Engaging in sponsorships can be a great way to gain exposure for your organization and increase brand awareness. It’s important when deciding to incorporate sponsorships into your overall marketing plan, that you carefully evaluate the sponsor benefits compared to associated costs. Also, be sure to take full advantage of all sponsor benefits too! Don’t get so wrapped up in the daily grind that tickets go unused, networking events to go unattended, or chances to send an e-blast or post a web ad are missed.
If you’re considering whether to invest in a sponsorship, I suggest you think about whether it offers these 3 key benefits:
Brand Exposure: Does the sponsorship opportunity offer enough positive brand exposure? Make sure to evaluate what type of benefits you are receiving for the price, so you can truly gauge exposure. For example, a web ad for 30 days is great, but how many impressions will it receive? How many attendees will come to an event and see your branding? When considering a corporate sponsorship, determine whether the sponsorship opportunity will provide benefits for you to experience growth in your particular field or industry.
Networking: When looking at the benefits, are there business development opportunities provided in addition to branding? While branding is an important element in your marketing mix, it’s key for businesses to meet new people and network, or get “face time” with your existing customers. When it comes to networking, small group opportunities provide several benefits. Maybe there are breakfasts you can attend, or better yet, you can ask to host one. Make the most of the times you can truly connect with people.
Overall Quality: As with most things, it’s quality over quantity that matters when considering sponsorship benefits. So above everything, do the group’s values align with yours organizationally? Supporting organizations that genuinely align with your company makes so much sense. That way, both parties really benefit one another in the long run.
Final Thoughts: Sponsorships can be a great way to get your name out there in a big way… but be selective. Don’t be afraid to ask for references and reach out to past sponsors to be sure they’ve experienced value. You could also inquire about the percentage of repeat sponsors. If sponsors are loyal year after year, you’ve likely got a good opportunity to consider.