Five Effective Event Sponsorship Strategies for a Successful Event
A sponsorship refers to the process of a company supporting an event or person in monetary or in-kind forms, in return for recognition. Sponsors are able to gain brand and media exposure and increase their reach, whilst the sponsored business are able to offer more exciting programs and activities at their events. Sponsorships can be extremely effective, however with the current market saturation, it is difficult for many businesses to obtain sponsors. We have curated a few simple strategies that will assist you in obtaining a sponsorship.
Know your target audience
The most important party in seeking sponsorships are the target audience, as both the sponsor, and sponsored are seeking to gain customers out of the experience. Obtaining a sponsor with a similar target audience to your business is important, as the sponsorship will not be valuable to them if they are not able to reach many people. A business is likely to sponsor your event if your attendees can relate to their brand. It is important to understand demographics, behaviour patterns and preferences of your target audience before approaching sponsors.
Be Selective with Your Sponsors
It is important for the integrity of your business that you select sponsors whose values are aligned with yours. It may be easy to accept a large sum of money from a sponsor however it is important to understand where the money it is coming from. If your company advertises as eco-friendly and sustainable, you wouldn’t want an energy company whose operations actively destroy the planet to sponsor your event. Forming partnerships with companies like that will reflect poorly on your business, as a sell-out and damage your reputation.
Pitch Information Relative to Them
Once the prospect has become open to the conversation of sponsoring your event, it is important to understand the business’s objectives for this event. Focusing on KPI’s that the sponsor can resonate with, and providing relevant data to the sponsor, will legitimise your event and support your cause. A substantial campaign and budget surrounding the event’s marketing means that sponsors are more likely to agree with your terms.
What are you providing to the sponsor?
A sponsorship is a give and take relationship. For the money given to your event, you must be able to provide a return that will be beneficial to the business. When pitching for a sponsorship, it is important that you can justify exactly how valuable it will be to the business. Whilst pre-set sponsorship packages are the most common form of valuing a contract, offering each sponsor a custom package based on their business needs will mean that they won’t have to pay for assets they don’t wish to use. Before searching for potential sponsors, have a collection of assets which you can sell to the sponsors, and have them recognise the benefits.
Examples may include:
- Naming rights to programs, areas, sessions, breakfasts etc.
- Social media and digital posts and assets
- Speaking opportunities
- Paid media
- Exhibition space
- Logo and signage placement
Provide Post-Event Results
Inform the prospect that you will be providing a post-event results report, which will review the event’s successes, as well as strategies that were not executed as intended. This report will measure the success of the event against KPIs and objectives of the event, where the sponsor is able to measure whether they were successful in this event. A return on investment (ROI) may be difficult to measure for an event, so the best way to measure a sponsor’s success is through a return on objectives (ROO).
With current market trends seeing an increase in competition amongst businesses seeking sponsorships, following these strategies will allow you to obtain a sponsor, fit for your business.
At Sane Event Group, we specialise in sponsorship procurement and servicing creating unique and innovative corporate event experiences for our clients. Want to create a truly unique corporate party event? Contact us today to discuss how we can obtain the best sponsors for your event.