Thinking About Event Sponsorship? 4 Questions to Ask Yourself First
Growing your business is about more than just being online. A great website and social media presence is important, but you also need to connect with people in a real way – an in-person way.
What Are Your Goals?
Sponsoring an event is a great way to promote your brand and business, all while engaging with the other attendees. But it can be so much more. Before considering sponsoring an event there are a few questions you need to ask yourself.
- What are my goals for sponsoring this event?
- Will my target market be at the event?
- Is this a good investment of my time and money?
- Are other sponsors my competitors?
- Will I have direct access to the attendees?
When thinking about your goals for sponsoring an event, are you looking for more visibility for your brand, want to meet new connections in a specific industry, building a relationship with the event host or have a product or service you want to sell? These are just a few goals you may have for sponsoring an event, but it is very important to establish goals before making a decision that will be an investment of your time as well as money.
Who Is Your Target Market?
Considering your target market when choosing an event is very important and key to your success as a sponsor. Being a sponsor at an event where the audience is not your target market may not be the best investment of your time or money, unless, for example, you are planning a launch of a new product or service that will be targeted to the audience or other sponsors at the event. I have sponsored many events where it was the other sponsors and/or vendors who made the event profitable due to joint ventures, speaking opportunities, guest blogging or podcast interviews.
What Is the ROI?
Knowing what you will receive for your investment is very important, and many event hosts offer different levels of sponsorship as well as the opportunity to create a sponsorship level that does not already exist. If when looking at the different sponsorship levels, you do not see something that you feel works for you, consider contacting the event host and see if he or she is open to a conversation regarding creating one that would be a win-win-win for the audience, the event host and for you. You may suggest something they had not thought of and would be willing to offer.
#SponsorshipTip “Don’t just write a check, maximize the opportunity to engage and serve the host, attendees & sponsors.” ~ @PattyFarmer
What’s In the Small Print?
Make sure when considering being a sponsor to ask if you will have industry exclusivity or if your competitors may be sponsors as well. Having another sponsor that may overlap with what you offer can sometimes be a good thing depending on what you will be promoting and may provide collaboration opportunities for the future.
Lastly, ask if you will have direct access to the audience via speaking from the stage, a break out session or vendor table or maybe an opportunity to educate during a lunch break. How much direct access to the audience you have and limits on what you can promote are critical in making a decision on whether it is a good sponsorship opportunity for the investment of your time and money.
It is also important to take into consideration if this is a local event or one you will have additional expenses, such as airline travel, possible shipping of products and hotel. Make sure to ask the event host about his or her expectations regarding promotion of the event and if the timing coordinates with your promotional calendar before making your final decision.
These are just a few of the questions I ask when determining if sponsoring an event is the right decision for my business; what are some of the questions you ask before you make your decision?
Tweet me and comment your questions and ideas below.