We’re always sharing insights for event planners regarding sponsorships and how sponsors infuse events with revenue and increased exposure. But there are different types of sponsorships to consider. An in-kind sponsorship package might be a great fit for your next New York event. And today, we’ll uncover everything event professionals need to know about leveraging in-kind sponsorships for the best results, including what they entail, how to sell them, and how they'll benefit your New York event.
What Are In-Kind Sponsorships?
When we talk about event sponsorships, we often highlight packages and strategies related to cash investments and sponsorship perks. Alternatively, an in-kind sponsorship is the same exchange of value, only without the monetary investment. Instead of paying for sponsorship opportunities, in-kind sponsors provide goods and services.
In a sense, it’s a trade or a reciprocal commercial partnership. You provide the sponsor with a series of benefits, signage, VIP access, or branding in exchange for another service or product that impacts your event.
Here are some examples:
- A media company secures a sponsorship with your event in exchange for free ads.
- A catering company secures a sponsorship in exchange for free or discounted meal service.
- A talent agency secures a sponsorship in exchange for a free or discounted performance.
- A travel company secures a sponsorship in exchange for free or discounted travel arrangements.
- A software solutions provider secures a sponsorship in exchange for free or discounted use of an event software solution.
How to Sell In-Kind Sponsorships
Sure, you’ll still want to develop your monetary tiers of sponsorship opportunities. But consider also building a series of in-kind sponsorship opportunities based on the type of event you’re curating and the companies on your sponsorship prospect list.
When creating your in-kind sponsorship offers, you’ll tier the participant benefits much like you would the paid packages. Create small, medium, and large-scale commitment options. However, instead of putting a price tag on those packages, you’ll want to outline products or services you deem valuable for your event.
So, when creating in-kind sponsorship packages, remember to include a list of what your event needs. That list will help you identify which brands to target based on products or services those prospects have to offer.
Benefits of In-Kind Sponsorships
There are plenty of benefits to incorporating in-kind sponsorship packages with your New York events and celebrations. Here are just a few to consider:
- In-kind sponsorships free up cash and event budgets.
- In-kind sponsorships ensure better-fit sponsorship alignment.
- In-kind sponsorships allow you to get more for less.
- In-kind sponsorships help you diversify your sponsor roster.
Event planners can get just as creative with their sponsorship opportunities as they can with planning the events themselves. Don’t forget the value of in-kind sponsorships for your upcoming events and celebrations.
Learn more about sponsorship strategies and more when you attend The Event Planner Expo 2023! The #1 events industry trade show is coming to New York in October, and you don’t want to miss the chance to spend three full days with top event planners, top industry pros, events influencers, executives, marketers, and hospitality brands!