HOW TO ATTRACT SPONSORS IN THE ERA OF VIRTUAL EVENTS
If you plan on creating an event, live-stream or hybrid, one of the first questions that comes to mind is how you are going to fund it. Unless your company is already well established and has a generous marketing budget, you’re going to have to look elsewhere to finance your event. The logical solution is to seek out sponsors.
Finding sponsorship is like finding a job. Expect to submit proposals and get rejected, or not get any response at all. Don’t fret! There are strategies you can implement to make your company look like an attractive applicant, worthy of a company’s sponsorship, even in the midst of a pandemic.
Make Your Proposal Stand Out
When you’re job hunting, do you send the same generic cover letter to every company? If you do, you’ll be lucky to get a response at all. Your proposal has to stand out. Keep in mind that each company likely reviews proposals like yours on a daily basis. Why should the company sponsor you over the other applicants, especially at a time when sponsorship is limited due to a global outbreak?
Consider the following ways to give your proposal the “wow” factor:
Tell your company’s story. Did your company have humble beginnings? Was it founded as a family business dedicated to keeping the industry service local? Make an emotional connection, if possible, to strike a chord with the sponsoring company.
Describe what you do. What is your mission statement, and how does your company live up to it on a daily basis? How has it responded to the crisis that hit the world’s stage this spring? What will your sponsorship mean to the future of the events industry?
Most importantly, be specific about the estimated funding amount needed. No one likes to receive a bill higher than what they were told.
Offer Incentives
Sponsorship is a give-and-take relationship. What do the sponsors get out of funding your online event? In normal times, this agreement may include giving the sponsor a booth or exhibitor, but even online and virtual events could involve placing a sponsor’s logo on event promotional banners and flyers. Sponsors want as much bang for their buck as possible. What else are you going to do to provide more bang?
Here are some ideas to help sweeten the deal:
Mention the sponsor’s company on your blog posts or email newsletters.
Provide incentives, such as freebies or discounts, for customers that purchase the sponsor’s product or sign up for its service.
Include the sponsor’s logo in all promotional gear
Encourage your social media followers to “like” or share the sponsor’s content
If you’re willing to give more than you take, you’ll show the sponsors that you are serious on making the event happen.
Offer a “Minimum Risk” Solution
Sponsors are taking a risk by sponsoring your event, especially in 2020 as the future of the events industry feels like uncharted territory. This is especially the case if your business is relatively unknown. For this reason, why not propose a “trial” deal? Instead of requesting the full funding amount, ask for a smaller portion in exchange for something small in return. Whatever you think you need, ask your sponsor for roughly 10% of that. In return, you might allow the sponsor to have the equivalent of one “booth,” be it in a guest speaker, promotional video at an opportune time during a live-stream, or a logo on some promotional items.
This little risk/little gain approach allows the sponsor to test the waters with your company. This way, they don’t take a big hit if the event bombs. Sponsors will get an idea of whether to move forward with the relationship for future endeavors, be it virtual events or anything in-between. Of course, with this method, you will need multiple sponsors in order to fully fund your event. This strategy also benefits your event, as you don’t put all of your eggs in one basket by relying on a single sponsor.
Form a Partnership With Better Established Companies
Your company may simply not have enough brand recognition to get sponsors on your side. You can reach out to multiple companies within the same industry as yours and collaborate with them on your virtual event. This way, potential sponsors will see that you are partnered with companies that have larger reputations. This strategy can easily broaden your audience and improve its reach.
When seeking companies to form a joint partnership, look for establishments within your niche that are not direct competitors. If your company sells dietary supplements, for example, then a company that sells exercise equipment would be a good company to get in touch with.
Study Your Sponsors
Do your homework on each sponsor you reach out to. Study any current events or transitions the sponsor may be going through, and see how they responded to the pandemic. Are they in the midst of releasing a new product, merging with another company, or are they transitioning into a new company post-COVID? Take advantage of these moments by incorporating them into your event. If the sponsor is about to release a new product, then it goes without saying that they’re going to want to market the heck out of it. Reach out to the sponsor and let them know that your event is a great opportunity for them to showcase their new product and acquire a new audience base.
Follow the sponsor’s blog or keep up with them on social media channels to find out if there’s anything special or noteworthy taking place. Make mention of this in your proposal with a plan on how your event can benefit them in relation to that product launch, merging, or aiding in the aftermath of COVID.
Be Willing to Rub Elbows With Potential Sponsors
Sponsors are ultimately businesses and not philanthropic organizations. They want something in return for funding your event. The key is to be an effective communicator and show in clear terms what makes your virtual event worth the sponsor’s marketing dollars. Be confident in your approach and you just might hear back from sponsors who may have otherwise skipped over your proposal without giving it more than a moment’s glance.
Like anything in the realm of event planning, Wizard Studios has the expertise and wherewithal to help small to large businesses find their way in a post-COVID world. If you’re looking to secure sponsors and need help with the creation or execution of your virtual event, contact us today!