Event planners know the inherent benefits of leveraging sponsorships. They’re great methods for generating additional event revenue and for marketing to potential attendees. But they’re only effective if you can sell them. And today’s New York event planners will face a few sponsorship challenges that require solutions to overcome. Today, we’ll share some of the most common roadblocks you might be facing when it comes to developing and selling sponsorships. You can find inspiration and insight into these solutions, too!
1. Failing to Plan Is Planning to Fail
If you approach event sponsorships as an afterthought or at the last minute, you won’t have much success in leveraging them for your event. As you would with any other aspect of your New York conference or celebration, take the time you need to for planning your sponsorship campaigns. Create a strategy with various opt-in selections, outlining the value-added benefits. And prepare a timeline to sell and advertise your sponsorship opportunities.
2. Lacking Client Support
Another reason some sponsorship initiatives fail involves a lack of client support. As you plan your sponsorship packages and campaigns, talk with your event client, too. Present your ideas and discuss the benefits with your clients to earn their support. They can help network among their circles and get more exposure for your sponsorship opportunities. Before you launch any event sponsorships, make sure your clients buy-in for increased support and publicity.
3. One and Done Sponsorship Package
Sales 101 dictates that when you present a client with a yes or no option, you have a 50% chance of closing the deal. But if you present three or four variations of a yes buy-in, your odds of closing the deal increase. Take this approach with your event sponsorships. It will be challenging to gain sponsors if you have one price point and one set of benefits. Instead, create tiers of sponsorships, each with various perks and pricing. Include VIP experiences, discounts, or increased ad incentives with the larger packages. But provide some benefits at more affordable opt-in entry points, too.
4. Prioritizing Sponsorship Value
One of the most common challenges when it comes to event sponsorships is being unable to sell them effectively. However, overcoming this obstacle is fairly simple. Instead of selling, convey the robust roster of benefits through a lens of ROI. What’s in it for the sponsor? Will they gain access to a captive target audience? Can they leverage community support to rally around their brand? Is it possible they can land new clients or gain brand awareness? Present each sponsorship from a perspective of value, and you’ll sell your sponsorship packages every time.
As you plan your events and sponsorships this year, prepare to face some challenges. And consider these solutions to help you overcome them. For more insights about improving your sponsorships and event experiences, make sure you’re on the waitlist to attend The Event Planner Expo 2023!