Where to sponsor
You will definitely want to do your research when it comes to choosing an event or location to sponsor. If an event or other company does not align with your business or personal morals, you do not want your logo or name attached to it. One of the easiest ways to ruin the reputation of your business is to somehow be connected to a controversial entity. Most companies tend to sponsor low-risk opportunities like trade shows, charity events, or children’s sports leagues. But even with charitable events or organizations, you will want to ensure they are legitimate. The Federal Trade Commission suggests checking to see if the charity is registered with your state charity regulator.
Opportunities
When you decide to sponsor an event, you are essentially networking with that business and its employees. One way everyone involved can benefit from a sponsorship is by doing a cross-promotional social media campaign. This allows you to showcase your product or service at the event to a larger audience. On the flip side, you can also talk more about the event on your company’s social media accounts to widen their reach as well. Consider doing a social media “takeover” where you or one of your employees manages the social media accounts of the event you are sponsoring or vice versa. Try to make the takeover fun for viewers by creating a contest or giveaway, such as tickets to the event or a sample of your product or service.
Challenges
While local causes are limited in terms of reach, they do connect you with a very specific audience. If you want to reach a larger audience outside of your local area, you may need to network for a while to get the right contacts to set something like that up. Many other businesses will be competing for a spot inside a major team’s arena or during a nationally televised event. Most major companies are looking for strategic partnerships that will benefit them and increase their own brand visibility. When creating a proposal, consider how your business can help them achieve these goals.
Benefits
There are many advantages of event sponsorship outside of simply increasing brand awareness. You will have more opportunities to drive sales, especially if you have your own booth at an event like a trade show you are sponsoring. Having samples or visuals of your product will give attendees an idea of what they can expect from your business and they will be more likely to remember you. When it comes to charitable or youth organizations, many consumers relate these events with positive feelings. As a result, event attendees will, in turn, associate you with these positive thoughts.
Finally, you will benefit from all of the relationships and partnerships that will come from event sponsorship. According to marketing strategist and public relations expert Susan Friedman of The Balance Small Business, “Many events will offer special opportunities to sponsors, such as exclusive networking settings, VIP receptions, or outings with high-profile people in the industry. You can take advantage of these events to meet key customers and solidify business relationships, especially if you have a plan for following up once the event is done.”
When it comes to marketing for your business, consider a variety of ways to grow and evolve as a company. Event sponsorship is just one way of doing so.