Before getting any further, ask yourself one simple question –
Why do you need Event Sponsorship?
Most people have a very common answer to this question.
Event Sponsorship is necessary for the money!
However, if you are a marketing geek, you know this is not the only thing. Marketing experts from the world over have started recognising the importance of sponsorship as a marketing tool. Confused? Well, let’s get into the details of it to have a better picture of the situation.
Benefits of getting an event sponsorship
Getting an event sponsorship is going to help you in a lot many ways. But for understanding it better, let us divide these benefits into two broad categories.
1. Sponsorship for Capital
2. Sponsorship for Marketing
Sponsorship for Capital
The one very obvious thing that a sponsorship brings is capital. Now, this may be in the form of money, venue, logistics or anything at all which fulfils the capital requirements of your event.
So if you get good sponsors for your event, the grandeur of your event will automatically get enhanced. You can afford to bring in not just commodities, but even luxuries for your event. This capital grandeur is directly proportional to the profits earned from the event (provided other things go well). Thus, it becomes crucial for you to find nifty event sponsorship.
Sponsorship for Marketing
Now though capital is the primary goal of getting a sponsorship in most cases, it is definitely not the only benefit you get. If used efficiently, sponsorship can act as a great marketing tool for your event. It doesn’t just become cost efficient, but it can increase the success rates of your event exponentially. Here’s how.
1. Higher and Targeted Audience Reach
Publicising your event is a definite way of bringing in more people to your event. But random publicity is not going to be any good. You need to reach out to a specific audience group so as to find potential event attendees.
Event Sponsorship for Audience Reach
Ideally, the sponsors of your event belong to the same industry as your event. For example, if you are hosting a Tech Conference (Find the best tech conferences in India here), your sponsor might be a Web Development Company. Therefore, the target audience for your event as well as your sponsor company is the same. So if you use the clientele of this sponsor company for promoting your event, you are approaching a very targeted audience which can add up to the list of your potential attendees.
This can be done by putting up blog posts on the sponsor company’s blog regarding your event. Your event can be marketed on the social media channels of the company. Or you can spread the word simply by sending e-mail invites to the clientele.
2. Augmented Reliability
Reliability is a key matter of concern when people are planning to attend your event. Higher the reliability, higher the chances of their attending the event. But if you are a fresher in the industry, you might need to build upon this factor.
Event Sponsorship for Reliability
Your sponsors don’t just provide you with the finances but they also attach their brand image to your event. This automatically enhances the reliability factor of your event. Say, for example, if you a student of a university is hosting a fest or an event, there are chances people might not be interested in it. But if the university he is studying in becomes the sponsor of the event, the reputation of the university makes the event a grander success.
3. Upsurged market value
The ticketing costs, the significance of the event, the entire market value of it play a huge role in the event’s success. Now whether you are a fresher or a reputed brand, there are always ways to enhance your existing market value.
Event Sponsorship for Market Value
This is very similar to the reliability factor. Just like the brand image, the sponsor brand’s market value also adds up to your event’s market value. This gives your event a better payoff and better value in general.
4. Enhanced Guest List
Having big names added to the guest list of your event is always a plus. It has n number of advantages. But unfortunately, you need to make quite some efforts to get hold of these names.
Event Sponsorship for a better guest list
The business associates or the clientele of your sponsors might include a few great names. These names can be a part of your guest list, thanks to your sponsors. Their presence will benefit the marketing, reputation as well as the value of the event.
5. Added Media Coverage
The marketing of your event doesn’t stop with the event completion. It goes on after that as well and adds up to the event image which ultimately enhances your organisation’s reputation. One very productive way to do this is to get higher media coverage
Event Sponsorship for added media coverage
The amount of media coverage you get is directly related to the number of big names attached to your event. This would include your popular event sponsors as well the eminent guest list that they have brought you. Thus, the media coverage of your event is boosted in both ways.
Once you start recognising event sponsorship as a marketing tool, you will start understanding the various ways you can benefit from it. Don’t just limit your perspective to finances. If you think deeper, you will find ways to build up your event reputation with the efficient help of your sponsors.