The Benefits of Sponsorship and The Mistakes To Avoid￼
Want to see your logo on the big screen? Discover the amazing benefits of sponsorship and some of the biggest mistakes sponsors make!
- TIP: How to Maximize the Benefits of Sponsorship [Infographic Download]
- Episode Overview – Are you getting the most out of your sponsorship?
- Personal Note from Jenn Neal on the Benefits of Sponsorship
- Blog Post – The Benefits of Sponsorship and The Mistakes To Avoid
- Related Posts
TIP: How to Maximize the Benefits of Sponsorship
Time needed: 5 minutes
TIP: Make the most of being a sponsor! Follow these 6 easy steps to maximize the benefits of sponsorship!
Establish your expected outcome.
Make sure that you have automated ways to capture all new traffic and have a follow up system in place, plus ways to measure toward your goal.
The key is in promoting your involvement both before, during and after
Before – let your customers know and promote on your distribution channels your upcoming sponsorship.
Let your customers know and promote on your distribution channels your upcoming sponsorship.
Share with your customers to boost brand loyalty (even include them in the fun if possible) and on all other channels to maximize exposure.
Share your results with your audience and follow up, follow up follow up.
What’s In This Episode?
How excited would you be seeing your logo on the big screen or in bright lights? Pretty exciting, right? Being a sponsor can help make this happen. Today, we’re talking about the benefits of sponsorship, some of the biggest mistakes you can make, and what you can get in return as a sponsor (with my own examples)! Let’s check it out!
Jenn Neal on the Benefits of Sponsorship
The Benefits of Sponsorship and The Mistakes To Avoid
It’s so close you can taste it. Your company logo on the big screen – front and center. Imagine the publicity this will give you, the new opportunities it’ll open up, and the number of prospects you’ll reach. As much money and life as you could want right at your fingertips… if you do it right. Okay, so maybe there won’t be all the money in the world, but the benefits of sponsorship are plentiful. And let’s be real, you can receive a huge ROI if you know how to maximize your benefits. But, unless you have all your ducks in a row, you may miss out on some of the advantages. That’s why I’m here – to help you understand the benefits of sponsorship and let you in on some of the biggest mistakes a sponsor can make. What are we waiting for? Let’s dive in!
The Benefits of Sponsorship
Alright. This seems like a no-brainer, right? Well, there’s a little more than meets the eye to reap the full benefits of being a sponsor. Now I know when you think of sponsoring an event, the first thing that comes to mind is usually sporting events. Well, I can confidently say that I’m not in a position to have my brand logo on the side of an F1 race car – and I’m sure most of you are in the same boat. However, there are still plenty of sponsorship opportunities that you shouldn’t pass up.
Some perfect sponsorship opportunities for small businesses are live virtual events, giveaways, podcasts, local events, or conferences where you can be featured front and center around the other business authorities sponsoring the event. Don’t think a small sponsorship is worth it? I recently sponsored a giveaway for $250. That small giveaway got me almost 400 leads! A small price to pay with that much benefit, right?! (Want to know what our gift in the giveaway was? Check it out here!)
So, instead of passing up the benefits of sponsorship, sponsor an event that is within your budget. Let’s outline the top 4 most important benefits of sponsorship. (And, if you want to know more about some of the other incredible benefits of sponsorship, this is an excellent reference!)
One of the main benefits of sponsorship is brand awareness. When a company sponsors an event, whether it be a creative event, a sports event, a conference, or a giveaway, they immediately get free publicity in return. The more people see your logo, the more they’ll want to know what you do! Putting your brand on the front end will show that you’re a knowledgeable authority in the game, and everyone should know who you are! You are now front and center on the audience’s radar – which leads me to my 2nd point – increased reach.
If you’re sponsoring an event, enjoy the increased reach you’ll receive. With tons of people attending the event, you’ll reach an entirely new audience. They’ll see your logo and associate you with the event and the other sponsors (including any big names!). You will reach far more people than you could have dreamed of – many of them being potential prospects or potential JV partners. Because remember, we’re not only looking for prospects. We’re also looking for positive connections and partnerships!
