4 Reasons Why You're Not Closing Enough Sponsorships

January 10, 2023 Desiree Homer

If your event planning strategy involves boosting sponsorships for your various New York conferences and events, keep reading. It can be challenging to close sponsorship deals, especially if you’re making these common mistakes. Improve your methods and explore what might be blocking your deals. A few quick adjustments to your sponsorship sales strategy, and you'll be reaching your event revenue goals in no time!

1. You’re Pitching the Wrong Contact

This might sound trivial, but it’s common in sales. You spend all the time necessary to develop great sponsorship packages, curate your prospect lists, and outline your strategy. But then, after emailing and following up, you get the dreaded, “I have to check with my manager” or “let me get back with you after I’ve talked to the board.” That means you’ve been pitching the wrong contact. Be diligent about your prospect lists to ensure you’re reaching out to the decision-makers responsible for approving event sponsorships. And keep your contact lists updated to verify you’re connecting with the right people for every event.

2. You Don’t Have a Strong Enough Value Proposition

If you’re struggling with closing sponsors for your New York events, maybe revisit your value proposition. When you present sponsorship information, lead with the value, like audience exposure, brand awareness, and strategic positioning. Lead with problem-solving and ROI-boosting benefits of becoming a sponsor. Make it clear first that it’s a no-brainer investment to be a part of your event. Then you can share the other details and pricing. Don’t invite negotiation on your value. Make those points upfront and then leave room for negotiation later to seal the deal.

3. You’re Only Offering One Sponsorship Option

When you only present one sponsorship option, you reduce your chances of closing the deal to 50/50. It’s either a yes or a no. But when you create tiers of event sponsorship packages, each with bronze, silver, or gold standard perks and pricing, your prospects will be more likely to choose one. Don’t forget to also create that monster platinum-level offer, too. Very few will consider it, but no one will nab it if it doesn’t exist. 

4. You’re Trying to Sell to Everyone

When you present sponsorship opportunities to everyone on your contact list all the time, you lose the element of exclusivity. It’s no longer special or a unique proposition. Be selective about creating potential sponsor prospects, ensuring their target audience aligns with their brand. When those opportunities only show up every now and then, those prospects will be more receptive to hearing your ideas.

As an event planning professional, you know the value of sponsorships and the revenue they can generate for your New York conferences and celebrations. If you’re not closing as many sponsorship deals as you’d like, consider these mistakes. A few quick adjustments to your approach, and you’ll be swimming in sponsors in no time!

Speaking of sponsorship opportunities, there may be options available for your business to support The Event Planner Expo 2023! Learn more about remaining sponsor connections and exhibitor spaces on the tradeshow floor.

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