Most people look at event sponsorship as a way to get money for their event. And while it’s great to have funding from a reputable sponsor, it’s even better to set your goals on developing a long-lasting relationship with them. Not only is a sponsor helpful when you’re looking to create an initial buzz factor but they’re great for leveraging a business.
Here are some ways to maximize your sponsor’s involvement
Establish credibility
Connecting with a well-known sponsor will not only align you with a familiar brand but also gives a business the opportunity to lay its foundation. For new businesses and events this is the perfect time to showcase your 5 Ws (who, what, why, when and where). If the sponsor has given you a chance then it’s likely that your audience will to – don’t blow it. Make sure to make a favorable first impression.
Welcome the possibility of a long-term relationship
After you’ve shown them what you’re capable of with your first event, chances are they’ll be receptive to future endeavors as well. It’s important to focus on all the things you’ve offered your sponsors and make sure you’re fulfilling all obligations. Throwing in extras to make the experience more memorable for them is a nice gesture to highlight your appreciation.
‘Sell’ to the sponsor’s audience as well
If you’re new to this, you may not even have an audience yet but you at least have a target audience in mind. Try aligning your company with sponsors who are likely to appeal to the same demographic. Most well known brands carry loyal consumer audiences who are receptive to their products, messages and events. If your event is aligned with this type of brand, you’re likely to have access to their following and when you do – sell to them.
Reduce your overhead
This one is simple. You pretty much lower the cost of upfront fees associated with producing an event – the sponsors absorbs them. This can be minimal or all costs could be absorbed.
Bridge the gap between your event and the audience
This is similar to the earlier mention of sell to the audience except this is not focused on selling but more of an introductory approach. Once aligned with a reputable sponsor take advantage of introducing yourself to their audience. Getting sponsorship dollars is just one side of the coin.
Sponsors should be treated as business partners and their money as personal investments. Not only are they investing in your event but they’re also investing in you, so you want to be sure of giving them the highest return, which is a successful event with opportunity for more. As with any relationship it must be satisfactorily maintained. Long after they’ve written the check you’ll be happy to know that keeping them involved in ways that create visibility for their brands is also ideal.