What factors should you consider when choosing event sponsorship?

What's the value of event sponsorship from a well-regarded brand? Well, to begin with, associating your event with a trusted name naturally enhances interest and draws in more people. Consider the UEFA Champions League, an event sponsored by MasterCard, a brand with whom the MCI team has enjoyed a long and successful partnership.

Of course, this premier sporting competition has its own prestige, but it's also amplified by the status of this multinational corporation. The result is increased media attention, higher viewing figures, and an improved public perception of the event.

So, if you're considering approaching a sponsor for your upcoming event, what's involved? That's the focus of this article as we delve into the factors a company with sponsorship management expertise would consider in choosing and attracting the right sponsor. 
 

Your approach is critical to your success

The way in which you approach obtaining sponsors is critical to your success, and while you may already have a strategy in place - is it really delivering for you? Are you attracting the right sponsors for your needs that will add the prestige and buzz that your events need to succeed?

Stay tuned as we cover a step-by-step method for landing the best sponsors and enjoying fruitful, long-term, mutually beneficial sponsorship partnerships. 
 

How to attract sponsors that fit? It’s about covering every base

While event sponsorship might seem like a pretty straightforward arrangement to a newbie, you know that there's a lot of work that goes into selecting the right partner for events. That said, the effort is worth it, as it’s key for the success of major events like Swiss Red Cross Galas, which raise so much money for good causes. 

There are many businesses that sponsor events across a multitude of industries. Of course, you’re likely employing some of steps below, but are you accounting for all of them
 

Step 1 - Know your audience

As with putting together an effective marketing campaign, selecting a suitable sponsor involves understanding your audience. You must ask yourself questions like "Who are they?", "What are their interests?" and "How do they perceive you and your event?" 

With this insight - something that can be gathered via surveys and focus groups - you get the guidance you need to identify sponsors that align with the primary demographic you’re trying to attract. This means they're far more likely to be companies they trust and appreciate so that they resonate and create the buzz you're looking for. 
 

Step 2 - Define your value proposition

The next part of the process of choosing the right sponsor is to define your value proposition. Companies aren't going to sponsor you simply because you ask them, so you need to highlight how you’ll use the latest event trends to guide your approach, as well as the benefits and outcomes that you offer in exchange for their financial support. 

Sponsors also have objectives they want to achieve by getting involved, whether talking about lead generation or brand visibility. As such, you need to put together a compelling pitch that demonstrates your USPs, like your impact, reach or reputation, and that showcases measurable metrics that demonstrate your performance and value. 

Think to yourself, "Why would a company want to sponsor my event?" and it will likely highlight aspects like aligned ethoses and ROI. Answering this question will tell you a lot.
 

Step 3 - Compile a detailed outreach sponsorship proposal

When reaching out to a potential sponsor, it needs to be done in a structured and professional manner. The companies you're reaching out to are likely to receive many such requests, so your proposal must be packed with easy-to-read, compelling reasons to consider what you have to offer. Here's an example of how to go about it.

• Sending an initial email message to the marketing contact of your intended target. This helps to avoid possible barriers and gets straight to the point.
• Following up via a secondary channel - like LinkedIn - that makes reference to your original proposal email with clear details of how they can get in touch. 
• If you're fortunate enough to know someone personally in your chosen organisation, leveraging that contact could reap rewards. This can be one of the most effective ways of getting past gatekeepers and reaching the decision-makers. 

This outreach represents a pseudo-marketing plan, and it needs to be implemented well in advance of the event you intend to hold. It often takes a long time and a consistent approach to get the required response from potential sponsors, so don't leave it too late to get started.
 

What needs to be in your event sponsorship proposal?

The most crucial piece in the jigsaw when it comes to attracting a sponsor is the proposal you send out. Of course, there are various different types of sponsors and even more varieties of events, but the most successful tend to contain the same core elements:
 

Details of the event itself

Front and centre, you should be describing the precise details of your event, such as when it's being held, how often it's held, where it's located, the audience and its core goals. If you have influential speakers or other high-profile attendees expected, don't be afraid to shout about it, as it can be pivotal in getting a positive response. 
 

Your company background

Some details of your company background and the reasons you have for holding the event are also important to include. The potential sponsor needs to buy into you for anything meaningful to happen, so this info should also feature prominently. 
 

The sponsorship package options 

It's important to also mention the package levels that you're willing to offer for their sponsorship investment. As well as putting their name to your event, businesses that sponsor events will be much more likely to commit when you're able to give them extra perks such as promotional materials, a feature in the event program or perhaps even a free booth.