Sponsoring an event for the first time can be daunting, with so much choice of event and sponsorship. How do you make sure you get the most out of your sponsorship? That’s where we come in, we’ve broken down the types of event sponsorships and how to best utilise them, helping you to create the lasting partnerships.
Types of Sponsorships
The most common form of event sponsorship is the use of ‘financial sponsors’. These are companies or people who give money to an event in exchange for benefits. These benefits would be outlined before the event begins when the contract is signed and could include logo placement throughout the event (banners, leaflets, posters and other promotional material), keynote speeches, pre-event content as well as promoting and being a part of the events promotions.
In-Kind sponsors are similar to financial sponsors, however, instead of donating money to the event they offer their products or services. For example, a camera brand would give the organisers cameras to use during the event or a hotel would give out its rooms for free.
One of the most important parts of an event is the run-up itself, and the promotion to draw in the audience. For this, there are Media Sponsors. These sponsors offer aid when it comes to advertising, whether that be paying for an ad in the newspaper, the print of posters or the cost of filming an advert. Media sponsors can also help with promoting through their social media channels or an article on their blog.
The last form of event sponsorship is a ‘promotional partner’. These are similar to Media sponsors, however, tend to be a single person or small group with a large social media following, such as bloggers, public figures, or even celebrities, who would promote the event to their fan base.
All forms of event sponsorship have benefits for the sponsor. As mentioned before this could be a keynote speech and logo placement, but could also include free tickets/VIP access, brand recognition and/or a booth.
Why sponsoring an event is good for your brand
There is always a worry with sponsorship – event and otherwise – with the return on investment and how to measure the benefits for your organisation. A measurable impact for your brand is the new leads and ROI from new customers.
When at an event, your organisations will be seen by hundreds of new potential customers, allowing you to get more leads. Of course what you do at the event will affect the number of leads you generate. You’ll need an attractive, potentially outside-of-the-box booth with a great offer or incentive to grab the attendees attention and to get their details.
Knowing exactly where their information has come from gives you the opportunity to send targeted content and adverts to them. To measure your ROI from this, keep track of who from these leads become customers. This will allow you to measure the exact amount of money your organisation made from the event.
There are benefits that come from events that aren’t quite measurable. For example, the emotional connection you can build with your audience is something that can only happen face to face, and an event is perfect for that. Being able to shake hands and share the story of your company makes you much more likely to be remembered. This doesn’t just apply to your audience, but to the vendors too. Through your event sponsorship, you can build lasting relationships with the vendors. This can work in your favour if the event/company is growing.
And let us not forget one of the biggest benefits – brand awareness. According to a recent study, 72% of consumers positively view brands that provide quality event experiences and 74% of respondents admit that engaging with brands that create memorable moments makes them much more likely to buy their product.
How to choose the right event for your company?
Don’t be tempted to sponsor any old event just because it’s a good price. If the attendees aren’t your target audience, it could have a negative effect on your brand. Therefore the first thing you have to consider when picking an event is the people.
Your audience has to coincide with the event’s attendees. This will maximise your return on investment and make your brand have an impact. Having a matching audience means that you add value to the event and vice versa.
Having goals will also help you choose which event to sponsor. If your objectives are not the same as an events, steer clear! Or if your objective is a high volume of leads, a larger crowd would be more fitting.
The best way to find this out is to research the event and who is running it. Find out what their values are if there is any bad press you don’t want to be a part of, and the history of the event – if past years have gone well.
After finding everything out, take a look at the price. If you have found the perfect event but the price is out of your budget, be careful. There is no need to put your business in a bad position in the hope of a high return. Make sure it is something your organisation can afford.
There is a lot to consider when sponsoring an event, but there are ways to simplify this. For example, the Optimy Suite can streamline the application process for sponsors and automatically ranks applicants to your organisations values.