the time and energy to meet with them and they in turn give their time and energy to you with ideas and suggestions but you don’t follow up — they’re going to stop giving you any more time and energy. Again, you have to invest in the relationship over time. It’s never going to be a one and done. And if you drop the ball — yes, even ONCE, you’ve lost your star power with them. Sponsors are seeking out diamonds in the rough. So, don’t let them down after mining time. By investing in you, they’re putting their limited resources into you, so don’t disappoint them. You can’t just dig up a diamond then set it in a ring — you have to carefully cut and polish it over time. It’s a process.
7. Thank them: If they actually give you their most precious asset — their time, you need to thank them. Every time. Send a hand written thank you. Send them a book you discussed that maybe they haven’t read. Continue to be a resource TO THEM as well. It has to be a reciprocal relationship. It’s okay that a sponsor wants to see some type of return on investing in you! Make sure you acknowledge that they’re giving their energy to you and that you sincerely appreciate it. This too is a step that will make or break you over time with them as a potential sponsor. If you don’t thank them for their time and suggestions, and drop the ball on any kind of thank you and follow up — you’ve lost them for good. There’s power in helping THEM too. For example, is their an award YOU could nominate THEM for? Is there a book YOU read that you really love that they haven’t? If so, help them out! It’s THE LEAST you can do after they’ve given you something they cannot get back: their time.

As for finding sponsors outside your organization when you’re already at the top of yours, it’s a little harder to ID someone, but not unattainable. With organizations like NAWBO, Chambers of Commerce, and even people in policy and government, there are always going to be cool people doing cool work who get stuff done, with a special verve. They may or may not be in your industry. I’ve personally generally found that some of my favorite sponsors are NOT in pharmacy, for example. However, it’s much easier to attract sponsor power after you get VERY CLEAR on who you are and WHAT YOU WANT. Don’t skip over steps 1–2 above. Sponsor YOURSELF. FIRST.

It’s just that easy…and that hard. : )

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Erin L. Albert is a writer/speaker/entrepreneur/edutainer/clinical instructor/podcaster and senior director of education at ASCP. Opinions here are her own.

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