What do companies gain by sponsoring an event?
Sponsoring industry
events, trade shows and exhibitions can have an incredible return on
investment. A carefully selected sponsorship agreement can give you a lot of
bang for your marketing buck, boost your brand reach and supplement your print
and online marketing efforts. Apart from these, there a lot more other
benefits.
Sponsorship
can be defined as the material support of an event, activity or organisation by
an unrelated partner. It has emerged to be one of the best ways of increasing
brand awareness, which helps to generate consumer preference and to foster
brand loyalty. Nowadays, emerging companies or startups seem to reinforce
awareness among its target market by sponsoring an event or organisation that
attracts a similar target market.
There
can be many expectations of a brand while deciding to sponsor an event.
However, before sponsoring an event, the company must assure that the event turns
to be successful and is aligned with the sponsor’s business objectives.
Sponsorship,
if done correctly, could turn out as a huge helping hand for both the sponsor
and the event organizer. The organisation receiving the sponsorship stands
to benefit both from financial support and other form of backing by an
established partner, provided that both parties have agreed to a set of common
objectives to underpin the sponsorship. On the other hand, the sponsors receive
a lot more benefits while sponsoring an event. These can be:
Puts
the business in front and centre: Sponsoring an event or conference gives a
business authority in the sponsor’s industry and this boosts their credibility.
The brand will be seen throughout various elements of the event and those
attendees eager to learn more about the business will come to find them.
Direct
access to target market: If sponsors carefully choose the right event, it is
assured that the sponsorship will bring the target audience directly to them.
Lead
generation: People
who attend meetings are there to learn from and interact with industry
professionals. Consequently, they are more open to new services and products
which can be a great opportunity for the brand to present their latest
inventions and collect new contacts.
New
clients and customers: Face to Face interaction is a great tool when it comes
to developing new customer base
Block
competition: Not
only an event can help a brand reposition their product or service, it can also
serve as a great opportunity for the organisation to block its competition.
Increased
visibility: Event
sponsorship enables businesses and organisations to receive more media
coverage.