Sponsorship: The support of an event, activity, person, or organization financially or through the provision of products or services.
One of the revenue streams you need to consider for your live event is sponsorships. When done right, sponsorships are a WIN/WIN/WIN situation for the event, the sponsor and the attendee. You may think that only big events get sponsors, but don’t limit yourself to that belief.
Sponsorships are a great way to give yourself and your event a head start. It can underwrite your expenses, so that the money you charge for your workshop or boot camp is pure gravy. Underwriting your expenses might mean that you receive cash as a sponsorship fee. You could also ask for in kind services that reduce your overhead and expenses. Remember, whenever you reduce your expenses, you directly increase your bottom line.
When you have sponsorships before you even start promoting your event, it will give you the confidence to plan your event without abandon and that will carry over in your promotions and the execution of the workshop as well.
Every event has an opportunity to attract sponsors. In order for your event to attract sponsors, you have to provide your prospective sponsor with three key ingredients:
- >>An audience that is your sponsor’s exact target market
- >>An irresistible sponsorship package with elements your sponsors will find valuable
- >>A plan how your sponsor will be able to use the sponsorship package to promote themselves
When you combine these three ingredients, you will have no problem attracting sponsors. Better yet, when you include a plan your sponsors can execute for maximum exposure and promotional value, you create a WIN/WIN/WIN situation.
A great example of sponsorship done well is the current campaign that Solo-E.com and Nancy Marmolejo’s I Heart My Biz event are executing. Solo-e.com is a website that features online learning resources for solo entrepreneurs from other solo entrepreneurs. As part of their sponsorship of the I Heart My Biz event, they have 2 tickets that they are giving away in a contest.
The next few days, you will see tweets, blog posts, videos and testimonials that drive traffic to the solo-e.com website and will build their subscriber base of solo entrepreneurs. This contest will generate enormous exposure not only for solo-e.com, but also for the I Heart My Biz event.
People will want to win the tickets and one of the ways you can get an entry is to sign up for Insider Tips on the solo-e website. Those same entrepreneurs will get curious about the event and sign up for the event or for the free “I Heart My Biz” telesummit promoting the event. This preview telesummit features the experts that will speak at the boot camp, so that you will get a taste of things to come.
In one of the calls, Nancy Marmalejo will interview Terri Z from Solo-e.com about the sponsoring the event and I highly recommend listening to that call. I know I will and I am sure I will get more tips to help my clients get sponsorships for their events.