How to Get Sponsors For an Event

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Part I: Understanding the Basics of Sponsorships

Sponsorships, as defined by IEG, the global authority on sponsorship, are cash or in-kind fees paid to a property, such as a sports, entertainment or non-profit event, in return for access to the exploitable commercial potential associated with that property. According to IEG, sports events hold the largest market share of sponsorship dollars, with an astounding 66%. The runner-up in acquiring sponsorship dollars is entertainment and attractions, with only 11% market share.

SPONSORSHIP TYPES

Soft Sponsorships: “Relationship-based”

Media partners:

Generate free editorial coverage or advertisements in exchange for media materials inserted into event booklets/packets
Offer free participation in the race for news anchors/journalists in exchange for live news segment
Elevate exposure of the event with credible partners

Major retailer/drug store chain

Create credibility for your event by involving a major brand
Create more distribution points for materials
Leverage relationships with retailers to bring in major brands as vendors

Local car dealership

Garner access to courtesy vehicles
Offer sponsored prizes/drawings
Cost-Reducing Sponsorships

Barter partner

Alleviate a traditional expense, such as food, beverage, or even legal advice in exchange for sponsorship exposure

Municipality or Community Association

Access discounted rates traditionally given to non-profit or government organisations

Cash Sponsorships

Traditional sponsorships, such as a title sponsor

Cover expenses
Increase exposure of both the sponsor and your event
Create event credibility
Customise offerings – packages rarely succeed
Note: cash sponsorships tend to require a longer sales cycle (at least six months) because actual budgets are involved

SPONSORSHIP STATISTICS

According to recent IEG studies, there are a number of reasons why companies sponsor, as well as number of benefits they expect as a result of their sponsorship.

Why do companies sponsor?

To increase brand loyalty
Create awareness/visibility
Change/reinforce image
Drive retailer/dealer traffic
Stimulate sales/trials/usage
Community/corporate responsibility
Platform for experiential branding
Sample/display products/services

What do sponsors want and expect from events?

Category exclusivity
Onsite signage
ID in property’s media buy
Access to mailing list/database
Broadcast ad opportunities
ID in property collateral
Presence on property’s Website
Participation in retailer promotion
Ad in program book

Remember, there are billions spent annually on event sponsorships, so there is never a bad time to solicit sponsors. Your challenge is applying these statistics and tactics to create unmatched value for companies.

Part II: Determining and Selling Sponsorship Value

BUILD THE PROPERTY

The value of sponsorships is often compared to the value of traditional media buys, such as a print advertisement or commercial. To build the value of your property (your race) you must first take inventory. Examine the “Four P’s”, or the different categories of assets:

1. Participants. Can you attract more participants or are you limited by space or other requirements?

2. Promotions. How will your event be promoted? What type of collateral will you be producing? Will you have a Website?

3. Partners. Will you partner with local sports clubs for peer-to-peer marketing? Is your charitable beneficiary highly desirable?

4. Parameters. What limits will you put on the event sponsorships? What’s negotiable and what’s not? What are the possibilities for sponsors?

DETERMINE YOUR VALUE

Sell value, not costs. Focusing on costs hinders the actual revenue potential of your event. Think like a marketer, know your assets, and be prepared to explain how your sponsorship offering will help the company achieve its goals.

Concrete Assets

Media Value: placements, coverage, on-site impressions, collateral, Website
On-site Activities: sampling, one-to-one marketing, VIP entertainment, expo booths
Lead Generation: mail and email lists, promotional opt-ins

Intangible Assets

Desirability & Prestige: event recognition, popularity in market, exclusivity, market impact, growth opportunities
Comparables: other events, media in market, standard advertising costs
Activation Opportunities: retail tie-ins, sales promotions, hospitality discounts

SPONSORSHIP PROPOSITION

Guidelines, Not Packages: have a plan for relative benefits and number of sponsors, but focus on the consultative process (after all, who really wants to be known as “bronze”?) Asset Allocation: title sponsors, major sponsors, suppliers, expo exhibitors, etc.

SPONSORSHIP TARGETS

Do your homework: local sponsors, competitors of local sponsors, national companies with local interests, local advertisers Network: talk up your event, seek referrals, attend other events, join associations and trade groups

SALES APPROACH

Be a problem-solver and know that your property will deliver tangible benefits to your sponsors. Be upbeat, confident and process-driven. Believe in what you’re selling.

Evaluate all of the benefits of your property, put together a game plan, network and start selling. For cash sponsorships, start reaching out to companies at least six months in advance. And remember, don’t sell sponsorship packages. Rather, understand what certain companies need and want, then create a customised solution that benefits the sponsor, your event and your participants. Project and anticipate what’s in it for the sponsoring company before making the sale; then follow through to ensure the company sees the benefits.

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