Get Sponsored
Event sponsorship has the potential to make a significant impact. Did you know 80% of event organisers rely on sponsorships for funding? These partnerships not only offer crucial financial support but also enhance credibility and broaden the event's impact. Let's take a walk-through event sponsorship and offer you some practical tips on finding potential sponsors.
What is Event Sponsorship?
We’ve all heard of event sponsorship but for clarification: Event sponsorship is a partnership where a company provides financial or in-kind support to an event in exchange for promotional benefits like brand visibility and lead generation. This relationship helps organisers fund their events while giving sponsors access to a targeted audience.
Types of Sponsorships
Title Sponsorship: The sponsor’s name is front and centre (e.g., “XYZ Company Marathon”).
In-Kind Sponsorship: The sponsor provides goods or services instead of cash (e.g., catering, venue, equipment).
Media Sponsorship: The sponsor offers media coverage, including advertising and promotion.
Product Sponsorship: The sponsor supplies products for use or giveaways during the event.
Why Sponsorships Matter
Financial Support: Sponsors help cover event costs, from venue rental to marketing.
Credibility: Reputable sponsors can enhance the event’s credibility and attract more attendees.
Expanded Reach: Sponsors often promote the event through their channels, increasing visibility.
What Sponsors Look For
Sponsors look for events that align with their brand and marketing goals. Key factors include:
Target Audience Alignment: Events that attract their desired demographic.
Brand Visibility: Opportunities for brand exposure, like logo placement and mentions.
Engagement Opportunities: Ways to interact with attendees, such as booths, presentations, and product samples.
Potential ROI: The potential return on investment, measured through brand awareness, lead generation, and sales.
The Sponsorship Lifecycle
The process of securing and managing sponsorships involves several stages:
Pre-Event: Research, proposal creation, and negotiation.
During the Event: Activation and engagement of the sponsorship.
Post-Event: Reporting on the sponsorship’s success and keeping the relationship for future events.
How to Identify Potential Sponsors
Researching Potential Sponsors
Start by studying your event’s audience to find suitable sponsor categories. Check out industry reports, scope out what your competitors are doing at events, and mingle at networking events to gather info. Look for companies whose products or services really resonate with your audience.
Creating a Target List
Compile a list of companies and brands that resonate with your event's theme and audience. Focus on potential sponsors who are most relevant and interested. Consider both local and national businesses, depending on the scale of your event.
Understanding Sponsor Goals
Sponsors typically have specific goals, such as:
Brand Awareness: Increasing visibility and recognition.
Lead Generation: Collecting contact information for future marketing efforts.
Corporate Social Responsibility: Supporting community events or causes.
Product Launches: Highlighting new products or services.
Building a Sponsorship Profile
Gather key information about potential sponsors, including their company background, marketing strategies, and earlier sponsorships. This information helps tailor your approach and highlight how your event can meet their goals.
Networking for Sponsors
Use your professional contacts and attend industry events to make connections with potential sponsors. Utilise online platforms like LinkedIn to find and engage with decision-makers. Networking events, trade shows, and industry conferences are also valuable opportunities to meet potential sponsors.
Approaching Potential Sponsors
Craft personalised sponsorship pitches or decks highlighting mutual benefits and the opportunities available to them.
Practical Examples: Successes and Failures
Thorough research and alignment are critical for success, but even the best plans can go astray without true collaboration and involvement. Let’s look at what success and failure can look like:
A Successful Sports Sponsorship
Corporate sponsorship is common in the sports industry as companies realise the potential for brand exposure and customer engagement. For example, Nike sponsors basketball superstar LeBron James, providing financial support and aligning the brand with his success and influence. By using James' popularity and global reach, Nike can enhance its brand image and boost sales.
Failed Sponsorship Ventures
However, not all sponsorships are successful, whether in events or commercial spheres. Two famous failed sponsorships:
H&M faced backlash in 2018 after featuring a black child in a hoodie with the words “Coolest Monkey in the Jungle” written on it. The clothing retailer had partnered with The Weeknd on a clothing line, but the singer took to Twitter to announce that he was cutting ties with the brand. He said he was “deeply offended” by the ad and would not work with H&M again.
Gillette famously dropped Tiger Woods as a sponsor in 2010 after his extramarital affairs were exposed. Woods had been the face of the brand’s “The Best a Man Can Get” campaign for years, but the scandal made it difficult for Gillette to continue the partnership. The move cost Woods an estimated $12 million a year in endorsement fees.
In a Nutshell
Well-aligned and mutually beneficial sponsorships can be a cornerstone of a successful event when carefully thought out. You may not be able to control every external element but by understanding the basics of sponsorship and effectively finding potential sponsors, you can secure the support needed to elevate your events. Start researching potential sponsors today and use the strategies in this guide to create successful partnerships.
Bonus FAQs
How do I approach a potential sponsor?
Craft a personalised pitch that highlights mutual benefits and clearly outlines the sponsorship opportunities.
How can I make my event more attractive to sponsors?
Align your event’s audience with the sponsor’s target market and offer unique engagement opportunities.
What should I include in a sponsorship proposal?
Include an event overview, sponsorship packages, mutual benefits, and a call to action.
How do I measure the success of a sponsorship?
Use metrics such as brand visibility, lead generation, attendee engagement, and ROI.
How can I keep a long-term relationship with sponsors?
Provide post-event reports, keep regular communication, and offer exclusive opportunities for future events.
By adhering to these fundamental principles, you can effectively navigate the complex world of event sponsorship and cultivate strong, enduring relationships with your sponsors.
