When you're seeking sponsorships, it's good to have a wide list of sponsors. But what's better is to have a wide list of why they should sponsor you.
I've sold a few dozen sponsorships over the last 3 years to run a profitable newsletter. (paid for my living expenses the past couple of years)
Here are the different reasons Advertisers paid me:
It's good to have these tools in your pocket when you're going back and forth with a potential sponsor, and also when you're seeking sponsors.
IF you know someone's motivation, you can focus all your attention on that, and deliver them a great experience.
For the sponsor who wanted clicks, I guaranteed them clicks.
For the sponsor who wanted the newsletter exist, I existed.
For the sponsor who wanted leads, I followed up and asked if they got leads.
Knowing why, also lets you find new sponsors.
Those who subscribe to you probably want you to exist. Offer sponsorships as a way to make sure your newsletter exists in 6 months, 1 year, 2 years.