Event Sponsorship: The Ultimate Guide for Properties
- July 5, 2023
- SponsorPulse Staff
We get it. The sponsorship landscape is an enormously competitive space. With properties constantly seeking innovative ways to sidestep the clutter and connect with their most passionate customer, determining which path to take can prove challenging.
Luckily, your event is a powerful avenue for brands seeking to create meaningful experiences while connecting with their target audience.
In this article, we'll explore how you can achieve success by effectively partnering with strategic brands. We'll also discuss the importance of leveraging insights and clever activations to maximize results.
So get ready to dive into the exciting world of event sponsorship, where innovation, collaboration, and brand relationships converge to make a significant impact on your bottom line.
The Ultimate Event Sponsorship Guide
Attracting the Right Sponsors
So, how can you determine the ideal sponsors for your event? One frequent error made in the realm of event sponsorship is the indiscriminate approach of casting a wide net to see who bites. The truth is, research demonstrates that prioritizing quality over quantity is paramount—it's essential to attract brands that align with your event's vision and values, and tailor your pitch to their motivations.
To start, properties must lean into the legwork necessary to understand what potential sponsors desire to achieve through their involvement. For instance, if your event already has three apparel sponsors, it’s worth exploring untapped sponsorship categories to diversify the sponsorship portfolio.
Let’s use Coachella as an example. A cultural icon in the world of music festivals, Coachella is a world class experience. With 76.43M+ people engaged, it provides a host of opportunities for sponsors looking to optimize the performance of their investments.
While Coachella has a wide roster of sponsors, unused purchase categories remain. Non-alcoholic beverage is a burgeoning industry that hasn’t yet caught up with demand in the sponsorship arena.
Among Coachella fans, our data shows that 54% have engaged with a non-alcoholic beverage in the past 12 months. Further, 39% are excited about the growing trend towards temperance. With 44% of SponsorPulse users stating that brand awareness is the greatest benefit of sponsorship for their organization, becoming the non-alcoholic beverage sponsor for Coachella is a surefire way to achieve it. Festival goers looking to partake in a refreshing beverage without the buzz would greatly benefit from a sponsor in this space—effectively providing potential partners with a data-backed rationale behind why they should consider Coachella.
Assets and Activation Strategies
So you’ve found the perfect brand partner for your festival. What next? Well, it’s time to get creative with your event sponsorship packages. What assets and activations can you offer your partners to sweeten the deal?
While title Sponsorship of an event or league is one of the top ranked assets driving impact among consumers, it’s far from the only option. Considering the Coachella example, there’s a number of activation opportunities among unrepresented brand categories at the festival. Take the non-alcoholic beverage example. Providing the company with the opportunity to sponsor a cool down zone to rehydrate and relax in the desert heat is a highly attractive and unique activation that will help their brand reach new customers with ease.
Beyond temperance, Crypto is another unrepresented category at the festival. Over half of those engaged with Coachella are considering investing in cryptocurrency. With this in mind, a crypto company might feel compelled by a pitch that allows festival goers to pay for food and drinks, as well as merchandise and experiences with cryptocurrency.
Plus, if there’s one thing we know about Californians, they don’t mess around when it comes to health and fitness. Among those engaged with Coachella in West Cali, 49% have visited recreational or fitness facilities in the last year, and 50% are excited about them. At this time, there are no luxury fitness studio brand sponsors at Coachella. A sponsorship from a deluxe fitness facility like Equinox or clothing brand like Lululemon could be a match made in heaven. Offering a partner in this space a creative activation opportunity—think: branded yoga or meditation classes before the music starts, or athletic festival swag—could be very enticing to the brand you’re pitching.