With the meetings industry getting more sophisticated, the costs of event production are quickly increasing. From advanced check-in technology to high-tech VR/AR entertainment, there are numerous areas that require extensive investment. This means smart budgeting is crucial for you to master if you expect your upcoming event to rack up a lot of expenses. So how do you make it smart? While many event planners focus on cost cutting only, the key to success is using as many diverse revenue streams as possible, with sponsorships being one of them.
Luckily, the transformation of an event production landscape also brings many changes to the ways event sponsorships are built. The business is not limited to logo placements anymore, and many brands that are known worldwide engage in long-term relationships with event organisers to derive valuable profits.
What is an event sponsorship package?
A sponsorship package is an agreement that implies the support of an event or an activity by an external brand. It’s pretty common to think of a sponsorship package as a contract established between an event organiser and a sponsor. However, we think it’s more reasonable to view this concept as a tri-party agreement that involves a sponsor, an event organiser, and event attendees. Since the ultimate goal of event organisation is bringing value to the people that attend it, aligning your sponsorship package with the interests of your audience is critical. That being said, a sponsorship package is a set of tasks that have to be completed by an event sponsor and an organiser that are based on the actual requirements of the target persona.
Benefits of using sponsorship packages
For an event organiser:
- Stretch your budget: A good sponsorship package can double or even triple your actual event budget, so unless your client gives you free rein in terms of how much money you can spend, reaping some extra funds might be helpful.
- Increase trustworthiness: Imagine you could showcase Apple’s logo in the “Our Sponsors” section on your event website. Would that win you more registrations? Most likely yes. Strategic partnerships with trustworthy brands can take your event recognition to a new level.
For a sponsor:
- Reach a new audience: For event sponsors, supporting a meeting might be the opportunity you need to shine in front of your target persona. Tap into event opportunities that resonate with your niche to increase your brand’s exposure.
- Increase your market share: By sponsoring industry-specific events, you put your brand’s name in front of potential clients, which helps you get ahead of the competition.
- Communicate a message: An agreement between a company and an event organiser isn’t just a money-making deal. It’s also about matching two visions and crafting a message for your shared audience. For example, if you support a green event, you will be demonstrating your social responsibility values to your clients.
The best event sponsorship package examples
There’s no single standard that defines what should be put into a sponsorship package, and even if you can find such a thing, don’t use it. An event partnership is like a marriage; it will only work if both parties have a shared vision of something and can complement each other over the long term. Therefore, a good package is always unique and based on the mission of an organiser and the expectations of an event’s audience. We’ve collected six event sponsorship packet examples that demonstrate how versatile successful sponsor packages can be:
- Technology-focused sponsorship offers: There are numerous tech companies hunting for opportunities to showcase the perks of their products at events. This applies to both startups and established brands. Through the partnership with Dell, which was a diamond sponsor at the third annual VR World conference, event organisers killed two birds with one stone. First, Dell is known as one of the largest tech corporations in the world, which definitely makes some great headlines for the conference. Secondly, the goal of the event was to demonstrate the mind-blowing capabilities of VR, which wouldn’t be possible without good VR tech. Thus, Dell gave the organisers tools for realizing the event’s objectives. For Dell, the engagement in this conference was obviously a great way to popularise its products.
Takeaway: Big or small, product or service recognition is something that all corporations want to attain. If your event offers some space for this, don’t lose out on this opportunity.
- Adding a voice: In 2017, Booking.com was the official sponsor of the Women in Tech track at the world’s biggest tech conference, Web Summit. Within this partnership, a buzzy mentoring initiative for females rocking the tech industry has been built. “We believe in gender diversity and gender-balanced workspaces”—this was the key message that Booking.com wanted to communicate by partnering with the conference.
Takeaway: Sometimes your potential sponsors just want to be heard.
- Helping companies meet their clients at events: An event that brings your target audience into one place is a gold mine for any business. NPE: The Plastics Show conference has a great sponsorship practice of connecting sponsors with attendees before the event. They just add some short statements about sponsors’ activities to registration forms and ask registrants to indicate which sponsor companies they’d like to meet at the conference. Then the meetings are arranged on the grounds of the conference.
Takeaway: Build space for targeted connections.
- Hospitality programs: In the role of a key sponsor of the Australian Open, Kia developed a great hospitality program, bringing fans together and delivering high-quality transportation services on the ground.
Takeaway: Maximize attendance experiences through services offered by sponsors.
- Promotion-focused partnerships: The unity of Coca-Cola and the Olympic Games is a mammoth, long-term sponsorship program that demonstrates how two super successful organisations can complement each other. As the Olympics sponsor, Coca-Cola developed a huge promotional campaign for the event. From influencer initiatives to branded Olympic stations, it was really buzzy.
Takeaway: When two strong players meet, they can shake up the world through first-class marketing campaigns.
- Perks for clients. Established companies that aim at increasing client retention support events in the frames of loyalty programs for their customers. For instance, in exchange for sponsorship support at Arsenal Football Club, O2 asked the organisers for free event tickets that were granted to company clients.
Takeaway: Offer lucrative benefits to sponsors’ clients.
If you look at the best examples of sponsorship packages for events, you’ll see there are always two organisations that partner to complement each other’s missions and respond to the needs of their target audiences. To discover more about the intricacies of strategic partnerships, you can check out the event sponsorship guide here.