How sponsoring an event can help your business
Sponsoring an event can be beneficial for a business trying to build brand awareness and reach a targeted pool of customers. Event sponsorship is a mutually beneficial agreement between an event organiser and event sponsor. Although there are many different types of event sponsorships, generally they involve an investment by the sponsor into the event which leads to brand affiliation and publicity opportunities for the sponsor.
Event sponsors benefit from marketing and promotional efforts leading up to and during the event, they can build brand loyalty through association with highly credible events, and can often tap into a targeted market that is suited to their business goals. Event organisers can benefit from lower event costs and better credibility through association with large brands.
Why get a sponsor for your event?
For event organisers, event sponsorship can help alleviate some of the prohibitive costs that come with event planning. This may involve a cash sponsorship or an in lieu sponsorship. For example, finding a food or alcohol company to sponsor your event may involve the provision of food and drink, or a print sponsor can cover the costs of printing programs and flyers.
Why sponsor an event?
Event sponsorship is a great marketing strategy for businesses large and small. For up and coming companies, sponsorship agreements which showcase a business’ products or services are a great opportunity to build brand awareness and acquire new customers. For larger brands, sponsorship can be a great opportunity to build brand loyalty and credibility. A common type of sponsorship agreement for large brands is the sponsorship of an event which targets their customers. This type of agreement helps bind larger brands with their customers, in turn building brand identity. Event sponsorship is also a great opportunity for brands to sample new products or services at a lower cost than retailing.
How to choose the right event to sponsor
A few questions to ask prior to signing a sponsorship agreement include: Who will be attending the event? What can we expect to get out of the agreement? Are there other sponsors involved in the event? And if so, how might they impact our sponsorship goals?
It is paramount to consider how the agreement will benefit your business, and it’s equally important to try to measure expectations. If your intentions are to build brand awareness and brand loyalty through the sponsorship agreement, your business should ensure that the demographics of the guests attending the event are akin with your target audience. It is also highly important to ensure that the event’s messaging is aligned with your company values. Another thing to consider is whether there might be a conflict of interest between your business and other sponsors.
If you would like some more information on event sponsorship, get in touch with us today.