I wanted to share an article I wrote about sponsoring events, as it’s often a great way to get eyeballs and you know what in seats. I published it a while back, but the content is just as valid today as it was then. Hope you enjoy!
As you may already know, sponsorship opportunities can be a cost-effective way to build equity in your company’s brand, which in turn helps drive increased market share, mind share, sales, revenues and profits.
However, while sponsorships can be very rewarding – whether by lending your company name to an event, participating as a joint venture partner/underwriter, or through any other vehicle – it’s wise to “look before you leap” and ask yourself these 7 questions to help ensure that the effort is a win for everyone involved:
- “Is this a good fit for us?” Evaluate the fit between the sponsorship opportunity and your company’s mission and goals. There should be clear alignment.
- “Will we reach the right people?” As with any marketing idea or project, you want to ensure that this sponsorship opportunity will let you engage the right target audience for where your company is right now in its strategic marketing plan.
- “Can we make this happen?” Despite you and your team’s best intentions and efforts, you need to take into consideration a number of logistical, financial and administrative factors, including: timing, expense, logistics, workload, and staff. Think with you head AND your heart!
- “What kind of support is available?” Do some research on the event organizers to see what kind of support is available. Will they co-produce marketing material to offset your costs? Can they give you access to discounted media rates? It’s also a good idea to ask for testimonials from other satisfied sponsors.
- “Who will we be up against?” Find out which other brands are involved in the event, and if there are any speakers (e.g. workshops, lectures, etc.). Pay particular attention on whether any of these people might enhance or, in some cases, may detract or damage your brand.
- “How many people will we connect with?” Find out how many people have registered, and whether there’s a guarantee on the number who will attend. Also look into how the event is being promoted, and whether your company will be featured as part of that effort.
- “What’s the ROI?” While there are many different ways to measure ROI (much to the bane of some CFOs out there), the important thing to confirm is that there is, in fact, an ROI that makes sense per your strategic marketing plan. For example, if your goal is to increase top-of-funnel leads by 15% next quarter, then see how the potential sponsorship opportunity supports that. Or, if your priority is to increase brand recognition by 20% among your key demographic, then evaluate the opportunity through that lens. Whatever your goal, the point here is that you want to think about ROI before you commit to sponsoring – not after.
The Bottom Line
Ultimately, all 7 questions above point to one clear piece of advice: do your homework! That doesn’t mean you should spend weeks or months analyzing every potential sponsorship opportunity. However, it does mean that it’s clearly in your best interest to position your brand for maximum success – and that includes measuring results and conducting a “lessons learned” after each event, so that you’re constantly getting better at the sponsorship game, year after year.