19 Feb Why your business should sponsor an event
When it comes to business, reputation is everything. How do you build a reputation with people who have never heard of your brand, though? One simple way is to sponsor an event. If you are a business that wants to speed up growth and reach a higher-quality audience, then this solution is for you.
As an event sponsor, you would offer funding, products, and services to support an event. This could include fundraisers, trade shows, community events, and local teams. In return, your business receives exposure and connection with new potential customers. This is especially true when you have a niche target market.
Here is why your business should sponsor an event
Brand Recognition
Sponsorship puts your brand in front of a larger audience that has never heard of your business before. Typically, the bigger the event, the more exposure you can expect. However, as with micro-influencers on social media, an intimate event has its benefits too. Surveys show that consumers are more likely to buy products and services after they’ve been exposed to a brand through event marketing.
Target Market
Events usually cater to a specific audience. This means you can use event sponsorship to get your product or service in the hands, eyes, and brains of your target market. Sponsoring an event is an excellent way to engage with people who are looking for what you offer.
Lead Generation
When you consider how much time and money you might spend on finding qualified leads for your business, event sponsorship makes a lot of sense. Done right, you can leverage event sponsorship to bring you valuable qualified leads. At the same time, you are showing the attendees who you are as a brand and what you stand for. As we know all too well, people buy from people they know, like, and trust.
Community Engagement
Your reputation is everything in business. When you sponsor an event, you demonstrate what your brand values are – that is to say, ‘put your money where your mouth is’ or ‘walk your talk.’ Linking your business to a worthy cause can bring in loyal supporters who feel connected to your brand. Being involved in and contributing to the community shows people that you are invested. It gives them a reason to align themselves with your brand and gives them a feeling of ownership and belonging.
Building Relationships
Business is all about the relationships you build – not just with the customers, but with other businesses too. A few quality collaborations can see you reach new networks – fast. Event sponsorships are another way to network, collaborate, and build those all-important business relationships. As you know, a personal recommendation from someone is worth so much more in the eyes of a potential client.
What to watch out for
Of course, there are two sides to every coin. It’s important to consider exactly what you’re getting into and who you’re partnering with. The best way to make sure your contribution is going to the right place is to ask some questions about the event, the organiser, and the cause.
Start with:
- Who is the brand behind the event?
- What do they stand for?
- Would you want your brand to be associated with theirs?
- Have they held this kind of event before?
- What is the cause or purpose of the event?
- Does the event align with my brand values?
- Will my target market be at the event?
- Are my competitors involved in the event?
- What is the potential risk of sponsoring this event (aka what is the worst that could happen)?
- What are the potential rewards for sponsoring?
- What exactly is my role in the sponsorship?
- What will the event sponsorship cost my business?
If you are in any doubt about a potential sponsorship arrangement, your best approach is to give only what you feel comfortable with or don’t sponsor at all. Never be pushed into something that you don’t want to or feel comfortable doing. For the most part, events are a great way to get in and meet people, introduce them to your brand, and nurture some relationships. I hope this information will help you create some great PR, build your network, and grow your business with the help of event sponsorship.