Sponsors are the true lifeline of all events. They provide financial assistance to the organizers. This kind of support can come in the form of resources or money. In the business world, companies actively involved in sponsorship activities spend a large amount of their time and patience on each event to make sure the events tie in with their philosophy and core marketing strategy.
Do your homework, approach the right person in the company for the best sponsorship deal. Well-established companies connect with event organizers through their corporate communication section. While others have their PR represent their interests.
Here’s some pointers on getting great sponsors for your event:
Why should any company sponsor your event?
Companies aren’t going to sponsor your event just because you want them to. Choose your target companies well and show them the benefits of visibility at your event.
Focus on your event attendees and their relevance as a TG for the company, your reach and format as well as your publicity and marketing plans which would include your sponsors across all chosen channels.
Approach a relevant company
Relevance is key to get sponsors. As an organizer you should approach companies that share a common thread between your event and the company’s image.
Kingfisher could sponsor a Sunburn, not Amul.
Brand fit comes along with the approach for a relevant company. This refers to the connection between the brand’s services and event’s nature.
Red Bull will always sponsor a Rock concert, or a running event. Not a Spiritual Healing Workshop. The event should add to the image of the brand and its products.
Don’t take any company for granted. Every organization that agrees to spend their money on your event will seek a beneficial return from it.
Create a detailed report and send it across to your sponsors. It shows you’re professional, serious about future events and can be relied on even if you decide to go for a different genre the next time around.
Quick take on sponsorship levels you can opt for in your next event:
Elementary, my dear Event Watson. A company that offers an amount of money to the group or an organization and becomes their financial sponsor. In return, they get the benefits outlined in the sponsorship agreement.
General benefits cover reach and engagement through press releases or newsletters, mention after or during the official program, advertisements, gift or vouchers for the audiences.
Be clear on the display; percentage of space dominated by the logo on promotional material, presence on content across channels and so on.
Under in-kind sponsorship a company donates or gives their products for the usage of the people involved in the event. For example, a cosmetic brand may sponsor a fashion event by providing its special range of products to be used in the event.
The brand is not providing financial assistance, but contributing through resources. Most of the times start-ups, or medium level brands opt for in-kind sponsorship. The major benefit for such sponsorships is that the organization gets to introduce their products directly to their TG.
This kind of sponsorship includes, food & beverages, clothing lines, etc.
For any event, high level media coverage is a no-brainer. This kind of sponsorship may or may not include financial transaction, but the organizers do get special coverage on all the media platforms handled by the Media Partner.
For example, a media organization may pay money for a front full page advertisement in a local newspaper, or they promote the event on their news channels, even on their radio shows.
Media coverage costs a lot. Keep tabs on the reputation and scale of the organization before signing the media sponsorship agreement.
A local or an aspiring business may offer their venue in the form of sponsorship. For example, A resort can offer up their premises for a concert. There’s a lot of detail involved in such sponsorship.
Keep an eye out for any additional licenses and permits you may require for your event that aren’t covered by your venue sponsor.For instance, you may need an additional liquor permit for the event itself despite the venue having a permit for their premises.
In large events, a number of companies offer sponsorship. The organization offering the highest value in terms of finance and resources is usually the signature sponsor.
The Goa Sunburn festival is organized in collaboration with several companies. Among them, Hero and Micromax have the title, ‘presented by’.
A lot of popular companies opt for signature sponsorship. This includes, Reliance, Hero, BMW, Sony, Microsoft, Coca-Cola, Pepsi, Red Bull, Jabong, Levis, Bacardi, and so on.
Earlier, all ticket arrangements were handled by the event organizers. No more. The trend has changed as people look to various online ticket booking websites and web portals that helps users save their time and energy.
Explara allows its users to search for their favourite events and provides the ticket booking process.
Hope you got enough to get some really great sponsors for your next event.
By Kirti Ray Sarkar