How Using Smart Event Sponsorship Increases Your Event's Success
Does your event need a sponsor? Events sponsorship has always been an effective marketing tool that is vital in increasing your event success. Many event managers are struggling with budget challenges for their events. Hence, finding a generous sponsor for financial aid can be helpful. In addition to funds, event sponsorships can help you increase your sales numbers, build brand awareness and improve your brand image.
What is Event Sponsorship?
Event sponsorship is one of the most influential and popular forms of sponsorship. Concisely, it is a kind of advertisement where influential companies and individuals grab the opportunity to increase their brand awareness through events in exchange for financial support. However, it does not only involve money. Sometimes it could encompass in-kind values such as giving free event venue, technology tools, and facilities, catering services, or donating awards for attendees' engagement activities during the event.
Why is Event Sponsorship Important?
When done effectively, event sponsorship provides a win-win situation that does not only benefit the sponsors and event organizers but builds a relationship where everyone can benefit, including the event attendees. Event sponsorship can help you improve your event success.
Below are simple reasons why it is worth securing sponsorship for your event:
Boost Your Financial Support
Financial sponsorship is the most common form of sponsorship. Organizing an event can cost you a lot of money; your budget is certainly one of the essential things you should keep your eyes on during the event organizing process. Receiving additional financial support through event sponsorship can help your event increase its success. With the additional financial support, you should allocate the new resources effectively. Invest smartly in the areas that can boost your event based on your goals, experience, and expected costs. You can use financial support to increase your sales by raising the value or offering discounts to attract more audiences to your event.
Attain a More Relevant and Broader Reach
Sponsors are already interacting with the audience in their niches and already know their audience needs. Thanks to sponsorship, you can reach these audiences without spending a lot of money and time researching and building relationships with the target audience. Through sponsors, you will get a chance to access an audience ready to listen to you. To broaden your reach, you must find sponsors relevant to your event topics and support your event's message. Wrong sponsor choice might fail to bring the results you expect from your event. Also, it can put a bad light on your event.
Popularize Your Brand
Reaching a wider audience will help you increase your brand awareness. With the wider audience provided by your sponsors, you will market your brand to a bigger audience who can relate to your products and service. As a result, you will increase your ticket sales.
Provide Positive Publicity
Sponsorships can improve your brand image by affecting the public opinion of your event. Sponsors are companies or individuals that are well-known or positively impact the community based on their fields of specialization. Finding the right sponsors who influence your audience helps gain trust from the audience right from the start of your event.
Types of Event Sponsorship
Events sponsorship is the pillar of event organizations. It is very effective in marketing and, when done right, can bring a lot of value to both your organization and the sponsors.
Here are the four different types of event sponsorships:
1. Financial Event Sponsorship
Financial or cash sponsorship is the most common type of event sponsorship. In this sponsorship, a sponsor gives money to the event organizers in exchange for promotions or benefits outlined in the sponsorship agreement. You can offer individual sponsorship packages for people or companies that agree to contribute finances to your event.
2. In-Kind Sponsorship
In-kind sponsors provide products or services instead of monetary donations. In-kind sponsors might help with things such as providing an accessible venue for your event, offering catering services, providing technology tools and services, or offering prizes for winners participating in some activities in your event. It is essential to note this kind of sponsorship is not a form of charity. The sponsorship agreement comprises a commercial gain for the sponsors and event organizers.
3. Media Event Sponsorship
Media sponsors provide advertising for an event. The advertising channels may vary as well as advertising frequency. Event organizers benefit from media event sponsorships by increasing the media coverage of their event without incurring marketing costs. At the same time, the media company improves their brand awareness and gets extra promotion as they associate with the event. The media company makes posts about the event and shares them on their different social media platforms.
4. Promotional Partners
Promotional partners are individuals who have many followers on social media. They can promote your event to their fan base. Due to the increased social media use, promotional partners are becoming more popular than media sponsorship. In addition, the event promotion by influencers looks more personal, and people will believe it more because they trust the influencer's opinion. Moreover, people follow the influencer because they like their lifestyle, and events are part of it.
Innovative Ways to Find Event Sponsors
Finding event sponsors does not have to be complicated. While at it;
Use digital tools to find and secure sponsors
Finding and securing sponsors for your event is a challenge for most event organizers. Fortunately, there are now reliable tools you can use to find sponsors. You can use the following tools:
Sponsorpark — It is the best for corporate sponsors in the entertainment, arts, sports, festivals, and special causes.
Opensponsorship — Specifically caters for athletes' events, teams, and sports events.
Specify Your Event Goals
Even if your goals are precisely financial, not just any sponsor will do it. For example, if you need to secure a certain hotel as your event venue, you cannot look for media sponsors. If you have more than one goal for your event, you need to look for multiple sponsors to help you achieve them. Determining your goals will help you get the right sponsors.
Contact Sponsors from Related Events
Event retention rates are falling; hence, you should note sponsors who work in events related to your industry. These sponsors already understand the importance of event sponsorship and are likely to continue investing in this kind of marketing because it also benefits their businesses. In addition, they know their audience will align with yours, making pitching easier.
Narrow Down Your Options to Sponsors that Support Your Event's Values
Event sponsors' meetings and pitches are time-consuming. Thus, you should limit the number of brands you contact for sponsorship. Contact only brands that align with your event's ultimate goals and image. For instance, if your event is eco-friendly, research to partner with companies that produce eco-friendly products.
Let Your Audience Decide
Your audience's interest should guide you as you search for your event sponsors. Reach out to brands that your audience loves. For people attending your event, seeing faces they know and love can excite them. It will make them feel you value them by bringing brands they can relate to and love.
Event sponsorship can significantly contribute to the success of your event. Apart from financial help, event sponsorship help you reach a wider audience, promote your brand awareness, and build a positive image for your company. However, you need to find the right sponsors for your event's success. Work with sponsors that align with your event's values.
Are you planning for a successful event? Click here to learn how you can position your sponsors and partners within Sweap. Our tool will help you enhance your event marketing and create an excellent experience for your event sponsors and guests.
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