5 Benefits of Sponsorship
Creating an image of prosperity and authority for your business is a smart way to win new customers. People feel comfortable doing business with companies they trust will meet their expectations. If your business looks successful, customers believe you can deliver what they need.
Imagine how your business reputation elevates when you collaborate with broad-reaching, successful events. Through event sponsorship, you can leverage this power of collective credibility. Sponsorship is increasingly popular among small businesses aiming to grow fast and reach quality audiences.
What exactly does it mean to sponsor an event? Sponsors offer funding, products and/or services to support the event. In exchange, you gain business exposure and the opportunity to connect with new customers.
If you’re looking to get a bang out of your marketing budget, here are 10 reasons to sponsor an event.
1. Brand Awareness
Sponsorships put your brand’s visual assets in front of large audiences who may have not heard of your business. The bigger the event, the more news coverage and social media mentions you get before, during, and after the event. In addition, you may receive featured ads and signs to boost your brand recognition.
If you choose to include promotional giveaways, a huge number of people will be toting your branded swag. Quality matters, so choose events with a track record of attracting a large crowd.
2. Consumer Perception
Not many people are motivated to check out a store that always looks shabby and empty. Likewise, online shoppers are turned off by websites with no branding, business info, or security certificates. Public perception can make or break your business.
To the contrary, customers form positive opinions when your business is tied into high-profile events. Potential customers will assume your business is reliable and reputable if you are able to sponsor other organizations or events.
In a 2016 survey, the Event Marketing Institute found that 74 percent of consumers are more likely to buy products after exposure to a branded event marketing experience. Use the clout you earn as a sponsor to grow your reputation in your community.
3. Content Strategy
Event sponsorship provides fresh material to enrich your content strategy. By connecting with the event holder on social media, you can find relevant audiences to target. Even better, event promotion doesn’t end with sponsors. The Event Marketing Institute reported that 98 percent of consumers create social content during the events. When attendees share photos, you gain exposure to much larger networks. User-generated content has a greater impact on customers, so make it easy for people to tag your business on social media.
4. Audience Insights
Established organizations and member associations often hand out data about the event performance. Event sponsorship is a beneficial learning experience for new and veteran business owners. After all, a roomful of great minds is better than one. You get a firsthand look at how other businesses differentiate themselves and attract customers.
5. Business Relationships
Are you in the market for new partnerships or buiness relationships? Events are rich with non-competing businesses you can collaborate with in the future.
Small business owners are tend to be pretty busy, so most are happy to share leads and cut their legwork in half. Find out what businesses are participating, and be sure to introduce yourself to key players.
In ESP’s survey, 55 percent of sponsors said their return on investment increased from 2016 to 2017. To make the most of your event sponsorship, decide what you want to achieve before you go. Come up with a metric to measure your efforts, so you know if an event is worth attending again.
The benefits of event sponsorship are boundless if you put in the energy to make connections. Take advantage of every resource the event holder offers to help your business!
In any event, sponsorship creates positive PR, provides content and raises awareness of your business overall.