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Reasons Your Business Should Sponsor an Event
If you want to get the most “bang” for your marketing buck, you should consider event sponsorship. To be a sponsor means to support an event, product, charity, team, individual, organization or venue either financially or in kind. Here are a few reasons why you should use your marketing budget on sponsorships rather than renting billboard space.
1. The Media Exposure Works
In 2018, worldwide sponsorship spending was $62.7 billion, so businesses who avidly support events such as the Olympics, The World Cup and even NASCAR know that sponsorship works better than taking out a whole page ad on a glossy magazine. You don’t have to go that big, but the bigger the event is, the bigger your exposure will be.
2. Increase your Company’s perceived Image
If you sponsor community events that have a wide enough base, public perception of your brand will be as big as your sponsor. Your target audience will be under the impression that if your company can sponsor a reputable community event, then your own company is a big, professional and reputable one. By sharing the spotlight with the event, you can gain the respect and credibility of your target market.
3. Brand Recognition
By sponsoring a community event that has mass appeal, the people who frequent the event will associate your brand with the event you’re sponsoring. Frequency breeds familiarity, and the more exposure you get, the more your brand will be liked. Look for a local event that has a large following and become a sponsor. Your logo will be seen on all flyers, billboards, posters, tickets, giveaways, the event sign up page, and more.
4. Give Back to the Community
Sponsoring a local team, athlete or event is great because you get to establish goodwill and show the community that you’re a reliable partner that’s able and willing to support all things local. Think of sponsorship as a way of giving back to the community and thanking them for their support.
5. The Best Venue to Hand Out Freebies
What better place to distribute company freebies than at an event that you sponsor? Your brand will be all over the place and you’ll be giving away tangible marketing products to a crowd that more or less makes up the brunt of who you want to market to, which brings us to the next part...
6. Targeted Marketing
Before you sponsor an event, do your research first. What type of event is it? Ask the organizer about the makeup of attendees. If the event is in line with what your business does or if you can see your product as a fit for event goers, then pull the trigger and sponsor it. You’ll have the opportunity to reach out directly to your target market, instead of traditional ads such as billboards and commercials that cast a wide net and can only run for a certain period of time.
7. An Opportunity for Lead Generation
Events are excellent opportunities for your business to grab some leads. Find a way to get attendees to sign up for a chance to win prizes, or maybe you can get their information in exchange for some of the items you’re going to give away. Coordinate with the organizer. Maybe they have something online already set up that you can tap into.
8. Get a Chance to Know Other Businesses
Networking is probably one of the best aspects of event sponsorship. If you’re not the sole sponsor, you’ll get to meet other decision makers or fellow vendors from various industries that you can do business within the future.
9. Sponsorship is Affordable
Running an ad campaign can be expensive. TV, radio and print ads can cost thousands of dollars. When paired together, these traditional advertising channels work well, but the cost steep and the time frame to run them is short. The shelf life of an ad is it’s biggest flaw, and again, you’ll be casting a wide net. With event sponsorships, your target market is right there in the event with you. You don’t need to look high and low for them.
Sponsorship is a great way to get your business out there and be seen by the right audience. You’ll be hitting a lot of birds with one stone when you choose to sponsor, saving you time and valuable resources.