by Michael Premo, Content Specialist
Deciding to sponsor an event goes to the heart of building positive relationships. It shows that you’re supporting your community and want to make it a better place to live. But, what makes event sponsorship a good investment? How do you decide which events to sponsor and which to decline? Deciding what to sponsor can be tricky, so you’ll need to choose carefully.
Where Do I Start?
When considering event sponsorship, you need to understand how much time and money it’s going to take. The best way to begin is by answering these questions:
- What are the levels of sponsorship?
- How much paid or volunteer staff do I need?
- Any travel, per diem, or food costs for staff?
- Which marketing activities do I need to use to promote the event?
- Will there be other expenses, such as design, tchotchkes and giveaways?
It’s clear that your costs for an event go beyond the sponsorship fee. All of these rolls into your event budget and define the total cost for the event.
You’ve Got the Budget, So What’s the Value?
You should find out if your sponsorship is exclusive or will your competition also be there. Not only is it helpful to know if they are going to be there, but you should also know how many other sponsors will be on the list. You don’t want your message to get lost in the crowd, therefore losing value in the end.
There are two ways that you can get the most value for your investment: marketing and mission. Let’s take a quick look at marketing first because this tends to be the most tangible and relevant, especially when you need to calculate a potential ROI.
Most of the time, the value of your sponsorship is explained by a quick sales pitch and brochure. If that’s the case, then it should give you details on the following:
- Target market
- Media exposure
- Access to the audience
These should provide you with a snapshot of how much value you’ll be given through your particular level of sponsorship. So, you should have a good idea if it will help you achieve your marketing goals or not.
Events are a great way to make targeted interactions with the right people. Smaller, more intimate events build deeper connections. The same can be said for large-scale events, but these also build awareness. Any event that engages directly with your target market through multiple ways is a good investment. It fosters leads and builds your reputation within the market, separating you from the competition.
Events can also expand your reach to audiences that aren’t familiar with your brand. You may get the most value from your sponsorship through the ads that are placed in the newspaper, appear on billboards, or online. The bottom line is that you want to make sure that you wouldn’t be able to get the same exposure without the investment.
Pinstripe Sponsorship Example
We support our community in many ways, and sponsorship is one of them. For the second year, Pinstripe is sponsoring Kart 4 Kids, a non-profit organization established to raise money for Johns Hopkins All Children’s Hospital. Now in its 9th year, the Pro-Am kart race was started in 2012 to honor the memory of IndyCar driver and St. Petersburg resident Dan Wheldon, who had tragically perished in a racing accident.
We love that the race supports Johns Hopkins All Children’s Hospital because Pinstripe, as an agency, has dedicated time and money to many causes that support children. Other child-related sponsorships include SailFuture, an innovative foster care program based in St. Petersburg, volunteering for Big Brothers Big Sisters of Pinellas County, and support of other children’s organizations such as the YWCA, Great Explorations Children’s Museum, Guardian ad Litem Foundation, and Girls, Inc. Supporting these organizations aligns with our mission to help our community raise the next generations of St. Petersburg leaders.
Does It Fit Your Mission?
The mission and vision for the company guide everything we do. Every event that you sponsor should align with both of them. If it doesn’t or appears a bit odd, then your reputation may be at stake. Another thing to think about is if the event doesn’t entirely align with your mission, then it becomes business as usual. Your interactions with attendees may fall short of expectations. That’s not what you want. You need the positive energy that sponsoring an event can give you. That’s why you should definitely use your mission and vision for the company as a beacon when picking the perfect events to sponsor.
At Pinstripe, we’ve helped businesses prepare and present their best at local, regional and national events. We specialize in enhancing your brand identity and corporate character, so you can look professional and attract more attention. Our creative team consists of listeners and discoverers that have an innate ability to help you achieve your vision. Contact us to learn how we can help strengthen your reputation.