Managing your Relationship with an Event Sponsor As a sponsorship is essentially a business deal between you and your sponsor it is a good idea to have an event sponsorship agreement or contract.
Event Sponsorship Checklist There you have it. Header image via Cornell University Library on Flickr by. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. However, you may visit "Cookie Settings" to provide a controlled consent. Cookie Settings Accept All. Manage consent. Close Privacy Overview This website uses cookies to improve your experience while you navigate through the website.
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My bet is with the monkeys. Instead of indiscriminately searching for anyone and everyone who could be potential partners, the key is to find companies who are specifically interested in sponsoring the types of events your business is producing. By focusing solely on companies willing to sponsor events , the search process becomes targeted and in turn yields more favorable results.
Even in , there is no foolproof formula to guarantee sponsorship. But having a more targeted strategy, outreach-savvy event managers increase their chances of event success. To help form this strategy, here are 9 tips on how to best position both you and your event in front of the ideal sponsors.
Use this guide to:. Check out the very last section for more on that. Before you can start finding the right companies, clearly articulate the differentiating factors of your event. Below are a few questions to reflect on to help get to the core of the event identity. Even if you were to find companies who are interested in the event, you will only win them over once they buy into the event goals and vision. Thus, make sure to have these core factors explicitly defined before beginning the search.
Being able to clearly communicate these values will be crucial in helping you find companies interested in sponsorship events. If the goal is to find companies the are interested in sponsoring events, the primary step should be to understand why these companies are looking for sponsorships. In the end, sponsoring an event is a significant investment so it is important to become knowledgeable on the types of event ROI that these companies are expecting to see. Below is a list of reasons that cover why companies seek out event sponsorship opportunities.
There are many other reasons why companies want to sponsor events but these are some of the main motivating factors. As mentioned before, it is imperative for you as an event organizer to clearly communicate the mission and objectives of your event as you meet with prospective sponsors.
Similarly, it is very important for the sponsor to articulate their company mission and brand values to you as the event organizer. Having clearly established criteria for the types of sponsors that you want to partner with is crucial for the overall success of the sponsorship. This might seem a bit limiting, but in this case, picky is good. Event sponsorship is when an organization provides financial assistance to an event to achieve promotional advantages.
Sponsorships can come in the form of a cash exchange for assets or a barter exchange involving products or services. This guide will focus on the importance of building a solid partnership between the event organizer and sponsors.
It starts with building relationships, showing value, giving them an unbelievable offer, and teaching them how to engage with attendees.
The success of a majority of events depends on sponsorships. Dozens of events are reviewed by sponsors every day and many are sent back or are denied because they are not a good fit. And many of their drawbacks could have been easily avoided. Here are some common mistakes event organizers make again and again when reaching out to sponsors.
Reaching out to sponsors isn't the same thing as reaching out to attendees. You need to provide tailor-made information for sponsors. Sponsorship packages with descriptions that are clearly copied and pasted from an event profile is a major turnoff for sponsors.
Organizers need to think of their event from a sponsor's perspective, which means looking at the audience and not as a member of it. All the elements of a sponsorship package need to be revised and oriented towards the sponsor, paying particular attention to the visibility and added value the sponsor can expect while getting involved in the event.
Continuing with sponsorship packages, many organizers make the mistake of only having one or two sentence descriptions in their package. With a lack of information, sponsors will struggle to think of event organizers as reliable and professional business partners because sponsorship is B2B. Of course, the description texts should remain reasonably short and concise, but the organizer shouldn't forget to clearly highlight why businesses should sponsor the event, instead of just providing basic event information.
It's one of the most crucial points in the whole package. That means that they want to bring their brand, product, or service in front of the right audience. In this case, the right audience means the sponsor's exact target group. The most fundamental demographics that every event organizer should have ready for their event are gender, age, income situation, and education level. Additional information about the marital or employment status, as well as regional demographics, might also be crucial depending on the type of the event.
Seasoned event organizers will not have any problems when it comes to providing this information to sponsors, but newer professionals may not always think to be prepared. Always assume that the sponsor will ask for these demographics. Sponsorship has a boring history - and it is still often boring today.
Luckily this is changing with a shift in mindset towards interactive sponsorship techniques. An increasing number of sponsors have become aware that they need to be seen as added value for an event instead of being a necessary evil.
Organizers have an obligation to come up with compelling proposals of how to include sponsors and how to add value to their events, while sponsors today have to contribute to the success of the event. This can only happen if the organizers involve the sponsors early on in the event planning process and give them a certain amount of space to develop creative ideas.
Coming up with interesting ideas means a lot of brainstorming, as well as the willingness to disrupt tradition and follow new paths. It's surprising how many event organizers are missing out on the opportunity to sell their event to sponsors by messing up the sales follow-up instead of learning how to apply proven sales techniques. Of course, it is time-consuming to follow up on every contact, but organizers should not make the mistake to hope for a quick sale after the first contact has been established.
