How To Get Brands To Sponsor Your Event
If you’re planning an event, the giant question is more often than not, how to fund it. Giant corporations might be able to pitch it to their executive officers about their plan and dip into the marketing budget, but smaller companies have to look elsewhere for this fund. So where are some of the best places that we could get this fund in a short period of time?
But before we get those shiny funds to build that event, we need to first do our homework.
You will have quite a number of options to choose from, sometimes, there will even be event sponsors reaching out to you. The important part lies in how both of your brands can mutually benefit from this event. Ideally, you would want the brands that understand the value of this type of marketing, a rather similar group of audiences, and one that is focused on the event ROI.
Finding sponsors is like finding a job. Not every company wants you and the goals have to be aligned for both parties. In fact, most of your emails to sponsors will get rejected, or worse, have them ignored completely. But luckily for you, we have experienced some of these unfortunate situations so we decided to narrow down the 4 best strategies to close the deal with sponsors.
Getting sponsorship is a business deal. That means you have most of the details and clauses written down on a contract. Remember that all of us are just trying to get as much bang for our buck as possible. Ergo, your sponsors will expect something back in return for their money. Here are some ideas that can help you sweeten the deal:
- For exhibitions, give your sponsors a free booth
- Include your sponsor’s brand logo on various promotional materials
- Mention or promote your sponsor in blog posts, social media, or a newsletter
- Direct some of your traffic to your sponsors
- Give event-related freebies to their customers
Be willing and ready to give more than you’re getting. That will show the sponsor (and hopefully other brands) that you’re taking the deal seriously. In fact, go the extra mile and make it about your sponsor. Ask them directly about what they really want or expect from this deal and negotiate from there. This way, the best outcome will be that you gave them more than they bargained; the worst case would be that your sponsor knew you tried, you just couldn’t make it work.
Understand what your sponsors really want
Our goal is to find the companies that are interested in sponsoring events. Hence it makes sense that we also put ourselves in their shoes to understand what they really want to get from this partnership. Again, it is a business deal and they are looking to get something out of it. Let me give you some of these examples:
- Increase social media impressions: Events are such great a great platform for social media content, especially virtual events. Except for exclusive events, most virtual events are highly suited for social media sharing. Owing to this, companies will be very much interested in placing their logo beside yours and promote it as a partnered content. Often a win-win situation.
- Collecting leads: Companies who are experienced in sponsoring events understand that one single event will not drive their revenue for a long period of time. This is why they want to collect as many leads as they can for a promotion in the future. This is especially useful if the attendee demographic overlaps with their target customer base.
- Access to a specific demographic: Quite often when companies decide to launch a new product, they would run into a situation where they find it hard to penetrate into a specific market. However, event sponsorships will offer them a way in as their brand will be in front of that specific audience. It will give them the brand exposure they so desperately need for their product to succeed.
Focus on companies with the right resources
All of this wouldn’t matter if the companies that you’re really looking forward to sponsoring your events are not in a position to do so. Even if they are eager to partner up with you, you’re always better off with brands that clearly have enough resources to make you feel confident as opposed to just the enthusiasm. Here are 3 criteria to look at when doing research on the companies that are both interested and eligible to sponsor.
- Companies with a strong balance sheet: Let’s cut all the layers that we’ve added so far and go back to the core of it. Which is to cover our cost of running the event. With that, if the sponsor cannot support the event financially, then the value that they can provide has greatly diminished.
- Reputable companies: As harsh as it is, you never want to associate your brand with companies that are less than reputable in the industry. If they have a brand voice, make sure that it matches your brand voice. Albeit not being a quantitative measure, your brand reputation is something that is very hard to regain once it’s lost.
- Companies with advertising departments: Most companies that have this division are the ones who understand the importance of sponsorships and have already set aside some funds for the deal. Your job is just to be the one who takes it. Not just that, they will also have a streamlined process that can help with the planning phase.
Organize an exceptional event
Okay, if your event feels like it is phenomenal, the sponsors are going to be able to see it. Most sponsors have seen hundreds, if not thousands of events and companies that reached out to them for that sponsorship.
Who can say no to a mind-blowing event?
The idea is that if you can plan something that excites even the brands that are providing the funds, then they will have no reason to reject you. They are also looking to ride the wave as the event gets trendy over social media.
From another perspective, organizing an exceptional event will also attract some of the best in the industry that can complement your overarching goals. The truth is, if your event is really exceptional, nobody can ignore it and words will be on the streets. This means that even if you did not make any profits on the event itself, you’ve already set your brand up for a potential long-term partnership.
Your event is not just about your brand, it almost takes an entire village to come together for one or two days of it. That includes your sponsor partners. There are many reasons as to why a company might want to sponsor your event, so make sure you’re mindful about the ‘why’ and turn it into a win-win situation. That is how you can build long-term relationships that mutually benefits.
To be brutally honest, we’ve had troubles securing sponsorship in some of our events as well, but with the right strategy and approach, it is so much easier and beneficial for both parties. These strategies aren’t fool-proof by any means and some will still fail. However, it will ensure that your proposal stands out from the thick pile of applications from your competitors.
If you would like to learn more about how we organize and plan our event, check out our article page! If you’re planning an event and are looking for a consultant, drop us a message below and let us help you with that!
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