Event holders often overlook the point of why sponsors commit their dollars to sponsorship. There are numerous valid reasons for a sponsor to support non-for-profits and community events. Chief amongst them are the desire to build a bigger database; to increase relevancy; to increase social media likes and engagement; to collect market data; to increase brand awareness, and for some forward-thinking companies – to be a good corporate citizen. These are all perfectly acceptable outcomes of sponsorship and we should be measuring our success across these mechanics. The fact remains, all sponsorship seekers need a business case approach and a clear sponsorship objective to drive these mechanics.
A sponsorship objective sets the agenda for what each party is to achieve. Where sponsorship wins over all other marketing channels is that it has the power and potential to change attitudes and behaviours of the key target market. When we change the thoughts and attitudes of our target market towards our brand and our product or services we are extending the timeframe for our results. If we're successful in changing how people think and feel about us, we are creating behavioural change. Consumers choose to engage, buy or bank with us because they like what we stand for and what we do.
This is why sponsorship is such a powerful medium because it gives sponsors a platform to demonstrate brand values. If you say you care, then this is the opportunity to show that to the target market. How much impact do you think you would have on a family if you were to offer a free child-minding service at a Festival or a locker area to keep their gear safe? Do you think this would have greater impact than a dozen branded signs at the entrance? You better believe it does!
When I work with clients on their sponsorship activations, I always consider the business case behind the partnership. Is there a good reason for these two parties to be getting together? What does each party want to gain and what can you contribute in terms of resources to enhancing the experience for your target market?
Here's a few questions that every sponsorship-seeker should be able to answer to ensure there is a business case for the partnership:
- 1.Who is the audience?
- 2.Where are they coming from?
- 3.What are their interests?
- 4.Why do they attend the event?
- 5.What do they spend their money on?
- 6.What do you seek in a partnership?
- 7.Why is this partnership important?
When these questions have been answered and you are satisfied with the responses, then there's every chance the partnership will be a success. A strong business case isn't just an optional consideration, it is the most important consideration before entering short or long term partnerships.
Was this helpful? Would you like help to put together a business case? We can assist with the whole range of sponsorship management solutions from strategy to partnerships, negotiation, activation and measurement. Email me at email@example.com or PM us at www.facebook.com/eventsponsorsinc