Are you planning to host a networking event? Such events are all about promoting your brand or profile while interacting with different brands and businesses out there. Networking events serve to be a great platform for giving your brand a boost –especially when you are starting out. Whatever might be your reason for organizing the networking event, seeking a good financing option to set up the same is of utmost importance.
One such great financing option as chosen by most marketers out there is seeking relevant sponsors. Finding the right sponsor is just like applying for a new job. You will send over applications. In most cases, you might not receive any response, or the application would be rejected altogether. While the task of finding a reliable sponsor appears challenging, you can ensure the same easily with the help of a few helpful strategies.
Does Your Event Require a Sponsor?
For several events out there, sponsorship turns out to be an effective marketing tool –especially in the field of networking. More than raising funds, when you have one or more sponsors for the given networking event, it will help you to:
- Create brand awareness
- Increase the overall sales numbers
- Improve the entire brand image
There are several more reasons why networking events –both small & big, need assistance from reputed sponsors out there. In fact, with little research and a proper understanding of what your potential sponsors are, you can ensure the overall success of your event effectively.
In this post, we will help you unravel essential tips to find the right sponsor for your networking event. Here are some:
- Analyze the Type of Companies You are Reaching Out to: When you are starting out with the process of finding the right sponsor for your event, the choices might appear overwhelming. The reputation of the sponsors, along with their individual perspective on the events would determine the kind of partnership you will be having. Moreover, it will also help in determining the overall success of the event being organized.
While reaching out to companies, you should look out for the following factors:
- Sponsors who are able to understand the value of the given type of marketing
- Sponsors –the audience of which tends to match the respective interests and demographics
- Sponsors that are focused on improving the ROI (Return On Investment) of the event
- Be Specific About the Event Goals: Even when the ultimate goals of the given networking event are ultimately financial, any typical sponsor would not help you to achieve the objectives. For instance, if you need assistance with booking a specific hotel venue for the event during the peak season, then you should preferably search for a media sponsor for securing the space. Even when you have more than a single goal of setting up the event, you can think of utilizing the potential of multiple sponsors for achieving the same.
- Seek Sponsors from Related Events: It is important to note that in the modern era, retention rates for event sponsorship are going down at a rapid rate. Around 17 percent of experienced event professionals claim that there is a significant decrease in the overall retention rates. This is why you should aim at taking note of the sponsors who already have relevant experience in working with major events that might be related to the given industry.
Most of the brands out there understand the importance of event sponsorship. At the same time, these brands also ensure investing in this type of marketing. This is because it would benefit them, as well. Moreover, they are also aware of the fact that their audience will align with that of yours for making the process of pitching slightly easier.
- Identify the Assets to the Sponsor: Sponsors out there are known to leverage the respective sponsorship as an effective marketing strategy. Indeed, they would want something out of the same. Otherwise, the agencies would not be sponsoring any brand by spending thousands of dollars. You should ask, “What can you offer to the sponsor that has been connected directly to the given campaign strategy?” It should be much more than a few mere clicks on the website of the sponsors.
- Timing is Important: Most agencies are known to do sponsorships only during specific times of the year. As such, the overall event budget tends to be formulated the previous year itself. The right time of the year for sponsoring specific events tends to depend on some common factors like the ROI performance of the company, the industry, the economy, and so more. While other agencies might offer sponsorships during the entire year, they might have a limited budget during specific seasons. Most companies prefer sponsoring events during the fall or summer seasons.
As such, you should be aware of the right sponsoring time of the companies that you wish to approach. This might imply that you will have to schedule the networking event around the respective peak times.
- Ensure Ample Data in the Proposal: The sponsors out there tend to perceive the particular networking event as a form of advertising for their own services or products. This is the reason why most of them prefer seeing exact numbers in figures in comparison to that of the predicted values for the given event. The proposal that you prepare should comprise a well-organized spreadsheet along with strong data visuals.
The available data and information in the spreadsheet should outline vital details of the event like forecasted attendance during the event, presence during previous such events, social media engagement, and so more. Some additional data that you can consider including are CTR (Click Through Rate) for the given set of ads related to the event. You should aim at including numbers that are generated from the predictive analysis of the business intelligence system.
Ensure that you draw the attention of relevant sponsors for your networking event to expect the best outcomes.
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