Every event professional is constantly looking for new ways to attract and keep event sponsors. They’ve become increasingly difficult to win and even harder to retain. So if you want to create a winning sponsorship strategy, you need to know that sponsor expectations have changed.
Promising your potential sponsors exposure to their target audience in return for event sponsorship is not enough anymore. More events may mean more fluctuation when it comes to working with sponsors so be prepared for some negotiation.
But change is not always bad; in fact, change can be very good! With new expectations comes new opportunities.
New, affordable technology is changing event sponsorships and leveling the playing field in the event industry. The digital sponsor platform GoSponsor for example, opens up numerous ways for organizers, sponsors and attendees to interact with one another. Due to innovations such as this, sponsors want more than prominent exposure and hospitality bonuses. Now, they’re partnering with creative organizers who find interactive ways to connect with their attendees.
Let’s take a look at how you can use these changing expectations to influence new sponsorships for your event.
Have a Clear Value Statement
What will your potential sponsors gain from giving you the big bucks? But don’t just speculate. Take time to understand your event data and relevant information sponsors would want to know such as:
- Attendee demographics
- Vendors and Media present at your event
- Conversion metrics
- Event website traffic
- Marketing effectiveness and ROI
- Email open and click through rates
To put it bluntly, sponsors now require these insights in return for their investment. But with free and low-cost tools like Google Analytics and Facebook Audience Insight you can gain access into an extraordinary amount of data. These tools will help you accurately measure the value of sponsoring your event.
Get to Know Sponsors
After you’ve made a list of potential sponsors, research the companies on your list and find out why they should sponsor your event. For a winning sponsor proposal, take time to personalize each opportunity to present your event’s value.
Research your potential sponsor online and identify any overlaps between their audience and yours. Then, find out (from our trusty friend Google) what events they’ve sponsored in the past and see how they compare to your own. Try and find a way your event can offer more value.
Are you offering a new technology that makes your event stand out? Great!
Having a large amount of well-earning people attending your event? Great!
Focus on things that really matter to your sponsors and illustrate that to them. In the end, it’s about creating a clear benefit and lasting business relationship with advantages for both sides.
Measure Sponsorship Success
Accessing your event data beforehand will help you win sponsorships, and measuring their success will help you maintain the partnership.
With GoSponsor, you can accurately measure your sponsor’s return on investment (ROI). You can track the attendees’ interaction with the brand like number of clicks, page visits and conversion metrics. When you reach out to your sponsors after the event to thank them, include your initial findings. Offering proof and transparency will make them feel assured about their investment and, in turn, more likely to sponsor your next event.
Acquiring sponsorships remains a growing challenge for event organizers. But it doesn’t have to be so difficult. By offering creative opportunities and more tangible benefits to your prospects, you not only attract new sponsors but build long-term partnerships.