In many cases, securing event sponsors can be crucial to the overall profitability of events. This means organisers are relying on cash sponsorship to cover event costs in exchange for numerous benefits that can help brands build credibility, gain exposure and communicate directly with their target audience, and fast!
Understanding the reasons why a company may choose to sponsor your event will help you with this mission. Their reasons might include brand exposure and priority logo placement, the opportunity to engage your audience and maybe they want to demonstrate their corporate social responsibility. Looking at your event from the sponsor’s perspective, means you can visualise their presence and craft a proposal that is in line with their core values and objectives.
So, how do we succeed with this? See our list below to get you started.
What’s for sale?
You will need to identify all the possibilities for engagement and the price. Do some competitive analysis and review other similar events that seek sponsors. Take a look at their sponsorship package to help you outline all the possible benefits at your event and suitable price levels. This is a great snapshot of all the possibilities and provides you with some content to share. However, it is important to consider tailored, bespoke packages that can be crafted to suit the specific needs of sponsors as well.
Some organisations require several internal approvals before any $ amount can be confirmed. Start early and allow yourself and your sponsors enough time to review the information you provide and follow their procedures for such requests. Unless you have a strong connection at the organisation, time will allow you to build a new relationship, no matter which way the lead goes.
Create a prospect list
Create a prospect list and identify organisations that will want to be associated with your event. Follow trends and business news for announcements from organisations and seek opportunities for potential sponsors that match the overall nature of your event.
Research and then research some more!
Once you have a established a list of organisations to approach, start researching each one and investigate their process to start this conversation. Do you know someone who works there? What information do you need to provide? How soon do they need everything from you? Perhaps they need additional information about the organisers? Also, be clear about how much you are requesting, there may be several layers of approval before it can be secured. Know who you are talking to and be sure to understand their business and core values before you engage in any conversation.
Craft the proposal
Think creatively and explore ways that your event can help meet the needs of those you approach. Unique sponsorship ideas, that are relevant, will be appealing and will certainly get noticed. For example, if a potential sponsor is looking to positively improve their online engagement, perhaps you can craft a proposal that offers them extensive social media access and the online support they are looking for – however, you must ensure you are able to deliver on your promise and you have the resources and following to support your ideas!
Many sponsors will seek assurance on return of investment before they commit. Help identify key metrics to measure the success of their involvement and provide helpful data driven facts post event. This shows your commitment and confidence in the event as well.
Don’t forget to thank your sponsors; pre-event, during the event and post event! It is so important to acknowledge their support and demonstrate their value. This will help pave the way for a strong new relationship and if you can deliver a successful event, you will have earned their trust and possibly their support for future years!
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