By Victoria Donahue, Senior Meeting Planner, Impact Association Management
Sponsorships are beneficial in many ways. They can be a monetary benefit to an event or a benefit to your brand. They can enhance and add value to membership or simply bring more awareness to the association. Whether you are creating new sponsorship opportunities or simply updating your current list, here are four tips to consider that will bring value to both the association and the sponsor.
1. Know Your Audience
Know to whom you are selling your sponsorship opportunities. Who are they? What are the demographics of your audience? What are their lifestyle characteristics? Your sponsors can be the best evangelists and partners to help drive revenue. Not sure what your audience might be interested in? Ask them! Send out a survey or set up a one-on-one meeting with your top donors.
2. Create New Sponsorship Opportunities
Be creative. Include a variety of opportunities for members that are scheduled throughout the year such as focus groups, monthly speaker groups, roundtables, or a “lunch & learn.” For events, include pre- and post-event opportunities such as a pre-event survey, mobile app, or post-event content. Or, add engagement opportunities like a happy hour, reception or networking session during one of your annual events.
3. Determine Pricing
First, know the expense or the value perception of your sponsorship items. Second,
determine the “hot cake” or most valued item on your list and increase the value. Third,
determine if your sponsorships need to bring in revenue or simply cover the event or opportunity cost. If the sponsorship needs to bring in revenue, add a percentage profit margin based on budget needs.
4. Collect Feedback
Use post-event or end-of-year surveys to collect feedback from your sponsors or set up meetings to discuss the wins and opportunities for improvement. Provide your sponsors with data, demographics, and photos to recap their sponsorship to demonstrate the value and impact. Then, use these resources to assist you in the next review of your sponsorships.
The above tips can be applied to association sponsorship levels, event sponsorships, or branding opportunities. As you prepare for the new year or the next annual event, review the needs of your association and the needs of your sponsors as you create opportunities to bring value to your brand, your event, and your sponsors.
Learn how Impact’s team of event management experts can help you generate valuable and sustainable sponsorship revenue.