Understanding The Aspects of Event Sponsorship and Why It Matters

Understanding The Aspects of Event Sponsorship and Why It Matters

Event sponsorship in recent years has become a great mode of advertisement. Most companies sponsor different events to promote their brands as it has broader customer outreach.

In this article, we’ll discuss the aspect of event sponsorship and also how it has become a vital mode of modern marketing. So, without further ado, let’s get into the article to know more about it. It would be best to understand the concept of sponsorship and its aspects before you delve further.

Sponsorship definition and types of sponsorships

Sponsorship can be defined as funds given by a company or brands for events or other purposes. In a simple term, it’s a give-and-take relationship between two parties.

Suppose you’re hosting a college festival and need a sponsor for the event. Here you can approach brands that have appeal over younger audiences. If the company agrees to sponsor the event, the brand will sponsor the event. Also, the brand presence will reach the young audiences. It’s a win-win situation for both parties and a great marketing strategy too.

Sponsorship marketing has become a unique mode of advertisement. Also, in recent years there has been a growth of companies with sponsorships that are willing to fund different events. 

You should also note that various sponsorship companies cater to different audiences. Some of the common types of sponsorship are as follow:

  • Corporate sponsorship

One of the common types of sponsorship is corporate sponsorship. Here a business provides funds for sporting events, music festivals, museum exhibitions and more. Financial sponsor comes under the realms of corporate sponsorships.

It isn’t limited to a specific sponsorship but deals in a wide range of promotional events. Today, most companies are open to the idea of event sponsorship. Also, they are willing to give financial assistance if the event sponsorship package is good. If you want your event to get sponsored, it’s crucial to develop a brilliant event sponsorship package.

  • Media sponsorship

Under media sponsorship, you can sign deals with media sponsors to promote events. Here you can advertise the event on local television or newspaper. The media will sponsor the event, also promote or advertise on its own. Examples of media sponsorship would be TV channels promoting different sporting events or other important events.

  • In-kind sponsorship

In-kind sponsorship is different from other forms of sponsorship. In place of cash, they offer services or products for an event. You’ll notice this type of sponsor mainly prevailed in a music festival. Also, you’ll see alcohol brands like Budweiser dealing with numerous sponsorships and different music events.

It’s a unique way to sponsor an event, but it’s also allowing brands to advertise their products or services well. In addition, if it’s for a larger crowd, it would help them reach large audiences.

  • Promotional partnerships

The promotional partnership is more like a collaborative deal between a brand and an individual. Also, you’ll see companies that sponsor individuals by giving funds and other services. Besides, you will see this kind of sponsor mainly for a sportsperson.

One of the promotional sponsor examples would be Nike sponsoring tennis stars like Naomi Osaka. You’ll notice that her sport fit is all Nike as the brand sponsors her, while she indirectly promotes the brand.

  • Content sponsorship

Content sponsorship has been growing at a fast rate in recent years. With the growth of social media influencers, you’d see many contents creator promoting various products and services. It’s a good marketing strategy that has appeal mainly over the young adults.

Today, most people are hooked online and rely on search engines and influencers for information about products. Advertisers rely on content creators such as vloggers or bloggers to promote their products. Besides, it doesn’t seem like forced marketing but an effective way to gain customer attention.

A brilliant content sponsorship example that you can check out is Marques Brownlee’s vlogs on YouTube. He is a renowned influencer that reviews smart gadgets, phones and more. Various renowned brands like Samsung, Microsoft, Apple and more have approached him to review their products. It’s a form of advertising that doesn’t feel invasive, but it somehow grabs your attention.

Additionally, according to a survey by Influencer Marketing Hub, 82% of marketers believe that influencer marketing is a better form of marketing. They believe that customers’ quality through influencers is better than the other form of advertisements.

What is an event sponsorship, and how it’s a great form of advertisement?

An event sponsorship means a company or brand that sponsors or provides financial assistance or service for different events. It’s a unique form of advertisement that helps to cater to a larger audience. One of the vital aspects of event sponsorship is that it helps create a brand presence for a company.

In recent years, many business organizations and brands have come forward to sponsor different events. One of the event sponsorship examples would be the Warped tour, a rock tour sponsored by Vans. It’s a renowned brand that manufactures skateboarding shoes and apparel.

Likewise, there are great examples of sponsored events that you might have come across. You will see sponsored events mainly in music festivals and sporting events. Many brands have affiliated with this form of marketing as it appeals to a larger audience. In addition, it also leads to a reasonable engagement rate online.

Additionally, according to EventMB, 78% of sponsors are virtual event tech providers. With the growth of technology and online presence, virtual events have become popular among brands. Business organizations are open to the idea of sponsoring any event if it benefits their product or services.

