Sponsoring an event is a big decision to make. Not only does it require a big amount of money but it can also equal a lot of work from your team.
The most common forms of sponsorship include provision of financial support and becoming an event vendor. Unlike other forms of advertising, event sponsorship allows consumers and brands alike to connect through meaningful real-time interaction without being deemed as intrusive or unwarranted.
Can’t decide if you should sponsor an event or not?
Here are some of the practical reasons that will convince you to do so.
1. Increase Brand Recall
Event sponsorship is a great opportunity to showcase your product or service to a highly-engaged target market. This will create awareness and give attendees an overview of your business. While the event’s organizers have their own marketing tactics, you can also take the opportunity to stand out too and reach a new audience. From getting your brand’s logo on the event’s programs and marketing materials to the branded giveaways that attendees will be taking home, sponsoring an event is a sure way to make your brand known!
Sponsoring an event opens the opportunity for your brand to extend its audience reach and build awareness among a new set of consumers. Though the event will not focus on your brand, you can still use it to make an impression and be recognized through ‘acceptable’ marketing tactics. The simple idea of having your brand’s logo on the event’s programs and marketing materials that attendees will be taking home can already get your name out and increase brand recall.
2. Create Engagement Opportunities
Being a less intrusive form of marketing, event sponsorship paves the way for the brand and the customers to engage and build a positive relationship. It builds a connection that can influence a consumer to choose your brand instead of the alternatives found in the market.
A recent study reveals that 72% of consumers regard brands that provide quality event experiences and 74% of respondents confess that engaging with brands increases their urge to buy their product. These figures show that a brand’s involvement in a consumer’s life offers some benefit for both parties.
3. Position Your Business as an Industry Authority
Sponsoring an event allows you to be identified with the business that you are supporting. By choosing a reputable brand, a positive association is established, allowing you to benefit from the good impression and audience respect that that brand already has. This can be your stepping stone to be recognized as among the authorities to trust in your niche. Reputation can’t be built overnight. But by choosing the right event to sponsor, you will get the boost needed to convert attendees into potential clients.
4. Generate Strong Leads and Partners, too!
Take advantage of being in an event to build a connection with your prospects. But there’s more to just getting strong leads when sponsoring an event. Event sponsorship will also allow you to interact with like-minded industry professionals who may be interested in starting a venture with you. The good side to this is that you will be dealing with people who target the same market base, but not necessarily competing with you.
5. Deliver Great Return on Investment (ROI)
Sponsoring an event may seem like an added expense for you. But what you could be missing is the potential to deliver greater Return on Investment (ROI). The connections you build through sponsorship matter. By expanding your reach, you are able to connect your brand to an audience that is relevant to your industry. You can leverage these connections to your advantage and before you know it, you are already getting more ROI than expected.
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