The bigger the sponsorship is, the longer it will probably take to close the deal. The way to go is to establish a working sales funnel. There are plenty of great tutorials on how to build a sales funnel. Setting milestones and a clear schedule for follow-up activities is an obvious choice - yet many organizers neglect these basic rules. The search for the right event sponsor can be a long, difficult, or even grueling task, and the process is unique for every planner and for each type of event.
Working these considerations into your event strategy will have a lasting effect on how well each sponsor will fit into your event, how long it will take to establish the sponsorship, and how effective the sponsor will be in terms of partnership engagement and quality. Money, of course, plays a crucial role in sponsorship and its potential delays. Generally, the larger the sponsor along with the costs associated with it , the longer the onboarding process will be.
In fact, higher budgets can easily take a couple of months of negotiation before the sponsor will commit and transfer the money. To help speed up the process, planners need to be able to calculate event ROI and justify it to their sponsors. For event planners looking to ensure a more reliable budget, especially those who plan annual events, it could be worth investing in session tracking event technology to prove to your sponsors your ROI in a measurable way.
Smaller companies and larger corporations bring different strengths to the table. In a small company, typically the owner of one of the partners decides whether to sponsor an event or not.
This essentially speeds up the process and facilitates the negotiations. Getting to know these leaders, what their company stands for, and what they can bring to your event, are all important facets of the event sponsorship decision-making process. Bigger companies—on the other hand—typically follow a hierarchy and workflow for approval, and quite often your contact person might not have the power to decide over a budget alone. Depending on the number of involved persons, this can take a few days, up to even a couple of weeks in the worst case.
Additionally, there are far more opportunities for plans to fall through. Do your best to evaluate which type of sponsor is best for your event, and always have a backup plan. Taking time to really personalize your pitch will pay off in the long run.
The more complete the pitch is, the more streamlined the negotiations will be. Be sure to include these key elements for your pitch:. Event planners have an obligation to come up with compelling proposals of how to include sponsors and how to add value to their events, while sponsors today have to contribute to the success of the event.
It is always extremely helpful to put yourself in the position of the sponsor to anticipate the questions they will ask you. This will speed up the process and avoid unnecessary pitfalls and roadblocks. It can be helpful to see the sponsor as someone who is investing in your mission and event, rather than simply considering them a cash cow. Do you have everything ready in advance like contracts, invoices, asset lists, etc.? The sponsor might ask you to provide these things even before anything is signed, and if no one has them prepared, it can considerably slow down the process.
It not only puts you in a stressful situation, but you will make a very unprofessional impression on the sponsor. CRMs provide great ways to streamline the sponsor outreach and to handle the entire deal flow. They might include tasks, to-do lists, document management, tracking emails, and many more things that help event planners getting things done.
Starting early and being efficient pays off. It is time-consuming to follow up on every point of contact, but event planners should not make the mistake to hope for a quick sale after the first contact has been established. Set milestones and deadlines, and stay on top of them often. Organizers have an obligation to make sponsorships compelling and they shouldn't dare come up with any outdated proposals sponsors no longer respond to.
Sponsors are companies and companies that want to sell more. Therefore, they are looking for solid ROI or, more often today, ROO return on objectives to measure the success of their sponsorship.
As an event organizer, you can make a couple of tweaks that can make your sponsorship proposal more attractive for sponsors.
As an event organizer, you can make a couple of tweaks that can make your sponsorship proposal more attractive for sponsors, such as:. These factors are hard to quantify in numbers except for the price of course. It requires excellent sales skills, pristine preparation, and a solid foundation of relevant data to make sure sponsors will trust you.
The interesting thing about any set pricing is the subjective component: everyone is ready to pay a premium as long as they feel the premium is justified. When applied to sponsorship it simply means that sponsors will pay a premium if the event is compelling and they feel the need to be there.
Lesser-known events will obviously have a hard time justifying a premium price. Everything around sponsorship is about visibility, period! But even seasoned organizers sometimes tend to over evaluate the visibility they can give sponsors at their event. My advice: keep expectations grounded. Assess the potential in a very neutral and realistic way without trying to pretend some things aren't attainable.
This goes hand in hand with visibility but sits on top of the specific visibility you are able to grant sponsors. One of the most critical factors is your ability to execute on marketing and communication surrounding your event. Definitely keep in mind that sponsors will closely follow how you perform and will be more than happy to receive regular updates from you before the event.
Again this one goes hand in hand with visibility but extends beyond pure visibility. Are they going to be able to have direct contact with your audience to showcase their products and services? What can be done from your side as well as from the sponsor side to create true added value for sponsors and attendees?
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