Banking on support

At the City of London Festival we experienced the first effects of the credit crunch from the eye of the financial storm. We are reliant on the private sector for 50% of our funding, much of that from the banking and financial services sector on our doorstep, for whom support for and sponsorship of the arts suddenly seemed a luxury, dispensable item. We were strengthened by ongoing core support from our local authority, the City of London Corporation, and by a Sustain award from Arts Council England. However, programme costs still have to be largely covered through private sector support; the festival could not take place without corporate sponsorship.

It may seem surprising, with the City’s continuing economic jitters, that our new major sponsor is from the financial services sector. However, our partnership with BNY Mellon is proof of the value of the long view – on both sides. BNY Mellon has a tradition of supporting the arts both in the USA and Europe, and for a global firm with its European headquarters in the City, we provided the opportunity to partner with a multi-artform event with international programming, rooted in the Square Mile. For us, it is equally valuable to establish a partnership with a key international firm in the City. A far-sighted (and confident) vision was essential during the 18 months from the first knock at the door to securing signatures on the contract.

Ink dry, both parties are now aiming for a long-term partnership, and a holistic one: as well as fulfilling marketing objectives (investment from BNY Mellon has enabled us to raise the festival’s profile while promoting BNY Mellon’s support for the arts), the company is involved in the festival at all levels. Our events will provide opportunities for client entertaining, the two PR teams are working together to maximise press coverage, employees will volunteer on the festival’s education projects, and BNY Mellon’s recyclable waste is being transformed into costumes for the Festival procession.

Securing corporate partners is difficult, and festivals have a particular challenge in that their activity is by nature time-limited. It is essential to maximise the opportunities during each festival to introduce potential sponsors to the event: this is the best time to secure support for next year’s edition. Identifying companies which chime with your organisation is important, be that through location, audiences or artistic programme. What can you offer a sponsor that no-one else can? A festival should be a unique series of events in a distinctive place with a special relationship with its audience. Access to this is a festival’s secret weapon in the battle to secure sponsors.