This week on Coaches Go Social, I sat down with Director of Strategy of the Social Media Examiner, Emily Crume. She is a leader in how to capitalize on your event sponsorship ROI for both in-person and virtual events.
With proper preparation and understanding, event sponsorship can be a great business strategy. It helps you develop new client leads, it solidifies your thought leadership and expertise in your industry as well as it brings revenue to your bottom line.
As long as the event is bringing value in a big way, regardless of the size of the event, sponsorship can be mutually beneficial for all involved.
Why should you sponsor an event? Emily lays out her top 5 reasons…
- Everybody is looking to develop new leads for their business
- You get to connect with thought leaders and learn from them
- You increase exposure and are casting a wider net
- Major networking opportunities available
- Serves as a platform to launch a new product or service
All businesses have promotional cycles. Those can include advertising and engaging on social channels. Events can be a big part of that strategy.
Emily emphasizes one of the keys is to bring value. For this to happen, you have to really understand the needs of your ideal customer. What is it that your ideal customer really needs to know? How can you teach them through an event?
So you want to put on an event. How do you get business to sponsor YOU?
First, define very specifically who is your ideal attendee/demographic for that event?
Second, what type of event would best serve your end goals?
Third, find potential sponsors who have a solution to the needs/pain points of your ideal attendee.
Sponsorship partners = mutual value for everyone
Benefits for having sponsors for your event
-Added revenue, to off-set the cost of the event, which could ultimately provide your ideal attendees a better event experience
-Exchange of money or connections
-You have the opportunity to broker connections between sponsors and attendees at an event
-It’s an opportunity to help and not sell
How do you decide if the ROI is worth sponsoring an event?
This starts with a few important questions:
-What are your goals or end results you envision for this event? How can you measure these results?
-What would make this event successful for you?
-What’s the ideal outcome if you’re hosting and working with sponsors? Or if you’re a sponsor for someone else’s event?
Emily recommends doing your research and even polling your community about participating as a sponsor or holding your own event to be sponsored.
If it’s not adding value or it’s not adding to your bottom line- take a deep breath and rethink it.
For the rest of March, we will continue to talk about the money aspects of business. Next week, I’ll chat with Profit First Coach, Coral McGuire. Then in the final week of March, I’ll sit down with high ticket sales coach, Jennifer Diepstraten.
Stay tuned for more Coaches Go Social goodness!
If you want to talk more about this or anything social media marketing, let’s set up a time to chat!