This one is not something that many sponsors take into consideration. Sponsoring an event significantly impacts your authority. People will see your brand all around the event and say, “Wow, they must know what they’re doing!” creating a positive association between your brand and the event. Being a sponsor will show that your brand is trustworthy.
In turn, those who already know you will feel like they’re part of an elite secret club and will make it known that they’re raving fans! So, as people are chatting away, and someone mentions they’re seeing your brand everywhere, your fans will not be shy to share their experience.
You’re sponsoring an event – meaning you’ve invested some money into producing this event. Naturally, you don’t want to invest money and see nothing happen with it. You want to see a return on your investment. As you increase your reach and awareness, your ROI increases from more people to your offer, more closes, etc. Your ROI increases with every pair of eyes that sees your brand – not only in terms of prospects but again with partnerships. The positive brand association will lead to positive alliances. You’ll be surprised how many connections you’ll make, and each connection leads to a new audience of people you’ll reach
While there are many events for small businesses to sponsor, there are some criteria to be aware of before you become a sponsor. Trust me; you don’t want to make the mistake of not sticking to this criteria because I would hate for you to miss out on all of the benefits of sponsorship.
One of my main criteria for sponsoring any event (whether virtual or live) is to ensure that I have some type of stage time. Whether I have a booth at the event or not, if I’m sponsoring, I secure a place as a speaker or a private breakout or lunch room where people can get to know me. This ensures potential connections and prospects have a way to engage with me or hear my message without all of the hustle and bustle around us.
This is the biggest mistake I’ve witnessed companies and small businesses make – they sponsor an event but lack a follow-up plan! So let me tell you a little story. I had a friend who was a sponsor at a Funnel Hacking Live event. And, as a sponsor, he was allowed to leave something for the audience on a certain amount of seats. He was stoked not only to gain brand awareness from being able to market his company on the first, like, 500 seats but also because his swag bag was right next to something from Garrett White. (Brand association, right?) Anyway, inside his bag, there was an opt-in. And when I asked him what happens when people go to the page, he replied, “Well, they put in their information.” And I’m like, okay… a list build. Awesome! But what type of follow-up do you have? “I’ll do that when I get back.” was his response. FAIL! Your follow-up is everything.
You can promote the event by sending an email to your list, running ads, and giving anyone who responds an incentive to come. You can speak on stage, have a booth, or have a private lunch room (or breakout room at a virtual event), but if you don’t have a follow-up plan, will you benefit from being a sponsor? Or will you lose out on your ROI?
Without even an automated follow-up sequence to anyone who shares their information, you’re losing out on more leads than you can imagine. Don’t make this mistake. If you’re going to reap the benefits of sponsorship, do it right – follow up, follow up, follow up!
Alright, I know we all want to see our name in bright lights. But before you consider sponsoring an event, evaluate if you’re ready. And if you’re not, start taking the steps toward being ready. While some of us only need a little brand awareness, any promotion before, during, and after the event (this includes your follow-up!) can at least double your ROI. But that follow-up is everything! Don’t leave anyone feeling like another drop in the bucket. I want to see you soar, and ensuring that anyone who interacts with your brand has a positive experience will definitely help you do so!
Now, while my dream is to one day be an F1 sponsor, it doesn’t currently fit into my budget. So instead, I’m working toward that goal by sponsoring other events and giveaways! As I mentioned earlier, one of the giveaways I recently sponsored got us about 400 leads! Want to check out the swag that brought in those almost 400 leads? Check out our Ultimate Content Repurposing Guide! Not only will you learn how to repurpose your existing content to get more leads (without spending money on a sponsorship!), but it’ll also give you ideas on things you can use to participate in sponsorships in the future! I hope you enjoyed finding out about the benefits of sponsorship with me! Oh, and by the way, don’t forget to check out this week’s episode of The Content Toolbox (you can watch or listen to the episode up above!) to find out more about the benefits of sponsorship, and some great ways to be a sponsor as a small business! Catch you next time!