Sponsorship means that the organiser of an event or initiative receives money or in kind support from an organisation. In return, the organisation could receive any number of benefits but one of the most likely is publicity.
Some see sponsorship as a cheap alternative to advertising while others believe it is little more than logo exposure but we think it can be a really good way to show support for a cause that is meaningful to your business.
There are a number of reasons why businesses choose to become a sponsor, which could include the desire to:
It is likely that you will have been approached to sponsor an event or initiative but how do you evaluate whether the opportunity is for you.
There are a number of questions, which we recommend you ask yourself and/or the organisation offering the sponsorship opportunity. These are:
1. What is the proposition?
2. How relevant is it to your business?
3. Will being involved move you closer towards the achievement of your overall business aim?
4. Who is the target audience for the event or initiative?
5. Is the target audience a group that you have identified as being important to reach?
6. What is the organiser’s track record? Have they held similar, successful events?
7. What will you receive for your money or in kind support? Ask for specifics.
8. What happened at previous events or initiatives? Ask for metrics such as how many people turned up, who was the previous sponsor and why are they no longer sponsoring? What media coverage did the organiser achieve for the previous sponsor and where? What was the level of engagement on social media?
9. Is there scope to negotiate on the package to make it better fit your needs?
10. Will there be opportunities for you to engage with the target audience?
11. How will the organiser keep you informed about the success of the project/event?
12. How will you measure whether your involvement has been a success?
Subscribe to our PR Toolbox for more tips about successfully marketing your business.