Sponsorships have become a financial cornerstone for most events. This is largely due to a discrepancy between the high costs of event production and the need to charge attendees a realistic ticket price or event registration fee. But the business of event sponsorship is changing to help event organizers add a valuable revenue stream to their events and conferences.
As event planners one must reevaluate the way event sponsorship is handled, because traditional methods are no longer working. Providing great exposure to sponsors “means working together with sponsors that are relevant, personal and add value,”.
Gone are the days when sponsors and event hosts were content to plaster logos on advertising and banners and call it a day. Although signage is still important – the second largest sponsor “want” item today is experiential marketing and the need of a more innovative approach using expanding digital platforms.
When organizing and executing events we must get creative to elevate sponsors’ return on investment (ROI) and build truly long-lasting partnerships.
Today’s event sponsors are looking for customization, connection, integration and ROI. I like to refer to the example of the American Express Punta Mita Gourmet & Golf Classic now in it’s 9th Edition in 2019 – 80% of the sponsors repeat year after year which only confirms the point of building long lasting relationships with ones sponsors is crucial to future success
In the increasingly competitive push for sponsorship dollars, event planners must start to think outside of the box of logo placement and traditional gold/silver/bronze levels of sponsorship.
As with everything else in business these days, event organizers who pay careful attention to the wants and needs of partners, and who are able to both think creatively and prove ROI will be most likely to form long lasting relationships with event sponsors. To connect with a changing generation of customers, we must embrace and deploy a new marketing mix driven by a more effective discipline : Experiences that connect to the brand