How sponsoring an event can help a business gain exposure
SPONSORING an event can be beneficial for a business trying to build brand awareness and reach a targeted pool of customers. Event sponsorship is a mutually beneficial agreement between an event organiser and event sponsor. Although there are many different types of event sponsorships, generally they involve an investment by the sponsor into the event which leads to brand affiliation and publicity opportunities for the sponsor.
Event sponsors benefit from marketing and promotional efforts leading up to and during the event, they can build brand loyalty through association with highly credible events, and can often tap into a targetted market that is suited to their business goals.
Event organisers can benefit from lower event costs and better credibility through association with large brands.
Why get a business to sponsor your event?
For event organisers, event sponsorship can help alleviate some of the prohibitive costs that come with event planning. This may involve a cash sponsorship or an in-lieu sponsorship. For example, finding a food or alcohol company to sponsor your event may involve the provision of food and drink, or a print sponsor can cover the costs of printing programs and flyers.
Why would a business want to sponsor an event?
Event sponsorship is a great marketing strategy for businesses large and small. For up and coming companies, sponsorship agreements which showcase a business’ products or services are a great opportunity to build brand awareness and acquire new customers. For larger brands, sponsorship can be a great opportunity to build brand loyalty and credibility. A common type of sponsorship agreement for large brands is the sponsorship of an event which targets their customers. This type of agreement helps bind larger brands with their customers, in turn building brand identity.
How businesses choose the right event to sponsor
A few questions a business might ask prior to signing a sponsorship agreement include: Who will be attending the event? What can we expect to get out of the agreement? Are there other sponsors involved in the event? And if so, how might they impact our sponsorship goals?
It is paramount to consider how the agreement will benefit both parties, and it’s equally important to try to measure expectations.