For companies thinking of sponsoring a particular event, sponsorship offers the opportunity of achieving several marketing and sales goals all at once and I wanted to expand upon some of these reasons in the hope it might be of some value. There are many reasons a company chooses to sponsor but I’ve chosen 5 I think all companies need to take into consideration before deciding whether to commit their dollars to sponsorship. As with the last post of exhibitor tips this is based on personal experience and for many may seem very obvious but I hope it helps anyone deciding whether to sponsor any event. Feel free to add your thoughts in the comments section below if I missed anything. Currently, I am in the process of confirming sponsors and exhibitors for the up-and-coming MedDev eMarketing Summits and Global Drug Bioavailability Enhancement events. It has been helpful to assess and get an idea of what each sponsor wants to specifically achieve, through their inclusion.
1. You get to talk DIRECTLY to your target market!
How awesome is that? An audience of your target market of potential buyers all under one roof for a few days! Think of the potential lead generation! There is no substitute for actually meeting a person face-to-face for building credibility and trust in business relationships. You can do more for your company ROI in a few days than you can for maybe even years as a sponsor at an event.
2. You get to maintain and enhance existing relationships!
Maybe you know some of the speakers, attendees or even have partnerships with the other sponsors at the event. You get to reconnect by being onsite, catch up and maintain that relationship. This is essential for any business. Remember the rule of thumb is you have a 60-70% chance of keeping an existing customer while the probability of gaining a new customer can be 5-20%.
3. You get to enhance your company image!
Supporting an event as a sponsor is a great way to gain credibility and let people know what you can offer. Maybe you have a new product coming out or you’re making a major company announcement. You need to be “front of mind” with the attendees. Sponsorship gives you the platform to do that, positioning you as an industry leader whilst increasing your brand awareness/company image.
4. You get to show your attendees how your company can help them!
It’s true, I’ve found most conference attendees really appreciate the chance to learn about what vendors are doing out there in the marketplace and how their company offerings can help them out. It’s important to remember, attendees get the opportunity to canvas what vendors are out there over 2 days as well. By being a sponsor you may even be creating awareness of solutions the attendees didn’t even know existed.
5. You get to keep up to date with what’s happening in the industry!
Hearing the latest innovations and key talking points for the industry allows your company to stay up to-date with what’s going on in your field of expertise. What’s popular one year might not be so popular the next year. Keeping up-to-date and informed is essential if your company wants to stay ahead of the curve and continually have a solution relevant for the industry at any given time.
What is your main objective when sponsoring an event?