Event sponsorship is when a company supports an event by providing funds in exchange for something of value. This value could come in many forms, such as increased brand exposure, access to attendee data, speaking opportunities, or discounted event tickets. Sponsorship plays a crucial role in the success of any sort of event. It provides financial support, resources, and credibility to your event. Not only does it help you manage your budget, but it also helps you enhance the quality and market appeal of the event.
However, finding the right sponsors that align with your event’s objectives can be a challenging task. Especially when you are new to the field of event organisation. Hence, to ease the burden, this comprehensive guide will take you through the process of researching and identifying potential sponsors for your event. Which in turn will help you make the best of your event.
By strategically targeting sponsors and showcasing the value of partnering with your event, you can secure valuable sponsorships for your event. This will help you elevate the quality of your event and take it to new heights.
1. Define Your Event’s Objectives and Target Audience:
Before approaching potential sponsors, define your event’s objectives and understand your target audience. What is the central motive for organising the event, what is the magnitude of the event, who are your target audience etc. should be clear in your mind. Clarify what your event aims to achieve and how it aligns with the sponsors’ values and interests. Understanding your event’s allignation with your sponsor’s interest, this will help you in grabbing the attention of your sponsor. Understanding your target audience will also help you identify sponsors who can benefit from reaching the same demographic. Hence you will have a better chance of securing sponsorship deals.
2. Create a Compelling Sponsorship Package:
Craft a comprehensive sponsorship package that outlines the benefits and opportunities sponsors will gain by partnering with your event. The sponsors will take interest in you only when you will be able to provide them some benefits. Include details about branding and visibility, audience reach, networking opportunities, media exposure, and any exclusive perks. The main reason a sponsor finds your event is to increase their branding. Tailor the package to suit different levels of sponsorship, from main event sponsors to smaller, more localised sponsors.
3. Research Potential Sponsors:
Start by researching companies and organisations that have sponsored similar events in the past or have a track record of supporting events aligned with your industry or cause. You will have a better chance of securing a sponsorship when you approach a company that has sponsored similar events in the past. Use online resources, directories, industry publications, and social media to identify potential sponsors. Look for organisations with a clear synergy with your event’s theme and values.
4. Analyse Sponsorship History:
Look into the sponsorship history of potential sponsors to gain insights into their priorities and preferences. You need to study the events they sponsored, the amount or resource they sponsored and what were their preference while sponsoring. Analysing their previous sponsorships will help you tailor your pitch and demonstrate how your event can meet their marketing and CSR objectives. The better you formulate your pitch the higher will be your chance for securing a sponsorship package. Hence studying the history of sponsorship by the company will help you create an effective pitch and hence increase your chance of getting sponsored.
5. Identify Decision-Makers:
Once you have a list of potential sponsors, identify the key decision-makers within each organisation. This may include marketing managers, corporate communications heads, or senior executives. Usually the decision makers are the ones who will finally make a call whether to sponsor your event or not. Personalise your approach by addressing decision-makers directly. This will create a better impression out of your pitch. Also it will help you in catering the decision makers directly.
6. Leverage Personal Connections:
Explore your personal and professional network to identify any potential sponsors or connections that can facilitate introductions. Personal referrals can increase the likelihood of getting a meeting with decision-makers. A sort of a personal influence in the company gains you the attention of the decision makers. Hence it becomes easier for you to convince them for the sponsorship.
7. Attend Industry Events and Networking Functions:
Participate in industry events and networking functions where you can meet potential sponsors face-to-face. Many events act as a hub for you to meet people who can act as possible sponsors for you. These events provide an opportunity to introduce your event, establish rapport, and exchange contact information with potential sponsors. This will help you create an impression about your organisation in people’s minds. This will act as a head start for you to find sponsors for your event.
8. Craft a Customised Pitch:
Tailor your sponsorship pitch for each potential sponsor, highlighting how partnering with your event can fulfil their specific marketing objectives and align with their brand values. If you can show them how sponsoring your event can help them meet their objective, that will become the deciding factor for your pitch. Address their pain points and showcase the unique benefits they can gain from sponsorship. Once they can see their profit in investing in your event, they will be up for the sponsorship.
9. Showcase Past Successes and Testimonials:
Demonstrate the success of your past events and share testimonials from previous sponsors who have benefited from their association with your event. Your portfolio is an important tool to gain you sponsorship deals. Social proof is a powerful tool in convincing potential sponsors of your event’s value. Your history in organising events and testimonials for those events will be a deciding factor in getting you sponsorship.
10. Provide Data and Audience Insights:
Back your pitch with relevant data and audience insights to showcase the potential reach and impact of your event. It will be better for you if you will be able to present these data in visual forms like graphs and charts. Remember, a picture is worth a thousand words. Include data on event attendance, social media engagement, website traffic, and any other relevant metrics. A data is the proof of all your arguments you put forth in your pitch. Hence, a good number of data will show the potential sponsors whether or not you can be relied upon.
11. Follow Up and Stay Persistent:
After sending out your sponsorship proposals, follow up with potential sponsors to inquire about their interest and answer any questions they may have. You will have to consistently follow them up to get the sponsorship. Although you need to ensure to not overdo it. Stay persistent, but not pushy, in your follow-ups to maintain a professional relationship.
12. Consider In-Kind Sponsorship:
In addition to monetary sponsorship, consider in-kind sponsorship where sponsors provide goods or services that benefit your event. Many companies hesitate in providing monetary sponsorship. But they can easily agree for in-kind sponsorship that aligns with their own work. In-kind sponsorships include catering, equipment rental, event promotion, or printing services. If a company is in catering business, it’ll be happy to provide you catering sponsorship which will be cheaper for it and also will help increase its brand value. If used properly, in-kind sponsorship will prove to be more useful than cash sponsorship.
13. Think Long-Term:
Nurture relationships with sponsors, even if they don’t commit to sponsoring your current event. Building long-term partnerships can lead to recurring sponsorships and increased support in the future. If the firm rejects a sponsorship deal for present, it doesn’t mean they will never be interested in you. If you will be consistent in your work, you can gain their confidence for the next event and hence secure sponsorships in future.
Conclusion:
Researching and identifying potential sponsors for your event is a strategic process that requires careful planning and personalised outreach. But there are certain steps through which you can create a better chance for getting sponsorship deals. Define your event’s objectives, create a compelling sponsorship package, and conduct thorough research to identify sponsors that align with your event’s theme and target audience. Tailor your pitch to each potential sponsor, showcasing the unique benefits they can gain from partnering with your event. Leverage personal connections, attend networking events, and showcase past successes to build credibility. Follow up with potential sponsors and consider in-kind sponsorship options. Following all these ways will help you in enhancing your chance in gaining a sponsorship. Remember, building long-term relationships with sponsors is essential for securing ongoing support for your future events. With a well-executed sponsorship strategy, you can secure valuable partnerships that enhance your event’s success and create a mutually beneficial relationship between your event and its sponsors.
