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July 31st, 2017
From local sports tournaments to industry events, businesses face a wealth of sponsorship opportunities, but how do you choose the right one?
As providers of event drivers, Veho Solutions has experience providing transportation services for some of the world’s most prestigious events that any brand would be proud to sponsor. To help, take a look at our guide on how to maximise your event sponsorship ROI:
The first rule of business is knowing your market — and this is especially true when it comes to event sponsorship. If your target demographic is unlikely to attend the event, it’s likely that you’ll experience a smaller ROI from your sponsorship. Essentially, if the people who your products and services are aimed at aren’t present, what progress can possibly be made?
Before you agree to any sponsorship, always consider how well it will help your brand engage with its target audience.
The event host also has a duty to help increase your event sponsorship ROI. This will often form a key part of their pitch, however, once you’ve signed on the dotted line these promises can be forgotten.
When considering a sponsorship opportunity, establish how the event will promote your brand in the run-up and during the actual event. Will your brand’s logos feature across marketing materials? Will your presence be promoted digitally? Iron out exactly what you expect from the partnership in the terms of your sponsorship.
For long-established events, it’s wise to ask to see some case studies of past sponsorships. How effective has the sponsorship been for other businesses? This should give you an initial indication of the type of ROI to expect from the partnership, especially if the case study is for a similar business to your own.
Of course, a case study does not guarantee that your business will receive the same level of success as the brand featured, however, it is a good indicator of the type of returns the event is capable of delivering.
The most effective event sponsorship includes a follow-up opportunity, whereby sponsors can access rich profile data from attendees. This will allow you to connect with your core audience after the event, continuing the conversation and building relationships that can drive the sponsorship’s ROI. Enquire what the follow-up strategy is for the event and establish how this will benefit your business.