How to Attract Sponsors for an Event

How to Attract Sponsors for an Event

If you are planning to organize an event and are looking for sponsors but don't know how to convince them to fund your event, you have come to the right place. You just need some pointers to help you hone your skills and maneuver a foolproof prolific plan. Here are some tips to attract sponsors for an event.
MarketingWit Staff
Last Updated: Apr 9, 2018
Lack of finances can be a huge constraint to any business. If you are managing an event organizing company, you know that finances are more important than ever in order to maximize your gains proportionately. Sponsors can come as an invaluable helping hand to organize an event on the scale you plan to. Sponsorships are a win-win situation. You get funding and the sponsors get extensive advertising and publicity for their brand. But, are you facing trouble getting sponsors for your event? Perhaps, your approach towards your prospective sponsors is flawed. When you have put in so much effort in planning and execution, it can really be disheartening to cut back on the grandeur because you couldn't manage to make an impression on sponsors to finance the event. Whether you want to be enterprising and reduce costs or you just don't have the sort of cash to organize an event, it is less likely that you will not feel the need to have a financial cushion. But, guess what? It is not so simple and you may have experienced that first hand. There is so much competition in the market and the downturn in the economy is not a favorable sign either. When companies are aiming to cut back on costs, they all want value for money. If they do sponsor your event, they would expect advertising to be worth the costs they paid for.

How to Get Sponsors for an Event

Offer a Win-Win Deal
While you may be tempted to reap more than you sow, attracting sponsorships requires a deal that is equally profitable for both parties. Money still doesn't grow on trees, else you would have plenty of your own. And that is why, you need sponsors! You need to provide them value for money. Tell your sponsors how the business transaction will help them garner more consumer exposure in the market.

Attract the Right Sponsors
If you are constantly being shown the door by all the sponsors you have approached so far, reconsider your strategy. Maybe you are approaching such sponsors who have nothing to do with absolutely anything that your event is about. All companies want to reach the maximum target market they can through your event. If you are trying to allure the wrong sponsors, you are NOT going to come back with a wad of cash in your hand. They will not even bother to tell you why you did not manage to get any sponsorship from them. If you are organizing a sophisticated business event, such as a trade show, you may want to try your luck impressing high-end automobile companies, business hotels, airlines and other industries that cater to business professionals and mainly concentrate on them as their target customers.

It's in the Details
Present a clear and fair picture to your sponsors. You need to mention every detail regarding the event, expected outcome and what's in it for the sponsors if they invest. Doing it right will ensure that you build a reputation for your company too. This is really advantageous in the long run and will make it easier for you to gain sponsorships in future. Being certain of your plans will help the sponsor show more faith in you. Here is a tip for you, draft a SWOT analysis for assistance for your sponsors. Also, exhibiting your USP will work in your favor. You must include all these aspects in your neatly laid out sponsorship proposal template.

Presentation Skills
Do remember that it is all about your brand image. It is another thing to sell a product that has not even been produced yet. Your event is to take place at a future date. What you need is to be able to convince your prospective sponsors that it will be a hit with the attendees, and sponsoring it will be a smart investment for them with long-term benefits. To ensure this, you need good presentation skills to secure the confidence of your sponsors. Word of advice, never lose faith in the success of your event and always exude confidence.

Learn to Negotiate
When you approach a company for sponsorships, do not expect to go there with a file of documents regarding the deal and expect them to readily accept. There is obviously a lot of explaining to do. Apart from having good oratory skills, you also need to be well-equipped with your negotiating abilities. Be prepared for changes and be flexible in your approach. However, do not come across as being too easy or needy.

Follow-Up
I just mentioned that you should not appear to be penny-pinching here. So, how do you ensure that your sponsors consider your proposal without being too aggressive about it? Act professional. You need to follow-up with your sponsors to inquire about their intentions towards the project, but don't call or e-mail more than twice.

Never lose hope, even until the last week prior to the date of the event. Remember, any sponsorship is good sponsorship. It means that any sort of cash inflow is good for the health of your finances. When you negotiate terms with the sponsors, make sure you consult a senior authority, if you are accountable to someone, before closing the deal. Also, you must have a legal proof of the sponsor's consent for sponsoring your event, whether partially or wholly. It would also be advisable that you receive half the sum in advance prior to the date of the event. To get a sponsor for an event is much like selling your product to prospective buyers. However, there is a different approach that calls for good people's skills and managerial dexterity.