If you’ve ever considered taking on a large, high-profile event, you know it’s almost impossible without sponsors. The cost of everything from the venue to the entertainment is astronomical. Fortunately, one of the easiest ways to begin breaking into larger events is with in-kind sponsorships that benefit both you and your sponsors. Read on to learn how to create in-kind sponsorships that event supporters love.
What Are In-Kind Sponsorships?
If you’ve never used in-kind sponsorships before, it’s helpful to understand what they are and how they work. An in-kind sponsorship is simply a sponsorship in which a sponsor supplies a good or service rather than giving you money.
In-kind sponsorships are often easier to procure than financial sponsorships because they don’t cost as much to your sponsor. For instance, a catering company might be able to provide discounted refreshments at your event rather than making a large monetary contribution.
In-Kind Sponsorships Should Be a Win-Win
The most important thing to remember when thinking about how to create in-kind sponsorships that event supporters love is that in-kind sponsorships should be a win-win for both parties. That’s why you should take time to think about the goods or services that you need most, along with what you can offer potential sponsors, before approaching them.
If you do this well, you can create lasting partnerships, expand your network, and boost your reputation as an event planner. Plus, as you begin holding larger events, you’ll also be in a better position to attract traditional sponsorships.
Goods and Services That Work Well for In-Kind Sponsorships
The first thing you should do is make a list of things you need for your event and then think about who might be able to provide them. Do you need catering? Entertainment? Hotel rooms for guests and speakers? Almost anything can work as an in-kind sponsorship if you find the right people, but you may have more success in some areas than others.
Some goods and services that work well for in-kind sponsorships include:
- Discounted catering
- Free or discounted hotel rooms
- Discounted travel arrangements for attendees and speakers
- Swag bags
- Entertainment
- Prizes
Offer Valuable Benefits to Your Sponsors
While in-kind sponsorships are typically less expensive than cash sponsorships, they still represent a financial cost to your sponsors. That’s why it’s important to offer valuable benefits for in-kind sponsorships. Plus, your sponsors are more likely to continue working with you in the future if they have a good experience.
Benefits for in-kind sponsorships can be as creative as you want as long as both parties are happy with the arrangement. However, it’s most common to offer the same type of benefits you would for cash sponsorships. Some ideas include signage at the event, free advertising, logos on merch and swag bags, and VIP access.
Many event planners also create tiers for in-kind sponsorships, just as they would for cash sponsorships. Think about packages that would work well for you and your sponsors, and give them a try!
Follow Up After the Event
After the event, it’s important to follow up with your sponsors. Thank them for sponsoring the event, and ask their opinions about what worked well and whether there were any aspects that could be improved. Then, listen to their suggestions. Your sponsors are more likely to work with you again in the future if they know you value their contributions.
Attracting event sponsors can be challenging, but if you follow the above tips, you’ll be on your way to creating in-kind sponsorships in no time!
Want to learn more about how to create in-kind sponsorships that event supporters love? There’s no better place to learn than the Event Planner Expo, where you’ll meet top industry pros and maybe your next sponsor! Get your tickets today!
