As an event organizer, one of the biggest challenges you face is finding and securing sponsors for your event. Corporate sponsors for events can provide much-needed financial support, help you reach a wider audience, and add credibility.
However, finding the right event funding and convincing them to invest in your event can be daunting.
Let's explore what event organizers can do to find and get event sponsors. We'll go through this in 6 steps:
- Identifying potential sponsors
- Creating sponsorship packages
- Approaching potential sponsors
- Negotiating sponsorships
- Managing sponsor relationships
- Measuring the ROI of sponsorships
1. Identifying Potential Sponsors
Sponsor acquisition involves researching companies and organizations that really align with your event’s values and missions. Here are some tips event planners and managers should consider when identifying potential corporate sponsors for outreach:
- Look at sponsors of similar events: What businesses have sponsored similar events? This can give you an idea of the types of companies that may be interested in sponsoring your event. They will already have an interest in your target audience too.
- Research competitors: Look at the competitors of companies that have sponsored similar events. These companies may be interested in sponsoring your event to gain a competitive advantage.
- Research industry associations: Look for industry associations relevant to your event. These associations may have members who are interested in sponsoring events in the industry.
- Check LinkedIn: Search for companies that actively use LinkedIn and participate in the industry related to your event. These companies may be interested in sponsoring your event to reach a wider audience. You can then start a conversation with them in real-time.
2. Creating Sponsorship Packages
Once you've identified potential sponsors, the next step is to create sponsorship packages. These packages will outline the benefits of sponsoring your event and the different available sponsorship levels. Some ideas for creating effective sponsorship packages include:
- Include a variety of sponsorship levels: Offer a variety of sponsorship levels to appeal to different budgets and objectives. You can include options for exclusive or non-exclusive sponsorship and varying levels of visibility and engagement.
- Include tangible benefits: Offer real benefits that sponsors can use to promote their brand and reach more attendees. Consider including opportunities like logo placements, branding opportunities, social media mentions, event promotions, email event marketing campaigns, and brand exposure.
- Be transparent: Clearly outline the benefits of each sponsorship level. Be transparent about what sponsors can expect in return for their investment. This will help build trust and make it easier to negotiate sponsorships.
- Make it easy to sign up: Make it easy for sponsors to sign up by providing a straightforward registration process. This could include an online registration form and should have clear instructions for payment and sponsorship deliverables.
- Provide great communication: A great team requires clear and easy communication. Don't force your sponsor to jump between calls, text messages, email, and other sources. Consolidate all your communication to one platform Like Eventeny (https://www.eventeny.com/product/sponsor-management/) to make managing your sponsorship deals and deliverables go smoothly.
3. Approaching Potential Sponsors
Once you have created sponsorship packages, the next step is to approach potential sponsors. This can be intimidating, but there are some strategies you can use to increase your chances of success. Some tips for approaching potential sponsors include:
- Personalize your outreach: Personalize your outreach to each potential sponsor. This could include referencing their past sponsorships and their industry involvement.
- Highlight the benefits: Clearly highlight the benefits of sponsoring your event and how it aligns with the sponsor's objectives. Being specific will help them see the value in investing in your event.
- Follow up: Follow up with potential sponsors after your initial outreach. This will keep your event top-of-mind and show that you are interested and invested in their involvement. You're selling your sponsorship opportunity and most big deals don't happen with just one conversation.
- Be professional: Be professional and respectful in your outreach. This will help build a positive relationship with potential sponsors and increase the likelihood of success.
4. Negotiating Sponsorships
Negotiating the terms of a sponsorship can be a delicate process. It's essential to ensure that both parties are satisfied with the investment. Here are some tips for negotiating sponsorships:
- Be flexible: Be open to negotiating the investment amount and deliverables to find a mutually beneficial agreement.
- Be clear: Clearly outline the sponsorship deliverables and timeline for payment to ensure clarity and communication.
- Be creative: Consider offering customized sponsorship packages that meet each sponsor's specific needs and goals. If you know your event ROI then you can make adjustments to help insure the deal.
- Be respectful: Be respectful of the sponsor's budget and objectives. Avoid pressuring them into making an investment that is outside of their means. You don't just want them to sponsor this year, you want them coming back year after year.
5. Managing Sponsor Relationships
Once you have secured sponsorships for your event, managing these relationships is essential. It will let you ensure both parties are happy and getting the most out of the investment. Here are some tips for managing sponsor relationships:
- Be responsive: Respond promptly to any inquiries or requests from sponsors to show that you value their investment.
- Provide regular updates: Keep sponsors informed about the progress of the event and any changes that may impact their sponsorship deliverables.
- Offer additional opportunities: Look for ways to offer additional exposure or engagement opportunities to sponsors throughout the event.
- Show appreciation: Thank sponsors for their investment and show appreciation for their support throughout the event.
6. Measuring the ROI of Sponsorships
It's essential to measure the ROI of sponsorships. This demonstrates the value of the investment to sponsors and evaluates the event's success. Here are some tips for measuring the ROI of sponsorships:
- Set measurable goals: Set measurable goals for the event. Start tracking the number of attendees, social media reach, or leads brought in through the event. Knowing these metrics throughout the event will give you great leverage with sponsors.
- Collect feedback: Collect feedback from sponsors about their experience and the value they received from the investment.
- Analyze data: Analyze data on attendee demographics, engagement, and behavior. Use these numbers to evaluate the success of the event and the impact of sponsorships. If you need to determine your ROI we’ve added an easy-to-use ROI Calculator for you.
- Provide a post-event report: Provide a post-event report that summarizes the results of the event. This is a clear way to show the impact of sponsorships. It will also help sponsors understand the ROI of their investment and provide valuable feedback for future events.
- Organize your data: Use one easy platform for event management software to take the stress out of your sponsorship deals. It can also ease every other step of your event. Eventeny(https://www.eventeny.com/product/) has sponsorship management but a that's just the start.
Conclusion
Finding and securing sponsors for your event can be challenging, but following these steps can increase your chances of success. If followed well you'll be reaping the benefits of corporate sponsorship for events.
- identifying potential sponsors
- creating effective sponsorship packages
- approaching potential sponsors
- negotiating sponsorships
- managing sponsor relationships
- and measuring the ROI of those sponsorships
can attract and retain sponsors for future events and create a successful and profitable event. Hopefully these solutions will have you bringing in more sponsors. If you have more questions or need help raising sponsorship dollars, we’re happy to help here At Eventeny