It is a truth universally acknowledged that some marketing tactics are harder to measure than others. Among the most difficult are event sponsorships, which succeed in combining various marketing channels such as press, advertisement, television, radio, signage, logo placement and online reach. Most event sponsorship also includes associated “intangibles”- branded VIP parties, meet-and-greets with industry influencers and free tickets to insider events. So how do you determine if an event sponsorship is right for your business? Below are three questions that will help you determine the value of any sponsorship.
• Does the event fit your company brand?
Does the event have a positive reputation in the industry? Is it well known and respected? Is there longevity? How long have the organizers and the event been in business? These are all elements that you will want your business to be associated with, especially if you are new to the industry. Alignment with the right organization provides social proof and sends a clear message you are here for the long run.
• Does your ideal prospect match the event’s core audience?
Are your customers attending the event? Before going into any marketing initiative it is crucial to know exactly who you wish to reach. Event organizers will provide you with event demographics and statistics that will make this decision an easy one.
• What is your objective going into the event?
What does success look like? Are you interested in sponsoring for greater awareness, to increase traffic to your site, to get the word out about a new product or service, to meet the right decision makers? Once you are clear on your objective you will be able to make sure that your sponsorship has the elements you need to ensure success. Do not forget to think outside the box: if a sponsorship is missing a crucial element negotiate it into your agreement.