How to Get Event Sponsorship!

Summary

In this video, Chris Bayliss, CEO of the Sponsorship Collective, debunks common misconceptions about event sponsorship and emphasizes the importance of understanding your audience. He explains that companies sponsor events to engage with niche audiences and build their brand, not just for logo placement. Bayliss outlines a strategic approach to event sponsorship that includes audience analysis, prospecting, valuation, and activation. He advises creating unique experiences for sponsors and attendees that add value, rather than focusing solely on traditional sponsorship models like gold, silver, and bronze tiers. The video concludes with tips on crafting a compelling sponsorship proposal and securing sponsor commitments post-event.

Takeaways

• 💼 Companies sponsor events for customer engagement, profit, and brand building, not just for logo placement.
• 🎉 Events are opportunities for sponsors to engage with niche audiences in ways that are meaningful and enjoyable.
• 🤝 The role of an event sponsorship salesperson is to create experiences that both sponsors and attendees love and find valuable.
• 💰 There are various types of sponsors, including experiential, promotional partners, media sponsors, and in-kind sponsors.
• 🔍 Understanding your audience in detail is crucial for successful sponsorship sales and event improvement.
• 📊 Audience data helps in prospecting by pointing you towards companies that prioritize your target market.
• 💡 Valuation is key in determining how much to charge for sponsorship opportunities based on the fair market value.
• 🚀 Knowing your audience allows you to build activations that address their concerns and enhance their event experience.
• 📈 Start with audience understanding, then valuation, prospecting, and finally, building a customized activation plan.
• 📋 A successful sponsorship proposal should focus at least 50% on audience data to appeal to marketers.
• 🗓️ The two-week window after the event is critical for providing sponsors with a fulfillment report and securing their commitment for the next year.

Q & A

What is the common misconception about event sponsorship according to the video?

The common misconception is that companies sponsor events just to put their logos on signs with gold, silver, or bronze above it. However, the real reason companies sponsor events is to engage with niche audiences in ways that are meaningful and add value.

Why do companies sponsor events instead of just buying ad space or doing internet marketing?

Companies sponsor events to engage niche audiences in specific ways that the audience loves and that connects them to the sponsor in meaningful ways, which is not typically possible with simple ad space or internet marketing.

What is the role of an event sponsorship sales person according to the video?

The role of an event sponsorship sales person is to build opportunities that sponsors love and that the audience loves, bringing both together in a way that adds value.

What are the different types of sponsors mentioned in the video?

The different types of sponsors mentioned are experiential sponsors, promotional partners, media sponsors, and in-kind or contra sponsors.

Why is it important to understand the audience for successful event sponsorship?

Understanding the audience is crucial because it allows the event organizer to know their demographic and psychographic details, preferred brands, and purchasing behaviors, which in turn helps in prospecting, valuation, and building activations that appeal to both the audience and potential sponsors.

What is the significance of the two-week window following an event in terms of sponsorship?

The two-week window following an event is significant because it is the time when sponsors are provided with a fulfillment report, proving the delivery of promised sponsorship benefits and return on investment. It's also the time to gather feedback and secure commitments for the next year.

What should be the focus of a sponsorship proposal according to the video?

At least 50% of a sponsorship proposal should focus on audience data, presenting the audience in a way that marketers find appealing rather than just focusing on gold, silver, bronze grids.

How does audience data help in the sponsorship sales process?

Audience data helps in sponsorship sales by guiding the organizer to the companies that should be approached, as it points to the brands and products the audience prefers and identifies companies that consider the audience as their ideal customer.

What is the recommended approach to building a sponsorship proposal?

The recommended approach is to start with understanding the audience, determine their value in the marketplace, develop customized activations for the audience, and build a prospect pipeline of companies that prioritize the audience before creating the sponsorship proposal.

Why is it important to challenge the traditional gold, silver, bronze logo placement model at events?

Challenging the traditional model is important because it encourages creative thinking and reaching out to prospects to build customized opportunities that provide real value to both the audience and the sponsors, rather than just focusing on logo placement.

What is the key to knowing how many sponsors will return for the next year's event?

The key is to provide a fulfillment report within two weeks of the event ending, gather feedback, and ask sponsors directly how to ensure their return for the next year, which helps in understanding the commitment level for the following year.