Corporate sponsorship is an important part of event planning. Not only is it important to the event planner, it is also important to the sponsor. When a sponsorship agreement is planned and executed effectively, a lot of money can be raised for both parties. This agreement also leads to a valuable relationship. The following 10 steps will help lead the way to success when seeking out corporate sponsorship.
1.Include potential sponsors in the event planning processes.
Come up with a list of potential corporate sponsors and plan the event with them in mind. It’s important to understand that corporate sponsorship is a form of brand advertising. Sponsors are more likely to support your project if it is a good fit with their business, as it is more likely to reach their target audience and create a better ROI.
2.What does your venue have to offer to sponsors?
When choosing a venue, ensure you identify all of the potential places for sponsorship logos. The most common places being entrances, signs, and the back of booths or seats. In addition to these common logo placements, look at ways that you can offer unique logo placement to sponsors. This might be in VIP areas, backstage, or even on products used at the event.
3.Track the number of impressions the sponsor gets.
It is incredibly valuable to sponsors to know how many people their logo is reaching. Spreadsheets are the traditional way of helping keep track of this. You need to know how many people are attending the event as well as how many are receiving sponsored materials. It’s also important to get a count of the number of people that are passing the venue every day of the event, since this also counts towards brand reach.
Luckily, there have been technological developments to help make this process easier for event planners. RFID bracelets do all of manual tracking digitally, which is a huge benefit for sponsors. They allow festival producers to provide sponsors with consumer data, demographics and behaviors in a way like never before.
4.Make a list of your event’s assets.
Once the majority of the event components are decided on, create a list of assets that you can offer to potential sponsors. Put a price to each asset, and create sponsorship packages based on them. According to MARCATO, $0.1 cent per impression is a good way to develop prices. If 10,000 attend the event, each logo would be worth a base of $100 and then may increase depending on the placement of it and the type of audience it is reaching.
5.Develop sponsorship Packages.
When developing sponsorship packages, you can base them on naming sponsors and presenting sponsors. They can also be based on locations or on being featured in event programs, on the main stage etc. One package could even be based on in-kind sponsorship. Creating a few different options is a good idea as it provides the opportunity for various corporations with different budgets to get involved in the event.
6.Research suitable sponsors.
Just like you want to keep potential sponsors in mind when choosing a venue, you also want to ensure that you research all potential sponsors to ensure that they are a good fit for your event. Ideally, the companies that you are approaching will have a big advertising budget and have an interest in charitable or community involvement. It is also good to look at companies that are hoping to increase their awareness in a new market or newer companies that are looking to increase their brand awareness in general.
7.Create a sponsorship deck.
The first step to approaching a potential sponsor is to develop a sponsorship deck. This should be a balanced mix of images and text. It should clearly define the event, the expected number of attendees, information about the attendees and highlight the various marketing opportunities available. It should also include the various sponsorship packages being offered.
8.Book a meeting.
After sending out the sponsorship deck, follow-up with corporations one-to-two weeks later. Once you have a list of interested sponsors, follow-up and request a meeting with the person responsible for their marketing. During the meeting, ask what the company hopes to get out of the sponsorship and try to encompass these wishes into the package you offer them.
9.Seal the deal.
Once you and the sponsor have come to an agreement, put it in writing! Develop a detailed proposal that outlines all of the ways the sponsor will be presented at the event. Ensure that it includes a breakdown of the pricing, logo specifications, and what they will receive post event. Contracts for certain sponsors or events may require legal advise to ensure it’s fair to both parties.
10.Post event re-cap.
Sponsors that attend events should be treated like special guests. It’s a good idea to take photos during the event. This will provide you with material to show your sponsors how they were represented at the event. Be sure you send out formal thank-you letters to all sponsors.
Establishing a good list of sponsors for your company is all based on creating and establishing relationships. If you follow the above steps, it will be more likely that your sponsor receives a positive ROI from sponsoring your event and you will have established a strong relationship with a corporation that may sponsor another event in the future.
The original article for this post can be read here.