There are many ways to get your product or brand out into the public eye in the marketing world. You can do social media marketing, television ads, radio spots, print advertisements, and other forms of marketing to make people aware of who you are and what you have to offer.
But while it’s good to put yourself out there using various online or offline marketing platforms, it might take a while before people become familiar with your name and what it stands for.
In the meantime, until they find out more about you or even consider using your services or buying your products, how can you feed them information so they may choose to do so?
One way to get people interested in your company is by hosting or being a part of events. Events can be in trade shows, festivals, grand openings, charitable causes, or even concerts. And while having an event is a great way to get exposure and bring people together, it can also be quite expensive. This is where sponsorships come in.
What is a Sponsorship?
A sponsorship is when a company donates money or resources to an event to have its name or product associated with it. Businesses often use this type of marketing to build brand awareness and create goodwill among potential customers. Sponsorships can also benefit events because they can offset some of the costs of putting on the event.
Sponsorships can also benefit events because they can offset some of the costs of putting on the event.
What Makes a Good Sponsor?
There are a few things that make a good sponsor. Below are some of the key characteristics of a good sponsor:
- A good sponsor is someone willing to help out and contribute their time, money, or resources to help make the event a success. They’re not just in it for self-promotion or to get their name out there. They genuinely want to help out and be involved in the event.
- A good sponsor has a similar audience as the event. For example, if the event targets young people, it would be ideal to have a sponsor who targets young people. This will help connect with the audience and make them more interested in what the sponsor offers.
- A good sponsor is reputable and has a good reputation. This will help boost the event’s credibility and make people more likely to trust it.
- A good sponsor can provide financial assistance or donate resources such as products, services, or advertising space.
- A good sponsor is easy to work with and willing to cooperate with the event organizers.
Who Can Be a Sponsor?
There are three types of sponsors: corporate sponsors, product sponsors, and individual sponsors.
Corporate Sponsors: These are companies or businesses that sponsor events. They might be a company specializing in holding trade shows for different industries or a company that manufactures a specific type of product, making them a good match for one of your event’s focus topics.
Corporations can also include non-profit organizations, government agencies, universities, or community groups. The great thing about corporate sponsors is that they often have marketing budgets that they’re willing to put towards an event if it helps them meet their goals and objectives.
The drawback, however, is that they’re usually more expensive since their primary aim is to build brand awareness rather than help out the other party involved with the event.
Product Sponsors: These are companies or businesses that manufacture a specific type of product that will make them a good match for one of your event’s focus topics.
For example, if you have an event about cars or are having a car show, then it would be helpful to get sponsors who manufacture car-related products, such as tires, insurance companies, oil change services, etc. However, just like with corporate sponsors, product sponsors can vary in price depending on how much they’re willing to give towards the event.
Individual Sponsors: Individuals contribute their money or resources towards an event to help make it possible. For example, junior clubs at universities might contribute money toward events the university hosts.
Individual sponsors might also be community members who are willing to donate money or help out with the event in any way they can.
The Process of Getting Sponsorships for Events
Figure out what you want and need: This may seem like an obvious step, but it’s essential to be clear about what you want from potential sponsors.
- What are you offering them in return for their support?
- What are your sponsorship levels?
- What are the benefits of each level?
- How will the sponsor be acknowledged at the event?
It would be best to answer these critical questions before reaching out to potential sponsors.
Draft a sponsorship proposal: This document will outline everything about your event and how the sponsor can benefit from supporting it. It should be tailored to the specific sponsor you target and highlight what makes their company a good fit for your event.
Reach out to potential sponsors: Now that you have all the information ready, it’s time to start contacting potential sponsors. You can do this in various ways, such as email, phone calls, or even in person (if they are local).
Negotiate and agree on terms: This is where things can get a little tricky. Not all sponsorships are created equal, and each company will have its own set of expectations and demands. Be prepared to negotiate until both parties are happy with the agreement.
Sign the contract and send out thank-you letters: Once everything is agreed upon, it’s time to sign the contract and send out thank-you letters to your sponsors. This is an excellent way to show your appreciation for their support and let them know how excited you are about the event.
How to Find the Best Event Sponsors and Partners for Your Brand or Event
Research, research, research! The best way to find potential sponsors is by doing your research first. Figure out who would be a good fit for your event and what companies/organizations might be interested in supporting it.
Use social media sites like LinkedIn. Social media sites are great places to start your search for potential sponsors. LinkedIn, in particular, is a site to use because you can target specific companies and individuals by typing in the name of the company or person you are looking for under “where they work” on their profile.
Keep an open mind! Don’t just rule out potential sponsors if they may not fit into your “type.” You never know who might be interested in supporting your event until you ask, so keep open-minded about all potential sponsors.
Sponsorships are a great way to help finance an upcoming event, whether it’s small or large-scale. Research events similar to yours or identical to what you are trying to promote is essential when deciding how much sponsorship support you’ll need.
While researching, search for companies/individuals/corporations that might want to sponsor your event. Once you have a list of potential sponsors, it’s time to draft a proposal and start contacting them. Don’t be afraid to negotiate until both parties are happy with the agreement- then sign the contract and send out those thank-you letters!
Event sponsorship can be a great way to build relationships with companies and organizations, so don’t miss out on this opportunity!