Are you planning to hold an event? One of the leading areas of concern you may deal with is how you are going to fund it. Unless your company has a massive marketing budget, you’ll have to look for sponsorship to finance your event. The next step is to learn how to get sponsors for an event.
But looking for a sponsor is the equivalent of looking for a job; although you may send out a bunch of proposals, there’s a big chance some of them will be rejected or not responded to. There’s no need to worry though; this article outlines eight crucial steps that will show you how to get sponsors for an event.
8 Simple Steps to Learn How to Get Sponsors for an Event
1. Craft a Unique Proposal
Sponsors are hard to come by, and chances are that they receive proposals like yours on a daily basis. Why would they agree to partner with you and not the others? Your proposal needs to stand out from the rest. It should describe what your event is and its mission or cause.
Define your audience demographic and outline the benefits the sponsor stands to gain by partnering with you. A good proposal should contain specifics. How much funding do you need for example? You can also provide a breakdown of how the money will be distributed across different areas.
2. Evaluate Your Assets
You need to demonstrate the value your sponsors will get from funding your event. Start by listing all your assets. They are potential spots where the sponsor can place their logo or advertise their brand. Such places include banners strung over entrances, T-shirts worn by participants, back of seats and booths.
After identifying your assets, you need to attach a price to each. The price can be calculated based on the number of impressions (people looking at the ads) each asset creates. Bundle the assets into packages and offer them at incremental amounts. You may bundle them according to locations in the venue or different parts of the program.
3. Create a Professional Brand for Your Image
We usually evaluate the companies or individuals we intend to do business with by looking them up online, visiting their site, downloading their brochures, etc. That’s typically the same way sponsors are going to evaluate your event. Be ready when they do.
An old website with broken links and outdated information is not how to get sponsors for an event. By sponsoring you, companies are choosing to align their image with your brand. If it’s not clean and professional, they will take their sponsorship money somewhere else. So consider hiring a professional designer to build your brand and marketing materials.
4. Research Your Sponsors
Blindly approaching sponsors is not likely to yield any results. Gathering useful information on potential sponsors will guide your approach and increase your chances of success. Visit their site or follow them on social media and identify their current activities and programs. For example, if they are about to release a new product, you should know about it.
Use the information you acquire to lure them by finding a way to incorporate them into your event. If they are releasing a new product, demonstrate how showcasing it in your event is an excellent opportunity for them to build awareness and acquire customers.
5. Customize Your Packages
Put all the information you gathered in the step above into good use by customizing your packages according to the needs of the sponsor. A one size fits all approach may not give the sponsor maximum value for their investment.
Identify what their objectives and future goals are and come up with plans that can help them get there. Offer them opportunities that are related to their line of business. It will help you develop mutual relationships that will benefit you now and in the future, too.
6. Deliver and Over-Deliver
Needless to say, you need to deliver on every promise and commitment you make to the sponsor. You don’t want word going around that you reneged on sponsors. It will affect your credibility, diminish your chances of landing another sponsor in the future and even attract lawsuits.
If you keep all your promises, you will never have to wonder how to get sponsors for an event anymore. One way of keeping your sponsors happy is to make them feel like you’re doing over and above your commitment. It will guarantee you repeat businesses.
7. Partner with Established Companies
What happens if your event does not have enough brand recognition? It may not be able to attract sponsors. You can remedy the problem by partnering with another reputable company within your industry or niche. The partnership will make you look more attractive to investors.
When looking for a company to partner with, avoid direct competitors lest there will be a conflict of interest. If your company sells gym equipment for example, you may consider partnering with a company that sells dietary supplements.
8. Keep the Sponsors in the Loop
It is not enough to know how to get sponsors for an event; you need to know how to retain them for the future, too. One sure way to achieve that is treating them right by involving them in every step of the way. Make them feel like they are part of the team.
Walk them around the location, discuss their marketing needs and let them make suggestions on banner locations and any other appropriate subject worth discussing. The more you involve the sponsors, the more they will become committed and the more they are likely to stick around for the future.
The secret to how to get sponsors for an event is to identify the marketing needs of potential sponsors. You should customize your proposal and event to address these needs.
When you finally manage to get sponsorship, treat your sponsors well by including them in every step of the process. Fulfill all your promises and commitments and offer additional incentives to ensure that you get repeat business and referrals in the future.