6 Reasons Your Business Should Sponsor an Event
To some, sponsoring a business event seems like an unnecessary expenditure. Other entrepreneurs know better and see a variety of benefits that can be reaped from this strategy. Namely, event sponsorships offer a high ROI and allow businessmen to reach goals such as generating leads, spreading brand awareness, and networking.
Basically, you back events, organizations, charities, teams, organizations, and individuals, either financially or with your products and services. Make no mistake. This is a chance to get your offerings and messages in front of people and set yourself apart from the pack.
Getting your brand noticed
Events, especially when they have high-profile and a wide audience, may be a way to earn your place in the spotlight. Depending on how well-known you are, you can either improve the public image or make a nice first impression. At the very least, you should be able to shape the perception of your brand, and position yourself and your businesses as an authority in the industry sector. To get the most bang for your buck, try to get featured in the program book of the event, official website, or in social media promotion campaign. Work hand in hand with event holder to pull it off.
Furthermore, let us not forget that all those event attendees could be your potential clients and customers. To make something happen, it is crucial to come well-prepared and make the most of the lead generation opportunity. So, put a smart system in place. Collect business cards and email addressed and assemble a list of contacts. Make sure to offer something in return— promotional items, giveaways, prizes, samples, trial offers, etc. Give people a taste of what your business is about. Note that you can coordinate your activities with or obtain some information directly from the organizer.
Sponsoring events opens doors to boosting sales, right there on the spot. For instance, you can set up a branded booth on a trade show with a lot of traffic and win new business. The profit is not just there for the taking, though. In case you really want to make money, you should create a budget first. Do an estimate of how much you will need to invest and how much profit you can realistically make. See if you can pay for category exclusivity and avoid other vendors stealing your customers. Also, it would be a good idea to steer away from events with a lot of direct competition, as well as those that do not have a mass appeal.
Provided that you keep your eyes open, there is plenty of networking to be carried out at events. Being a sole sponsor sets you up nicely to achieve other things, but on the other hand, you cannot network that much. Therefore, it could be wise to opt for events that have multiple sponsors and meet like-minded entrepreneurs. In an ideal case, they are from complementary organizations (not direct competition) and solid candidates for business partnerships. In any event, there should be some decision makers, vendors, and influencers around. Do not hesitate to approach them and develop a mutually beneficial relationship.
Unlike advertising, events are a nice and inexpensive stage for effective marketing. Why pay for billboards when you can tap directly into a target market at the event? Most of them involve some level of media exposure and there are many ways to benefit from it. For instance, to fully leverage the sponsorship, do a research beforehand. Familiarize yourself with the wants and needs of the attendees. Once you acquire the insights, you need to display your products, services, and marketing material in front of attendees. Present signs and marketing tools that spark attention. Hand out freebies and excess inventory.
Nowadays, people like to deal with businesses they trust and hold in high regard. They certainly favor those that show high social responsibility and are involved in the local landscape. So, there goes another great reason to consider event sponsorships. Find out what matters to people and whether they have local problems that need to be solved. Support worthy causes and give back to your community. Doing it regularly enables you to stay on top of people. Not only that, but you create positive associations and enlist the lasting support of local customer’s mind.
Get ahead of the game
Sponsoring an event is a business tactic that tends to pay dividends. More and more companies of all shapes and sizes are jumping on the bandwagon and spreading their roots in the local ecosystem. Do not let your competition beat you to it. After all, there is no need to have to go high and low to find customers, clients, partners, and leads. They are all there waiting to be reached out. Your part is to engage attendees and gain respect and credibility. Show some goodwill and commitment to the community. Pick your events well so that they reflect who you in order to maximize the gains.