It’s the New Year. And as event planners, you might have your events lined up already. And even though you’re still filled with great enthusiasm and vigor, planning and hosting events are still energy-consuming and can cost you a lot of money and resources.
That’s why many event organizers choose to offer event sponsorship packages to generate revenue to cover costs for event production. But the right high-quality sponsors don’t just come on their own, you need to effectively persuade sponsors to invest in your event.
Pitching the right sponsors means offering an impressive sponsorship package. We’ll walk you through the definition of a sponsorship package, some types, and examples, how to make a package that is meaningful to sponsors, effectively converts, and how to price your package. Let’s get into it.
- What’s a Sponsorship Package?
- How to Make Your Sponsorship Package
- How to Price Your Sponsorship Package
- Upgrade your Event with Event Sponsorships
What’s a Sponsorship Package?
Event sponsorship packages are an agreement between an event sponsor (or advertiser) and an event planner. It is how sponsors finance and support your event and in return, they get to promote their business to your audience.
Benefits of Sponsorship Packages
Sponsorships for events benefit all the stakeholders: event managers, organizations, sponsors, and participants. Here are the top benefits for sponsors and organizations for your reference.
- Reach new audiences and establish connections with them – It is an opportunity to stand out among competitors on their target customers. It also allows sponsors to foster relationships with them and with the existing patrons who attend the event.
- Maximum brand exposure – Sponsorship provides more extensive exposure and brand awareness than advertising which will only reach a limited audience. And it increases brand recognition by putting the company’s name and products on events.
- Brand building – Sponsorship opportunities are a great branding opportunity. The sponsor will be able to project a good image and send a positive message about their brand through their sponsorships.
- Increase Return On Investment – Rather than spending millions on advertisements, event sponsorships can be profitable for corporations and companies with a fraction of the cost. Through exposure to your events, sponsors get a great return on investments.
- Increased credibility – Gaining exposure can be very helpful but getting respect and commendation is far more of value. Event sponsorships are great ways to gain respect and enhance credibility by building positive public relationships.
- Community engagement – Sponsorship is one of the most effective ways to give back to the community.
- Multiple financial sources – This is the major reason why event managers seek out event sponsorships. Sponsorships help an organization cut out on some costs that otherwise the organization would have spent.
The more event sponsors you have for your nonprofit the more fund sources you’ll have. If one sponsorship dissolves another sponsorship can augment the funds lost. We recommend that you take on corporate and big companies as sponsors as they are the most steady and solid in sponsorships.
Furthermore, having more than enough funds can mean that you can do more and go further to create an engaging and lasting experience for your attendees.
They are sponsors which do not give money in exchange for the opportunity of sponsoring, but instead offer goods or free services. This is also known as an in-kind sponsorship. For example; sponsors can give out free water to an outdoor event, give out energy drinks to sporting events, or summon the brand’s workers to help out with volunteerism at a charitable or fundraising event.
- Increase organization’s reach – If your organization or event hasn’t gained much market share from your target audience, it is a good idea to establish a sponsorship program with reputable brands and organizations (corporate sponsorship). Well-established brands will help you gain attention from their customers and connections.
- Expand awareness of the organization’s cause – Associating with a well-known brand can create curiosity in your organization. Through this curiosity, people will want to know more about your organization and its cause. It is a good avenue to be able to spread your cause through these sponsors.
It is best to choose sponsors who you share values with and who are credible to you and your target audience of attendees. Having popular and credible brands as sponsors gives you instant credibility for your mission.
- Elevate organization’s reputation – Established brands have already gained a reputation and because of this, you can elevate your organization’s reputation when people and other brands see that your organization is a beneficiary of these reputable brands. People will tend to give and support because of the associated credibility.
- Build strong presence – Tying up with brands such as Nike, Starbucks, etc. by putting their logo on your event or event website will surely build your charisma and will help you gain more attendees to your events or upcoming events.
Sponsorship Package Types and Examples
Sponsorship packages come in different sizes and types. Generally, you can group them according to two groups: the Tiered Sponsorship Model and the À La Carte Sponsorship Model.
The Tiered Sponsorship Model is where companies commit to a certain amount in a tier to a sponsor in exchange for marketing and advertising.
Examples of Tier levels are Platinum, Gold, Silver, and Bronze, but you may create your own as you please. Each Tier is set up with a different amount that gets higher as the tier gets higher. Benefits also get higher as you get high on the sponsorship tier. Sponsorship tiers usually bundle sponsorship benefits together based on how much the sponsorship costs or is priced.
How can you make a Tiered Sponsorship Model?
First, design different kinds of sponsorship levels as previously mentioned. You can call it Platinum, Gold, Silver, and Bronze. Identify the privileges/features that are included per level. Then, allot a limited number of sponsors for each tier. By limiting the number you can charge more for its rarity. Finally, set sponsor benefits for each tier. The highest tier should offer the highest value benefits. And benefits decrease as you go down the tier.
A La Carte Sponsorship Model on the other hand is where a prospective sponsor can choose a specific feature/s he wants to avail himself. For example, they can choose to sponsor the photo booth, pay for the guest speaker, commission the catering, pay for the venue, etc. Prices for sponsorships vary for different features of the event.
Another way you can offer A La Carte Sponsorship is through brands’ exposure pre-event. You can put the sponsor’s logo on the event registration page, give early registration sponsored giveaways, and other pre-event features.
