There are so many benefits to developing a sponsorship program for your live event(s). Finding and securing sponsors for your event can help you reach new audiences, decrease your expenses, add content for your attendees, and overall increase your potential for success. However, too often, we get frustrated by the search and the competition in the industry and we give up – or we are approaching our potential sponsors in the wrong way. Combat these common myths to achieve more success in your sponsorship program.
Myth #1
It’s all about you (or your event/program/offering)
Truth
It’s actually all about the potential sponsor. They see event sponsorship as a marketing opportunity for their company. It’s less about you and your event than it is about how your target attendee matches up with their own ideal client or corporate mandate. So you need to do your research. Ask yourself the following questions:
· Who is their ideal client?
· What is the message they want to convey?
· What is there community mandate?
· What other events or organizations do they sponsor?
· What’s important to the growth of their business
Myth #2
Sponsorship = Cash and Only Cash
Truth
Sponsorship comes in many forms, yes, sometimes as cash, but to really maximize the potential of your event, particularly when just starting out, you have to consider other opportunities. Often those opportunities come in the form of in-kind sponsorship. And ideally, these would be for something already in your budget – perhaps a discount on rentals or audio/visual services in exchange for some recognition and visibility; donation of product for guest gifts, etc. Those things that are going to help your bottom line.
It’s also important to remember that all sponsorship comes with a cost for you and your event. Depending on the benefits you are offering potential sponsors (or that they are looking for), these could range from tickets to your event, cost of printing special items to fulfill their expectations and get their brand in front of your audience.
Look for ways to creatively give your sponsors everything they’re looking for without adding to your expenses unnecessarily. This will help you maximize your success!
Myth #3
Finding Sponsors is Easy
Truth
It’s actually a lot of work and takes research, preparation, and a dedication to be persistent and not give up! You CAN find sponsors for your event, you just need to do your homework:
· Find out who makes the decision in the company you’re approaching
· Find out what they want: Tickets? Visibility? Other? Be open to the possibility that it may not be what you expect.
Before even approaching a potential sponsor, you need to create a menu of potential benefits you and your event can offer. Figure out WHY they would want to sponsor your event.
Myth #4
A No Is Always A No
Truth
Just because a potential sponsor says no the first time you approach them, this may not always be the case. Keep your list, especially if you think there is any chance of repeating your event in the future. While they may decline sponsoring your event the first or second time you speak with them, if you think they are the right match for your attendee profile, don’t give up. When you can go back to them with the great success of your event, they may be open to joining you in the future. There are many reasons companies decline event sponsorships, and often it’s because you are unproven or they have already allocated all of their sponsorship budget for the fiscal year. Find ways to keep those communication channels open and you never know when they might be contacting you to sponsor your event!
Remember: It’s more about them and their ideal client than it is about you and your event. When you make the potential sponsor the most important part of this discussion, you will find the right fits for your event.
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