How To Get Sponsorship for an Event: Actionable Tips
Are you struggling to get sponsors for your event? Do you want more sponsors? Is there some kind of event you would like to host but don't think you'll be able to get sponsors for?
Most people struggle to get event sponsors because they fail to use their resources properly. If you are someone who wants to get sponsors for your event, you must have a plan in place. And this plan should include having multiple contacts ready to promote your event.
Most people get sponsors for events by using their network. But what most people don't realize is that their network consists of other people. So they don't use it effectively. Most people end up with zero sponsorship, and the event fails.
This article will teach you how to get sponsors for your event. So you can host an event that you will be proud of and generate enough income to fund your business. So if you want to get sponsors for an event, read on.
Make a List of Potential Sponsors
Start by making a list of companies you think would be interested in sponsoring your event. To do this, research the companies and their marketing goals. Then, identify which companies would be a good match for your event.
You should consider a few factors when making a list of potential sponsors for your event.
The Size of the Company
The size of the company is an essential factor to consider. Larger companies have more resources and are more likely to be interested in sponsoring events. However, smaller companies may be more willing to take a chance on a new event.
The Company's Marketing Goals
When researching potential sponsors, pay attention to the marketing goals of each company. Companies sponsor events to reach a specific target market. So, if your event aligns with the company's marketing goals, they'll be more likely to sponsor it.
For example, let's say you're planning a fitness event. A company selling fitness equipment would be an excellent potential sponsor because they want to reach people interested in fitness.
The Company's Budget
Another vital factor to consider is the company's budget. Companies have different budgets for marketing, SEO and sponsorship. So, you'll need to find companies with enough budget money to sponsor your event.
Research their marketing expenditures to determine how much money a company has in its budget. You can usually find this information in the company's annual report.
Identify the Decision-Maker
Once you've made a list of potential sponsors, it's time to identify the decision-maker at each company. The decision-maker is the person who decides whether or not the company will sponsor your event.
Research the company and its hierarchy to find out who the decision-maker is. You can usually find this information on the company's website. Once you've identified the decision-maker, you'll need to contact them and pitch your event.
Reach Out to Potential Sponsors
Once you have a list of potential sponsors, it's time to reach out to them. The best way to do this is by emailing or calling them. But you can also connect with them on social media.
When reaching out to potential sponsors, explain your event and why it would benefit them to sponsor it. Also, include information about your target audience and how many people you expect to attend the event.
You should consider a few factors when reaching out to potential sponsors.
The Relationship Between the Sponsor and the Event
It's essential to consider the relationship between the sponsor and the event. You'll need to decide if you want a long-term relationship or a one-time sponsorship. A long-term relationship is beneficial because it gives the sponsor more exposure to your audience. But a one-time sponsorship may be easier to get.
The Type of Sponsorship
There are two types of sponsorships: cash and in-kind. Cash sponsorships are simply monetary donations. In-kind sponsorships are goods or services that are donated instead of cash.
It's usually easier to get in-kind sponsorships because companies are more likely to have products or services that they can donate. But cash sponsorships are more beneficial because you can use the money to cover expenses related to the event, such as getting a corporate event management software like Eventtia.
The Amount of Money
When reaching out to potential sponsors, you must consider how much money you'll need from each sponsor. You'll need to create a budget for your event and determine how much money you'll need from each sponsor to cover the cost of the event.
Once you've determined how much money you need, reach out to potential sponsors and ask them for a specific amount. It's essential to be clear about how much money you need so there's no confusion later.
Offer Something in Return
Most companies will want something in return for sponsoring your event. So be prepared to offer them something of value. This could be exposure on your social media channels, promotional materials at the event, or even a speaking slot.
You should consider a few factors when offering something in return for a sponsorship.
The Value of the Exposure
When offering exposure in return for a sponsorship, it's essential to consider the value of that exposure. You'll need to determine how many people will see the sponsor's name and logo and how long they'll see it.
To do this, research your audience and determine where they get their information. Then, calculate the number of people who will see the sponsor's name and logo.
The Length of the Exposure
It's also important to consider how long the exposure will last. The longer the exposure, the more valuable it is. So, if you can offer long-term exposure, you should.
The Quality of the Exposure
In addition to the quantity and length of the exposure, you should also consider the quality of the exposure. The exposure should be positive, and it should reach your target audience.
To ensure that the exposure is high quality, work with the sponsor to create promotional materials that are on brand and align with their marketing goals.
The Cost of the Exposure
When you're calculating the value of the exposure, you should also consider the cost of that exposure. For example, if you're offering social media promotion for a sponsorship, you'll need to consider the cost of creating and promoting the content.
This includes the cost of hiring someone to create the content, as well as the cost of any paid promotion.
When offering something for sponsorship, it's essential to consider the timeline. You'll need to deliver the exposure within a specific timeframe so that the sponsor gets the value they're expecting.
To ensure you can deliver on your promises, create a timeline and share it with the sponsor before they agree to provide sponsorship. This will help them understand what they can expect, and it will help them stay on track.
Put Everything in Writing
After you've negotiated the terms of the sponsorship, it's vital to put everything in writing. This will help prevent any misunderstandings down the road. Be sure to include all of the agreement's details, such as what each party will provide and what they will receive in return.
You should consider a few key factors when drafting the sponsorship agreement.
The Scope of the Agreement
The first thing you'll need to do is define the scope of the agreement. This includes specifying what each party will provide and what they will receive in return.
It's essential to be as specific as possible, so there's no confusion later on.
The Term of the Agreement
Another critical factor to consider is the term of the agreement. This is the length of time that the agreement will be in effect. Be sure to specify how long the agreement will last and when it will expire.
This will help ensure that both parties are clear about the terms of the agreement.
The Renewal Process
If you want to renew the agreement after it expires, you'll need to specify that in the agreement. Be sure to include the conditions under which the agreement can be renewed and how that process will work.
This will help ensure that both parties are on the same page about the renewal process.
The Cancellation Policy
If either party wants to cancel the agreement, they should specify that in the agreement. Be sure to include the conditions under which the agreement can be canceled and how that process will work.
This will help ensure that both parties are clear about the cancellation policy.
Putting It All Together
Once you've considered all of these factors, you're ready to put everything in writing. Be sure to include all the agreement details so there's no confusion later.
You can use a sponsorship agreement template if you need help drafting the agreement. This will help ensure that you don't forget anything important.
Once the agreement is drafted, both parties should sign it and keep a copy for their records.
When planning an event, it's essential to consider how you'll get sponsorships. By offering exposure in return for sponsorship, you can attract more sponsors and generate more revenue for your event.
To ensure that you get the most value from your sponsorship agreements, consider the quantity, quality, and cost of the exposure you're offering. You should also put everything in writing and include a timeline to ensure that both parties are clear about the terms of the agreement.
By following these tips, you can get more sponsorships for your event and make it a success.
Guest Post by Mike Khorev