You can also get funds from brands at creative sponsorship levels. If your concept and ideas are brilliant with a good customer appeal, the investors are ready to fund your event.

The event industry is thriving, and the market is valued at billions. As per reports by Statista, $65.8 billion was spent on sponsorships globally. It’s a thriving market and is expected to grow more in the coming years.

How do I get sponsors for an event?

Event planners need sponsorship to run the event effectively. Financial funds or any form of assistance from brands is vital for hosting any event. If you’re looking for sponsorships for your event, you need to develop an excellent strategic plan. Also, before you plan on how to find sponsors for events, you need to plan on how to approach the sponsors.

It’s always better to do proper research and analysis of the brand you plan to approach. In addition, it will also help you give a clearer picture of how you’re going to formulate it.

With the advent of technology, now you can look up companies online and approach them without any hassle. But you should note that brands don’t accept all the event proposals. Therefore, it’s essential to consider various factors before approaching a company.

Here are some of the processes that you need to do before approaching a sponsor:

  • Overview of the event

Before looking for sponsorship, you need to conceptualize your plans and ideas. You cannot approach a business executive without a proper business plan. In addition, if you want investors to fund your event, you should have creative ideas and goals.

You should be able to sell your ideas and vision to the investor. Therefore, make a proper plan and strategy before you start looking for investors.

  • Approaching the right brand

It’s always advisable to approach brands that align with your event. If you’re planning to do a live event, you can opt for virtual tech providers that can Livestream you’re the event.

It would be a win-win situation both for you and the sponsors. Many brands sponsor events to create awareness about their products or services. So, it would be best to develop an innovative plan and approach the right brand. Using this strategy might help you sign deals with different brands.

  • Setting up an event sponsorship proposal

A good business plan is vital before you start looking for investors. If you want to get the sponsors’ approval, you need a creative event sponsorship proposal. Under this proposal, you need to develop strategic ideas with your team. Also, it’s one of the most critical factors you need to consider before looking for sponsors.

The proposal should be precise and should be easily understood by the clients. In addition, you should also write an event sponsorship letter addressed to the sponsors. It will give an overview of your ideas and what your vision is. The letter should be clear so that the investors can easily understand it. It’s one of the essential factors you need to consider before looking for sponsors.

  • Creating event sponsorship packages

It would also be great if you designed an event sponsorship packages. It will help you reach a mutual agreement between you and the investors. You can offer packages like where the brand can promote their product on-site or virtually if you’re live streaming the event.

You can also offer packages like promoting their brand on the event’s website or social media platforms. It would be good to create innovative sponsorship packages so that sponsors can agree with you.

These are some of the processes you need to do before meeting an event sponsor. Today, accessibility is easy, and you can contact brands instantly. But to get into a deal with the brands, the ideas and plans should be creative and different.

In addition, your proposal should be such that it benefits both you and the sponsors. This way, you can gain their trust and approach them for future events.

Why should you write an event sponsorship letter?

As mentioned earlier, an event sponsorship letter addresses the investors about your event. An event organizer or a manager writes an event sponsorship letter. If you’re looking for sponsors, writing this letter is crucial.

In the letter, you address the sponsors about the event you’re planning to do. Here you need to tell them about the event in a precise way that would catch their attention. You can check these sponsorship letter templates for ideas if you’re new to this.

There are multiple reasons to write an event sponsorship letter. One of the main reasons to write this letter is to let sponsors know your ideas and marketing strategies for the event. Also, it would allow the investors to get an idea about your proposal.

In addition, while writing a letter, make sure that it’s clear and to the point. The proposal should be put down systematically so that sponsors will understand what you’re proposing. You should also note that there are different types of event sponsorship letters.

Some of the different types of event sponsorship letters are as follow:

  • Sponsorship proposal letter for events.
  • Event sponsorship letter for students.
  • Sponsorship letter for a corporate event.
  • Event planning letter for sponsorship.

You should know these kinds of sponsorship letters so that you can write more precisely. For instance, if you’re writing a proposal letter for events, you can write a specific letter addressing your ideas and needs.

Writing an event proposal letter is vital if you’re looking for a sponsor. The investors will get an idea about your ideas and proposal through the letter. If the investors like your letter, they will get back to you and arrange a meeting with you. Therefore, make sure to write a concise but detailed proposal to investors to let them know about your vision.

Conclusion

Event sponsorship is a modern form of advertising that has constantly grown over the years. The event planning industry is thriving, leaving broader scope for event sponsorship. Many investors are willing to sponsor any events if they show great potential to promote their products or services.

If you’re looking for event sponsors, you should develop creative plans. In addition, after planning the event, writing an event sponsorship letter to the sponsors is crucial. It will help the investors know about your proposal and ideas for the event.

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