So you have put together some great ideas for your event, but now need the funding to make them a reality. This is a common problem for many event organisers and where event sponsorship steps in to save the day.
Sponsors can either provide hard cash or benefits such as free services or catering. Naturally however, you have to offer them something in return.
Why do companies sponsor events?
When a company decides to sponsor an event, it is usually for atleast one of two reasons:
- Return in Marketing Value
- Corporate Social Responsibility (CSR)
Often it's a mix of the two. Either way, a return on investment is incredibly important to sponsors. A company won't spend time or money without being pretty sure about the return they're going to get.
So how do companies gauge the return on their investment or ROI? Often, it is very hard to measure, however, it is likely that they will be looking at how the events activity can be turned into extra sales or more customers. To calculate this return, companies are likely to look at how the event will help to boost their brand.
How to find the right sponsor for your event?
It's all about getting the right match. If the event is not aligned with the sponsoring companies intended audience, they're not going to be interested.
Understanding what you're event is about and who your demographic is makes it easier to find companies with similar beliefs and goal. This way, you can really assess the value you might have to a potential sponsor.
Perform some research. Have a think about keywords, age ranges, potential budget. Whether your event is aimed at sports, music or culture. Looking at what your companies have sponsored previously also helps. Also look at what sort of companies have sponsored events similar to yours.
How to contact potential sponsors
When you reach out to a company, ensure you use a tailored approach. Try to specify what you can offer you and why this is something that will benefit their company. Use your research to align your goals with theirs. Remember that the value you are offering should be something that the company cannot create themselves.
Where does seeking sponsorship go wrong?
Often event organisms and particularly those in the charity sector, think that they are entitled to sponsorship from companies. It is easy to look at big business and assume that just because of their size or yearly revenue that they will want support a charity that looks after endangered animals.
This is a problem and the wrong attitude. Sponsorship should be earned. Understanding the sponsor's values and finding a business whose goals align with yours will lead you to find company's who wants a support your cause.
Rights holders will often also overlook smaller offers of sponsorship. Companies opportunity to help out with an event as its often something they can give more easily and it can be highly valuable. The sponsors can help cover the things you need to buy rather than you doing it.
Its true that sponsorship is a competitive marketplace, with many worthy organisations bidding. That said, there are a lot of companies out there with a budget for this type of activity, and there's no reason you shouldn't be able to access it by following the advice above. And once you have honed your offering, you can showcase it to potential sponsors on Sponsormonster.co.uk.
Have you got a sponsorship success story? Please get in touch and share it with us!
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