When creating an event sponsorship strategy there are a few critical things to keep in mind. It’s not just about the event sponsorship prospectus. In fact, the event prospectus is the least important element of your sponsorship strategy. Here are five ideas to make the sponsorship strategy for events and the event experience resonate.
1. Attendee Experience First
The integration of partners and sponsors into an event needs to add attendee value at all levels. Think about:
- Session topics that align with overall event content
- Sponsor speakers who are content experts, not salespeople
- Expo experiences that showcase brands that fit and add value
- Operational elements (hospitality, transportation, way-finding, apps, etc.) that help attendees in a meaningful way
- Useful give-aways that add value to the event experience and beyond, and won’t end up in the garbage
- Avoiding a carnival atmosphere where every single element is sponsored – Logos everywhere – you don’t want your event looking like a NASCAR stock car, it detracts from the attendee experience
2. Partner Integration – Then Sponsorship
When planning the content strategy, messaging and experience for the event, consider which partners matter most to your story. Integrate them into the overall event experience organically and authentically. Consider:
- Keynotes where their executives speak side-by-side with yours
- Fireside Chats and panel discussions that allow them to showcase the relevance of their solutions and relationship with your company
- Workshops and breakout sessions that allow them to go deeper
- Digital content (event website, social media, email marketing, event app, etc.) that includes their voice and dovetails into the event experience
- Brand experiences (expo or otherwise) that engage, educate, and entertain attendees
- Exhibit space that illustrates their contribution to the content and master brand
- First right of refusal on sponsorship packages that showcase their relationship and help them accomplish their objectives (not just top tier – this will depend on the partner and relationship)
3. Give Sponsors What They Want
Sponsors apply the same criteria to selecting which events to participate in as any brand should. It needs to provide ROI. According to Skift 25% of events don’t offer any ROI analytics. Make sure you design the prospectus so it adds value to sponsors, just as you design the event to add value to attendees.
- Awareness – Not just logos, but deeper. Provide platforms for sponsors to share their products, services, solutions, and case studies.
- Access – Design agendas in ways that give sponsors access to attendees wherever possible, but keep #1 in mind while doing so.
- Speaking Opportunities – Create opportunities for sponsors to tell their story in a meaningful way. This is especially powerful if they can do this alongside your brand.
- Demand Generation and Leads – Give them access to attendees, and attendee data within GDPR guidelines. Facilitate lead introductions where possible.
- Limit Everything Else – Understand the need to monetize, but make sure you are adding to the experience, not creating waste.
4. Don’t Forget About the Costs of the Sponsorship Program
Before you count your money, remember that each and every element in your prospectus will cost money to produce. Signage, videos, digital marketing, F&B, transportation, stage time, real estate, etc. all require an investment in time, human resources, and money to bring them to life. Not to mention the cost of sponsorship sales! Design the offering so that each element has a profit margin. Manage the sponsorship prospectus like a P&L
5. Event Sponsorship Strategy as Part of a Broader Monetization Strategy
Very few B2B events are fully monetized. In fact, if you are recovering 50% of the costs through registration and sponsorship you are in the top tier of most companies. In the majority of cases, Sponsorship will recover 10%-20% of event costs.
- Align everything to your event strategy. It’s not just about the event experience. Your attendee acquisition plan, registration approach, partner integration plan, and sponsorship strategy are all critical parts of your broader event strategy, making it possible to achieve your business objectives.
- Consider your budget. Ensure you are spending on attendee experience first, partner integration second, and sponsorship third.
- Conduct a market review. Examine peer and competitive events. Take note of the different tiers of registration fees. Try to find out how much of potential registration revenue is “comped”. Examine their sponsorship prospectus. What’s being offered? What’s the pricing? What’s selling first? What’s selling out? What’s not selling? Which companies are participating at what level? Also, be honest with yourself – is the size, content, and experience of your event congruent with the event you are comparing against?
- Build a registration strategy and pricing model that makes sense for the audience and is competitive with peers and competitors.
- Create an event sponsorship prospectus that adds to the attendee experience, gives partners what they want, and ties into the event strategy. Think beyond the typical platinum / gold / silver / bronze levels. Provide meaningful value to sponsors at all levels. Break the mold. Be unique. Experiment.
All told, stepping back and thinking beyond the event sponsorship prospectus will make your event far more effective. The overall event sponsorship strategy will surely come to life, ensuring a better attendee experience, drive partner and sponsor value, enhance relationships with partners, and assist in meeting event objectives and monetization goals.