In my last post, I wrote about how attracting sponsors can subsidise the costs of staging events and if starting from scratch, how to build relationships with sponsors.
I received really positive feedback seemingly unlocking something that had been so difficult to implement in the past.
However insightful my post was, racing to tactics without a first taking a moment and devising a strategy might make your sponsorship checklist look like this…
[ ] Get sponsors
Being strategic about event sponsorship means doing the upfront work and communicating guiding principles that informs your work, stakeholders and sponsors.
Doing so greatly reducing the risk of having to regularly rethink your approach as you fail to check the box.
Too often, event organisers apply a ‘spray and pray’ approach chasing down every sniff of an opportunity to secure sponsors.
They neglect the importance of really understanding what sponsors are looking for.
Successful event sponsor partnerships are no longer built on logo placement, merchandise, signage or brand activations.
They’re built on a join understanding of what it means to be connected.
So, to take a breath, here are five top tips to devise an effective sponsorship strategy.
1. Clearly define sponsorship offers
First, be creative. Second, publish concise tiered options. And as Martin Richardson wonderfully articulated in his post, leverage what sponsors really want.
2. Target sponsors’ aligned goals
Forget guesswork. Just ask. If a partner shares that their big initiative is related to sustainability this year, then how about saying “what if we added a sustainable element to the event brought to you by [insert brand]”.
3. Share the benefits
As with every successful relationship, set out shared inputs and rewards for this mutually beneficial partnership in advance. Focus on a strong Return on Investment (ROI) and positive culture created together.
4. Leverage networking and relationships
Just go out to the people that know you best: colleagues, peers and past sponsors. And ask for warm introductions to decision makers at organisation you want to to target.
5. Persist
Keep going. It takes time to mull over sponsorship opportunities and likely, the greater the budget, the longer the on-boarding process. Share event updates and relevant news that will be of interest and acknowledge any interest shown.
And so, like every effective strategy, let’s reduce the guidance down into a concise mantra.
Secure strong sponsorship relationships by crafting clear, creative offers that align with sponsors’ goals, showcasing mutual benefits, leveraging our networks for warm introductions, and staying persistent with engaging updates.
And from this, your sponsorship checklist looks more effective.
On balance, around 50% of our B2B and B2C client events integrate sponsorship. Complete the form below to receive further insights into effective event sponsorship and other key themes from Ten Thousand Hours.
