Understanding Event Sponsorship

Companies sponsor events for several reasons but their number one reason is for Marketing and how it will affect their bottom line. Basically will they sell more products or services and will they make more money from sponsoring your event. Companies want to market to their target market- is your event audience that market? The return on investment (ROI) is hard to measure but we have put together a strategic sponsorship plan to help sponsors reach their goals. Remember it is about the focusing on the Sponsors needs in order to fulfill your own. It is a Win-Win situation!

Step 1: Determine what you have to offer a sponsor in benefits. This includes marketing benefits and hospitality benefits at your event. What can you offer a sponsor in terms of benefits?

Step 2: Identify who your event audience is. What type of person attends your event? Define your attendees’ demographics. This is important to a sponsorship because they want to make sure that they are marketing to their target market.

Step 3: Determine what levels you will offer your sponsorship packages. First go through and decide which levels will get what benefits. Each benefit has a value to it so determine your level amount based off that value. People and Companies want value for their money, who doesn’t? So, make sure you are offering enough value for their money.

Step 4: Research potential sponsors. The internet is a great tool to begin researching companies that might be interested in you. Brainstorm a list of companies that you think would be interested in your organization and your event audience. Then check out their website to see if they have sponsorship criteria listed or event a Corporate Social Responsibility plan outlined. This will give you clues as to where they interest is. You can also check out other organizations that are similar and what sponsors they have secured. This will help you identify more companies that might have an interest in you.

Step 5: The design of the proposal. The proposal should be focused on the potential sponsor and the benefits they would receive by partnering with you. The proposal should not be focused on your organization. It is about what you can offer the sponsor and what their return on investment is.

Step 6: Soliciting Sponsors: Have a Hot or Warm lead is always beneficial so look at your current contacts and see who might have that lead for you. From there it is about making relationships. Sending a proposal to a potential sponsor could be beneficial- some of them have specific guidelines to submitting proposals so do what they ask. Reaching out to them and setting up a meeting with the head of the Marketing Department is one of the best ways to make more happen. Sometimes it is tough reaching these folks and getting that appointment. In order to reach your goal you have to keep going and keep calling more people.

Step 7: Sponsor Fulfillment: Once you have secured a sponsor you want to keep them. Make sure that you fulfill everything within the agreement. Make you sponsor feel like VIP’s because they are. Go the extra mile with them and build on the relationship. We want them to feel like this was a good investment.

Step 8: Follow-up: First off make sure you thank the sponsor after your event. Putting together a post-event report also is very important. This allows the sponsors to measure their investment. It also ensures the sponsor that you fulfilled their sponsorship agreement. Make sure they feel appreciated and wanting to come back the following year.