We craft comprehensive marketing and business plans each year to foster growth and engagement. While various strategies such as travel nights, travel shows, advertising, direct mail, email campaigns, and Facebook ads have traditionally constituted the marketing arsenal, there’s an often underutilized weapon in the marketing plan – sponsorships. If you haven’t considered incorporating sponsorships into your marketing strategy, you should, and here’s why.
Sponsoring events used to seem like a high-risk venture, demanding hefty financial commitments for uncertain returns. But let’s consider a different perspective. Think back to my initial sponsorship experience—a local wine and beer festival. The organizers proposed that I become the “presenting sponsor,” requiring a $5,000 “investment.” Unable to write that check, I proposed a creative alternative. In exchange for my sponsorship, I would promote the event on my website, target my mailing list, and donate a weekend getaway trip as a prize to be awarded during the festival. Consequently, my actual expenses amounted to tickets to Asheville and a two-night hotel stay – a more manageable investment. In return, my agency’s name received prominent visibility on tickets, banners, and event advertising. With the festival selling 7,500 tickets, the sponsorship was an unequivocal success. The real win for me was the 120 single parents who joined my database, potentially planning to travel with me because they discovered a program tailored to their needs. This approach was so successful that I sponsored the event for six years.
A similar model proved effective in my second sponsorship venture with a film festival. This time, I initiated the partnership. As the festival’s demographic aligned with my target audience, I offered a trip to Ireland as a prize, gaining extensive brand exposure through inclusion in screenings, promotional materials, and advertising. With some assistance from industry partners for the land portion and ticket consolidators, the expenses were minimal. This festival anticipated 5,000 attendees nationwide, providing a promising opportunity to expand my brand beyond its local reach.
The key takeaway is that events of various types actively seek sponsors, including many non-profit organizations operating on a limited budget. To capitalize on such opportunities, consider your non-monetary assets that can be leveraged creatively.
Think out of the box as well. At that film festival, the past two years, the title sponsor (a $50,000 spot) was Milwaukee Power Tools. I thought it a bit odd and had the chance to speak with one of their representatives, who said it was a perfect partnership. Film festivals attract homeowners who likely have been doing (or are contemplating) home improvement projects and will need tools. They want to be sure they think of Milwaukee before DeWalt Makita or Ryobi! And then it made sense!
In embracing sponsorship opportunities, do exercise prudence. Track the responses and inquire about the attendees’ awareness of your brand. Although sponsorships lack straightforward tracking mechanisms, they can yield substantial dividends in return for your investments.
So, are you capitalizing on sponsorships for your business? How has this strategy unfolded for you? Leave a comment!
