One Simple Focus to Expand Your Corporate Sponsorship Revenue

By now, you’ve probably moved beyond the pandemic panic-mode and are beginning to apply some creativity to what’s next for your meetings and events.

But what about sponsorship?

Afterall, it’s tough out there.

The good news.

Just as your events are changing direction, format, and focus, your sponsors’ businesses are, too.

Now is the great reset.

To succeed, you need to focus on one simple goal: providing value.

If the 2008 Great Recession is any indicator, companies will scrutinize spending by asking about return on investment.

Without a good answer, out that expense goes.

And that includes sponsorship arrangements with dubious value.

3 Steps to Grow Sponsorship Revenue Now

Sponsorship sellers, here’s your action plan.

1. Update or Upgrade Your Value. As you reinvent your events, update your sponsorship value.
   
   What new marketing and event assets do you have? What new audiences will you be focused on? What new ideas do you have for your virtual events?
   
   If you’re selling Gold, Silver, and Bronze (or equivalent) generic packages, these won’t rank as high-value. Step it up to make a business case for ROI.
   
   How will your events put your sponsors’ products, services, or brands into customers’ hands and minds?
   
   • For example, swap out the boring, blah blah blah sponsor welcome video with a fun and entertaining or educational video about how the sponsor’s product or service works.
   • Send attendees a #WFH sample.
   • Give attendees compelling reasons to connect with sponsors and their sales teams.

2. Focus on your relationships. Reach out to your existing and previous sponsors to find out how they’re doing personally.

   Explore how they and their companies are managing and responding to our trifecta of crises—the pandemic, ensuing financial fallout, and the racial justice crisis.

   Then update your current sponsors on your 2020-21 event plans and ask how their businesses and strategies are changing.

   Scan for ways that your events and sponsorship program support those new goals. Do you see new opportunities?

3. Look for new sponsors. Your existing sponsors, such as those from the hotel and airline industry, may be in real trouble. Or your company and its events could be taking your efforts in a whole direction, opening up opportunities.
   
   Brainstorm all the industries and companies in those industries that might be interested in your new value. Then begin making in-roads, using your network to open doors. Again, the same simple focus applies here, too. Lead with value.
   
   It’s easy to feel down and unmotivated during these difficult times, but your events are more critical than ever. And you have an awesome responsibility.
   
   Your guests and attendees still have tremendous desire to gather, learn, and network. And your sponsors need your events to engage your audiences and keep their businesses moving forward.

For more timeless tips on enhancing your sponsorship value and results, download “Getting Corporate Sponsors: 20 Dos and 20 Don’ts for 2020.”