A Step-by-Step Guide to Realizing Your Sponsorship ROI
So, you’re deciding whether or not you’re going to sponsor a community event this year. Maybe you’ve done it before with mixed results, or maybe you are hesitant to jump in because you don’t know if the return is worth it. Fear not! This step-by-step guide will help you pick which events to sponsor and explain how you can make the most of them:
Step 1: Identify ROI potential
Many businesses (especially small businesses) are hesitant to become sponsors because the benefits are unclear, or the return on investment is difficult to track. What you should note is that the benefits realized from sponsoring an event are long-term – you might not see fifty new leads the night of the event, but you will likely see the leads you were hoping for over the course of a few months or a year as the attendees have a need for your products or services and remember your brand.
Step 2: Select the right sponsorship for your business
Once you’ve decided to become a sponsor, the question becomes which event or activity is best for your business? A good rule of thumb is to choose a sponsorship that relates. If you sell agricultural equipment, consider sponsoring Ag Banquet or Ag Fest. If you sell crafts and home goods, sponsor a holiday event like the Tree Lighting and Parade of Lights or Scrooge Night. Essentially, the events that your target market likes to attend are the events you should be sponsoring!
Step 3: Set yourself up for success – go above and beyond!
Speaking of involvement as a sponsor, what can you do to bring in the most ROI? Think outside the box – send your best, most outgoing employees to the event. Create a custom flyer with a discount card to attract event attendees to your store. Sponsorship is an opportunity for your business to interact with its target market and make the best possible impression, so take advantage of it!
Step 4: Persistence
Cultivating your sponsorship is like cultivating your Facebook presence – the more you put into it, the more you get out of it! Try to sponsor events regularly, attend the events to encourage interaction, and support the other businesses and organizations in attendance to foster a community atmosphere.
Step 5: Summary – Realizing your ROI
Sponsorships are a unique opportunity for a business because the results are felt long-term and snowball over time. Don’t forget to be involved, be persistent, and be thoughtful in your sponsorship selections. If you follow each of these rules and form a strong relationship with the other organizations involved in the events, you can realize your ideal return on investment.
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Sincerely,
Veronica Grosek
Executive Director
Sturgis Area Chamber of Commerce & Visitors Bureau