After realizing there is a lot of money in sponsorships, it makes sense to find out exactly what sponsors are really looking for. The fact is, sponsorship dollars are no longer being allocated to traditional forms of advertising and marketing. And most of the marketing coordinators who do spend these dollars are marketers at heart. They in turn must justify what they are spending their money on to their marketing manager, and/or other executives. Moreover, it’s no secret that they expect results.
If you’re planning to create a sponsorship package, then you need to ensure that it attracts potential sponsors. For that, it is important to be able to demonstrate to the sponsors how they can reach their target audience while also achieving their broader marketing goals. Every sponsor has a goal that they are trying to achieve. To get them to spend money, it is your task to ask the right questions. These questions should help to identify the sponsor’s goals. Furthermore, you need to also come up with ideas that sponsors deem fit for activation.
Anticipating the sponsor’s goals is something you need to devote a considerable amount of energy and thought to. For example, you need to look at how you can increase awareness around a new product launch, help reach out to a new target audience, or ensure that existing audiences are made more aware of the sponsor’s brand. Other than this, you also need to build relationships with the sponsor’s community and if need be, you should be ready to reposition or rebrand their struggling brand.
Another part of understanding what your sponsors expect is learning/knowing how to treat the attendees. They are most likely the sponsors target audience. So, make sure you understand their demographics like their age, gender, marital status, etc. In addition, it may help to understand their psychographics which includes their personality, values, opinions, attitudes, interests, lifestyles, aspirations, workplace responsibilities, etc. This kind of information can be captured at a pre-event or post-event survey and in many instances via a customized app designed for the event.
It is also vitally important that you understand the main elements of a strong sponsorship program. These elements include understanding the needs of the attendees and learning measurable metrics such as sponsor profile views, banner ad clicks, in-house booth visits, a call to action, survey participation, etc. It pays to keep in mind that profiling and documenting attendees can be beneficial to sponsors. It will also show your ability to identify, attract, and connect with the people who resemble the sponsors’ demographics.
There are some sponsors that are picky about which sponsor benefits they most prefer. However, they are not averse to being given suggestions which is why it makes sense to have both an a la carte as well as tiered model for sponsorship packages.
The bottom line is sponsorship spending continues to rise. The latest trends point to companies moving their funds away from traditional advertising methods and funneling those funds into sponsorships.
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