Sponsor an Event as Part of a Marketing Strategy

Sponsor an Event Can Provide Excellent Exposure:

According to some marketing researchers, sponsoring events is one of the fastest growing marketing strategies in America. Events are happening around every business every day: festivals, trade shows, contests, and niche workshops, just to name a few. The potential to increase your business's credibility, image, and prestige with an event can be a great marketing strategy. Let's look at some key considerations for this strategy.

What is Sponsorship?

Sponsorship is the financial or in-kind support of an activity, used primarily to reach specified business goals. According to IEG's Complete Guide to Sponsorship, "Sponsorship should not be confused with advertising. Advertising is considered a quantitative medium, whereas sponsorship is considered a qualitative medium."

A large number of events these days use sponsorship support to offer more exciting programs and to help defray rising costs. Sponsorship allows you to reach specifically targeted niche markets without any waste. It is a powerful complement to other marketing programs, and can have a dramatic influence on customer relations.

What are Types of Sponsorship?

1. Money.
2. Donation of goods or services (or selling at a discounted rate).
3. Serving on a planning committee.
4. Providing other resources, such as staff or location.
5. Offering expert advice or a speech.
6. Hosting an award ceremony or contest.
7. Starting an educational program or fund raiser.

What Type of Event Should a Small Business Sponsor?

Be sure that the event will attract your target market. A dance studio owner might sponsor a local celebrity version of "Dancing with the Stars," while a bead store might sponsor a jewelry making contest. Either way, make sure that the likely attendees of the event fit your target customer demographic.

Also make sure that the number and quality of attendees are sufficient to justify the cost of sponsorship. If you're spending money on sponsorship, consider how many of attendees the event has a history of attracting, and how much time the attendees will realistically be exposed to sponsor information.

Be sure that the type of event will allow you ample visibility and advertising/marketing opportunity. One small business owner I know, for example, doesn't sponsor any event that he's not physically able to be present at, and always asks for a verbal introduction during the presentation, so he can stand and be recognized.

Look for events where you will be able to stand out above competing sponsors, or benefit from being associated with other, bigger companies in your industry. If you're a new startup, it might not hurt to be seen next to well-established competition. If you're an existing company, see if you can ask to be the exclusive sponsor within your particular industry (i.e. the only "bookstore" at a teacher education workshop).

Why Do Customers Patronize Sponsors?

Sponsoring events allows companies to be portrayed as active, caring members of the community. It is becoming an increasingly powerful marketing strategy to establish yourself as a supporter of local people, organizations, and economic development. This creates a sense of goodwill and allows customers to feel that they are doing something good by patronizing your small business.

 

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What's Next

Next In This Guide
Part 26:
Brochure Marketing - Get other businesses and organizations to advertise for you by offering an exclusive brochure that caters to your target market and their customer base. This brochure marketing tactic works.

Previous In This guide
Part 24:
Business Card Marketing - Avoid boring, easy-to-toss business card styles with creative and effective business card marketing strategies for small businesses.

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