Sponsoring events can pay off exponentially or turn into FYRE Festival, there’s really no in between; yet the risks and odds associated with event sponsorship still produce a higher ROI than most marketing and advertising channels/options (pretty wild).
But what are the key drivers and KPIs associated with event sponsorship? I’m glad you asked, below I breakdown this question and more to help businesses better understand why event sponsorships should absolutely be in your 2024 marketing and business development budget; you can thank me later.
Here’s a list of WHY businesses sponsor events,
Building Brand Awareness and Credibility
Event sponsorship presents a prime opportunity for companies to increase their brand exposure and gain credibility within their industry. By associating their brand with reputable events, businesses can enhance their visibility among a relevant audience. Whether it’s through logo placement, branded merchandise, or sponsored sessions, companies can effectively showcase their products or services in a contextually relevant environment.
Moreover, sponsoring events allows companies to align themselves with causes or values that resonate with their target demographic. This association can bolster brand perception and foster a sense of loyalty among partners, peers, clients, and consumers who share similar values, thereby strengthening brand affinity over time.
Engaging Target Audiences and Generating Leads
Participating in events provides companies with a platform to directly engage with their target audience in a meaningful way. Whether through immersive experiences, product demonstrations, or networking opportunities, events facilitate real-time interactions that can lead to valuable connections and conversions.
Moreover, event sponsorship enables companies to capture leads and expand their customer base. By leveraging techniques such as data capture forms or QR code scanning, businesses can collect valuable contact information and initiate follow-up communication to nurture leads and drive sales.
Fueling Personal Branding and Industry Influence
Sponsoring events not only elevates brand visibility but also positions companies and executives as thought leaders within their respective industries. By sponsoring speaking engagements, hosting workshops, or participating in panel discussions, businesses can showcase their expertise and share valuable insights with attendees. This positioning not only enhances brand credibility but also fosters trust and authority among industry peers and consumers alike.
Turnkey Operation, you Just Need to Show up
Most events and conferences, at least the ones that do it well, provide a turn key solution for businesses that are NOT provided through any other marketing or promotional vehicle. Event and conference organizers become an extension of your team, helping you maximize your opportunities during the event, while handling all of the operational logistics that come along with putting on an event or conference.
Make Everyone Come to you
It’s exhausting scheduling lunch meetings all over a city, or walking to everyone else’s events to meet them at massive conferences such as CES or SXSW. When you have a dedicated space with a VIP experience for attendees, you will undoubtedly get a higher ROI by simply not having to venture too far from your sponsored event; allowing you to book more meetings with the added benefit of providing your prospects and peers access to space, experiences, great food, and tasty beverages.
Measuring Success: Key Metrics and Evaluation Strategies
While event sponsorship offers numerous benefits, measuring its success is crucial for optimizing future investments and maximizing ROI. Here are some key metrics and evaluation strategies to consider:
Brand Visibility and Reach: Track metrics such as impressions, social media mentions, and website traffic attributed to the event sponsorship. Utilize tools like Google Analytics, social media monitoring platforms, and event-specific tracking codes to quantify brand exposure.
Lead Generation and Conversion: Measure the number of leads generated, conversion rates, and the value of sales attributed to event participation. Analyze data captured during the event and track the progression of leads through the sales funnel to assess the impact on revenue generation.
Audience Engagement and Interaction: Evaluate attendee feedback, survey responses, and engagement metrics (e.g., booth visits, session attendance) to gauge the effectiveness of interactions and the level of audience engagement.
Brand Perception, Affinity, and Sentiment: Monitor sentiment analysis through social media listening tools and post-event surveys to assess changes in brand perception and sentiment among attendees.
Thought Leadership and Influence: Assess the reach and engagement of sponsored content (e.g., speaking engagements, sponsored sessions) through metrics such as views, shares, and audience feedback. Measure the impact of thought leadership initiatives on brand authority and industry influence over time.
Media, Media, and More Media: They say “content is king” well then “context and quality is queen”. The amount of content produced at events and conferences will provide your business with promotional collateral for months, beginning prior to the event, during the event, and long after the event has ended.
Return on Investment (ROI): Calculate the overall ROI by comparing the cost of sponsorship against the tangible benefits and outcomes achieved, including increased revenue, brand equity, and customer acquisition.
HOT DAMN! – Look if you still don’t think sponsoring events is right for you, scroll back to the top right now, and re-read the article… If after that you STILL don’t think it’s a good idea, I really hope you’re not in charge of the marketing or advertising budget (seriously). For every dollar invested in sponsoring events, you should now realize the massive value and mileage you’ll get in return. If you need help better understanding which events are right for you, and how your business can get plugged into the right opportunities, reach out, happy to help. ??