During the event, sponsors can engage with attendees through a certain feature of the event, like a branded break-out room, swag bags, drinks, transportation, etc. For post-event, you can put sponsor logos to post-event surveys or thank you notes/emails.
Now that we have learned the different examples of sponsorships let’s go to the different types. There are 4 types of event sponsorship: financial event sponsorship, goods or services event sponsorship, media sponsorship, and promotional sponsorships.
- Financial event sponsorship is where a sponsor offers you money in exchange for promoting their brand to your event or any benefit mentioned on your sponsorship package.
- Goods or services event sponsorship is in the form of products, merchandise, equipment, free rentals, and services. For example, a sponsor may provide a venue or they may sponsor the food or anything of value to the event.
- Media sponsorship on the other hand is having your event promoted to different social media platforms through vlogs, blogs, engagements on the social media pages of sponsors, etc.
- Lastly, promotional sponsorship is where one business or an influencer promotes your event or organization to its loyal followers.
As we have mentioned media sponsorship, let us also take into consideration virtual events. Since the pandemic, going to virtual events has become typical. As event planners, we should also come up with different sponsorship packages for virtual events.
Sponsorships for an online event can be gifts, a virtual booth, entertaining ads during breaks, sponsored or branded sessions (breakout rooms, demos, workshops, etc.), and banners and pop-up messages on event platforms.
How to Make Your Sponsorship Package
Different corporations and companies have different goals. It is important to consider this in making or approaching a company for sponsorship. You should offer different kinds of sponsorship to attract different corporations to sponsor your event or organization.
And because companies have different goals they also have unique considerations when taking in sponsorships. Some sponsors look for exposure to their new product, and some to be able to reach new target consumers.
While some are to enhance awareness to existing audiences, others are to build and engage relationships with the community, another to reorient an old brand to consumers, or to line up social responsibility with their brand and initiate corporate social responsibility. Or some companies, all of the above.
Now that we have identified what sponsors look for in a sponsorship package, here are also tips on how you can make your sponsorship package effective:
- Determine your target sponsor and audience.
- Set up the amount you need to raise or the services that you need.
- Choose a suitable sponsorship model.
- Design your sponsorship package.
How to Price Your Sponsorship Package
You must price your sponsorship package carefully. Before setting prices for different sponsorship packages it is important to do your research to be able to compete with market rates.
Consider pricing your sponsorship packages in the following ways:
- Outline what you are offering with the specific sponsorship package (cost to provide this service).
- Consider the event size or audience size (cost per attendee).
- Consider the value that your sponsors are getting for their sponsorships.
Prices vary depending on the level of sponsorship. You must create multiple sponsorship tiers or options from which your sponsors may choose. And each option comes with different prices as well as different values.
Bronze Package: $2000 – Coverage: putting their company logo on event promotional materials, a small-sized banner on the event website, or the company logo on swag bags for all attendees.
Silver Package: $2500 – Coverage: everything on the bronze package but with a bigger-sized banner on the event website plus a 20-second video before the main session. Available only to 25 sponsors.
Gold Package: $5000 – Coverage: everything on the silver package plus a sponsored breakout room and 30-second video before the event starts. Make this package only available to 50 sponsors.
Platinum Package: $7000 – Coverage: everything on the gold package plus branded transitions between sessions, and a guaranteed speaking opportunity for the company’s CEO. Make this package available only to 2 sponsors.
These are just some examples. You do not need to limit your sponsorship package; the most important thing is that you give your sponsors something unique and of value to their business. Keep in mind that the more value you give your sponsors, the more they will be willing to give money to your event and your nonprofit.
How to Pitch or Sell Your Event Sponsorship Package
To be able to pitch your event sponsorship packages, you need to customize your pitch to different corporations or companies, and tailor-fit it according to the company’s vision and mission. When your event and organization have the same values as the company you will most likely gain a sponsorship.
One way of hunting sponsors is through research. You can search for companies that align with your organization’s values either online or through your network. You can also look at past sponsors of your competitors.
After making a list of potential sponsors, it’s now time to brainstorm what value you can add to your target sponsors. What are the things that you can offer to them? How will the company benefit from the sponsorship? How much is the expected ROI of the event? What sets your organization or nonprofit apart?
Successful pitching is all about selling yourself and showing what you can do for them.
Finally, show testimonials from previous and existing event sponsors. A good working relationship with existing and previous sponsors will help convince new sponsors to buy in on your offering. Testimonials are great tools to show one’s credibility and trustworthiness.
Upgrade your Event with Event Sponsorships
Sponsorships are agreements between a brand sponsor and an event organizer. Sponsors finance an event in exchange for promotions from the event. To be able to provide a valuable exchange, organizers need to know a sponsor’s objective in sponsoring ahead of time, so they can tailor their proposal to its specific needs.
As an event planner, your event sponsorship packages and proposals should offer sponsors the most return on investment as there are many events in the competition. Offer them different types of sponsorship: all-in-one tiered sponsorship (platinum, gold, silver, and bronze) or the more flexible, a la carte sponsorship (specific benefits during pre, during and post or specific features of an event) to choose from.
Sponsors tend to be picky with their sponsorship as they will be putting in money for your event.
When sponsors see that your event planning and management are efficient they are more likely to sponsor your event. Event Espresso can guarantee you efficient event management.
Here at Event Espresso, we help you plan and host exemplary and impactful events that will provide maximum value to both participants and sponsors alike. Get started today by trying out our free demo.