Business owners, especially those currently working in the government procurement industry, all try to be creative in their marketing efforts to build brand image and credibility with their target audience. And with the continued upward trajectory of this billionaire industry, business leaders are exploring methods to bring their brands to the forefront of the industry, such as event sponsorship!
What is event sponsorship?
Event sponsorship is a partnership between a brand and an event management organization where the brand offers support to organizers in return for brand exposure. Depending on their agreed terms, the brand can show its support in three different forms, listed below:
1. Financial sponsorship
Also known as cash sponsors, this means the brand will be offering direct financial support.
Usually event marketers offer different tiered sponsorship packages so that sponsors can decide how much they want to invest and how that will translate into the organizer’s marketing efforts.
2. Promote in-kind sponsorship
Compared to financial sponsors who provide financial support, in-kind sponsors provide goods or services to event organizers.
Through in-kind sponsorship, brands now have the ability to support organizers by providing them with a venue, sponsoring their food and drinks, offering branded products as event prizes, offering attendees a free trial exclusive brand service, and Suite!
3. Media sponsorship
This type of sponsorship is generally applicable to tech and media giants with an established user base. Event planners typically turn to them for help when their event requires significant media coverage to reach a larger audience, such as nonprofit and charity events.
But this is only the beginning! Media sponsorship shouldn’t be limited to nonprofit events. Technical and media sponsors can offer their support by developing a special mobile event application that can enhance the audience’s event experience and help event planners gather information about the audience.
What are the advantages of sponsoring an event?
Seeing how many benefits of participating in event sponsorship, nowadays more and more companies are sponsoring events. Some of the significant benefits of trying out event sponsorship opportunities are:
1. Increase brand awareness
Being a sponsor of an event is an opportunity to shine the spotlight on the brand. This allows the brand to create a meaningful connection with the audience.
With today’s technology, people are already bombarded with intrusive messages via social media posts. By becoming a sponsor, the public can Actually know the brand since the event’s audience was reached through organic channels.
2. Make quality connections
The target market is more receptive to messages when they are in an environment they care about, such as at a corporate event that interests them. So when a brand tries to connect with its audience while engaging in a positive space, people are now more open to finding out more about the brand. Additionally, sponsorship also provides the brand with the opportunity to engage with niche audiences that are typically hard to reach.
Sponsorship of events allows a brand to create a more emotional connection with its target market, which will ultimately pave the way for long-term brand loyalty!
3. Generate qualified leads
If the brand belongs to a highly competitive industry, such as public procurement, building a solid reputation is essential to start doing business. Fortunately, choosing to sponsor events is a great way to build a brand’s reputation and gain leads from event goers.
Being a sponsor improves brand recognition, which will also help them gain new customers.
4. Stay ahead of your competition
In most cases, event planners avoid securing direct competing brand sponsorships from each other. Thus, if the organizers contacted a particular brand to become their sponsor, that brand would now have exclusive access to event participants.
Tips for sponsoring an event
Brands should remember that event sponsorship contracts are above all a partnership with the organizers. Thus, before embarking on the decision to sponsor an event, the brand must first consider these points:
1. Carefully read the sponsorship leaflet of the organizers
A sponsorship flyer, also known as an event sponsorship proposal, is a document shared with potential event sponsors that contains all the necessary details.
The essential information that event sponsors should focus on are:
- A full description of the event, including:
- Date, time and place of the event
- The central theme and content of the event, and the vision on which it was anchored
- Industry leaders and keynote speakers
- The unique features and highlights of the event will help create a buzz, redefine the attendee experience or better engage the audience
- Specific event success metrics, such as lead generation, increased social media impressions, etc.
- The audience profile of the event and an estimate of the number of participants who will join the event.
- Sponsorship levels of events and their inclusions
As the saying goes: “the first impression lasts. As a precaution, brands should practice careful consideration when considering such proposals. Brands should be careful with incomplete and very unprofessional proposals. This may suggest the inadequacy of the organizers and their incompetence to fulfill their promised ROI for the brand.
2. Evaluate if the event is relevant to the brand’s target people
Since event sponsorship allows brands to reach a wider audience, and even niche audiences that are hard to reach, they should aim to make the most of this opportunity and find out if they are spending money on it. good place. Thus, by using the event data presented previously in the sponsorship flyer, brands can now assess whether the interest of the target audience matches the products and services offered by the brand.
In addition, brands should also take into account the industries and current affiliations of the participants. In doing so, the brand’s reach can transcend the event halls, from the event audience to the branch of audience networks that might also be interested in the brand.
3. Find out if the sponsorship packages are worth it
With the benefits of modern media, advertising has become more of an open playing field where brands can have more freedom to think creatively to market their products or services.
On the other hand, sponsorship of events is a traditional means of advertising. Going the old-fashioned way has its share of advantages and disadvantages. To ensure that brands can achieve the ROI of their target event, they can try to compare the overall cost of the event marketing material on offer against the costs of traditional advertising.
Packages can be as simple as including the sponsor’s logo on account affiliate web pages or as complex as incorporating sponsor content and messaging into all event promotional efforts.
4. Develop a strategy on how the brand can maximize the sponsorship package
Whether the corporate sponsor is supporting the event financially, in kind, or by providing media promotion, the brand can get the most out of the partnership agreement by being creative.
For example, an event planner who wants to host an online business summit chooses an online solutions brand to be the main sponsor of the event. If the brand chooses to accept the sponsorship agreement, it may decide to offer financial support or in-kind sponsorship where it may have the opportunity to demonstrate its business expertise.
As the main sponsor of the Corporate Summit, and as stipulated in their agreed sponsorship agreement, the brand will be in charge of the development and design of the event’s website and mobile application. Since the heart of the Summit is its online functionality, the brand now has a more meaningful influence on attendees.
5. See the past performances of the event organizers
To assess whether organizers can deliver the return on investment they have promised, the brand should request a copy of their metrics of success to see how well they have handled associated events in the past. Usually, however, event sponsorship proposals sent by organizers include data regarding their previous performance with former sponsors in order to prove their credibility and competence as potential partners.
In addition, brands may also use other methods to evaluate the performance of the organizer, such as collecting testimonials from attendees of their other events and checking whether the organizers have a harmonious working relationship with other sponsors. .
Where can I find the right event to sponsor?
In most cases, event planners are the ones who will contact potential sponsors first. But that doesn’t mean the brand has to sit back and wait for a sponsorship opportunity to fall on its knees.
For brands that are still starting to navigate this arena of marketing, being proactive can help seal one or more sponsorship proposition. A great first step on this journey is to start sponsoring relevant events in their local community. By letting their brand know that they are open to event sponsorships, organizers can view the brand as a potential event sponsor for future events.
Another way to market the brand as a potential sponsor is to regularly check the GovCon Wire sponsorship page here. GCW offers various event sponsorship packages that can help brands achieve their marketing and event goals. Additionally, GCW can help its potential sponsors network with key decision makers and executives to dramatically build brand credibility in its market!
As for convention planners, here is related reading on finding event sponsors, prospering as a convention planner despite the pandemic, and using the internet as a promotional tool.
To stay up to date with upcoming events to sponsor and the latest news on the federal government, its key decision makers and the government procurement industry, subscribe to the GovCon Wire Daily bulletin today!