How To Increase Event Sponsorship ROI
In today’s challenging economic environment, events teams must be laser-focused on maximizing event sponsorship ROI. Yet in an era of tightening budgets, securing sponsors is harder than ever.
According to Bizzabo’s 2023 State of in-person B2B conferences report, this is because of a confluence of factors affecting events teams, including the following:
- A lack of lead time to sell sponsorships because most budgets have already been allocated
- Sponsors that often wait until the last minute to confirm their attendance because they don’t want to commit to event spending ahead of time
- A shift in power dynamics from event managers to event sponsors
- Dwindling event sponsorship budgets across all potential sponsors
In this piece, we examine the benefits of event sponsorship, how to increase sponsorship revenue, and some helpful event sponsorship ROI scenarios.
7 Reasons Companies Benefit From Sponsoring an Event
To increase event sponsorship ROI, events teams need to be able to sell potential sponsors on the benefits of event sponsorship. With that in mind, let’s examine why organizations sponsor events.
1. Brand Visibility and Awareness
Sponsoring an event provides sponsors with a unique platform to showcase their brand to a diverse and captive audience. This, in turn, increases recognition and fosters brand loyalty through memorable interactions.
2. Direct Engagement with Target Audience
Sponsors gain the invaluable opportunity to engage face-to-face with their ideal customers. In these interactions, they can forge meaningful connections, learn about their customers’ needs on a deeper level, and leave a lasting impact.
3. Lead Generation and Sales Opportunities
Event sponsorship opens doors to potential customers already interested in the industry. This enables sponsors to capture valuable leads and convert them into tangible sales.
4. Enhanced Corporate Image and Reputation
Aligning with a well-executed event reinforces a sponsor’s commitment to excellence. This enables sponsors to foster a positive image that differentiates them from competitors and resonates with relevant stakeholders.
5. Exclusive Access and Networking
Sponsors gain exclusive access to industry leaders, influencers, and decision-makers. As a result, they tap into unparalleled networking opportunities that can lead to strategic partnerships and collaborations.
6. Product or Service Showcase
Events provide a dynamic stage to highlight products and services, enabling sponsors to demonstrate features, benefits, and real-world applications of their offerings to an engaged audience.
7. Customer Feedback and Market Research
Sponsors can leverage events to gather direct feedback, opinions, and insights from attendees. This valuable market research can then inform product development, marketing strategies, and roadmaps.
How To Increase Event Sponsorship Revenue
Looking to increase the number of sponsors at your next event? Here are some tactics that can help you accelerate event sponsorship ROI.
Understand Your Audience
The better you understand your audience, the easier it is to tailor sponsorship offerings to their preferences and needs. This makes your event more attractive to sponsors seeking precise alignment with their brand.
Offering a range of sponsorship tiers allows you to accommodate different budget levels and objectives. As a result, you can attract a bigger group of sponsors, increasing your overall sponsorship revenue potential.
Enhance Sponsor Visibility
By strategically placing sponsor logos, banners, and branded content throughout the event — and across all your digital event properties — you give sponsors more visibility and exposure, which makes it easier for them to achieve event sponsorship ROI.
Double Down on Marketing
Implementing effective pre-event and post-event marketing campaigns drives attendance to your event and highlights sponsors. This extends their reach and delivers value beyond the event itself.
Showcase Past Sponsors
Leveraging the credibility and recognition of previous sponsors can help you attract new partners by showcasing your event’s track record of sponsorship success.
Feature Testimonials and Success Stories
Sharing testimonials and success stories from previous sponsors demonstrates the real-world benefits they have experienced by partnering with your event. Entice more sponsors to join forces with you by showing them concrete examples of event sponsorship ROI.
Highlight Networking Benefits
Promote opportunities for sponsors to interact with attendees and other sponsors, enabling them to build valuable connections that can lead to long-term partnerships and increased sponsorship revenue.
Provide sponsors with valuable event data and insights demonstrating the event’s impact and audience engagement, reinforcing the value of their sponsorship investments.
Engage Sponsors Year-round
Maintaining consistent communication and engagement with sponsors beyond the event and nurturing relationships can create opportunities for ongoing collaboration and revenue generation.
Craft Compelling Sponsorship Proposals
Create a comprehensive sponsorship proposal outlining the benefits, reach, and ROI that sponsors can expect by agreeing to participate in your event.
Offer Early Commitment Incentives
Give special perks and discounts to sponsors who commit early, incentivizing them to secure their sponsorship and contribute to your revenue stream.
Upsell and Cross-sell
Present sponsors with the opportunity to upgrade their packages or add on supplemental offerings, maximizing their event sponsorship ROI while increasing your revenue potential. Use sponsorship management software to streamline management and communication at scale.
3 Event Sponsorship ROI Example Scenarios
Organizations aren’t keen on burning money. When a company decides to sponsor your event, they are looking for a return on investment. As you begin trying to drive more sponsorship revenue, here are some example scenarios of how event sponsorship ROI could be manifest:
1. Tech Conference and Tailored Sponsorship Packages
Background: A renowned tech conference wanted to attract sponsors from the emerging AI sector.
Action: Instead of offering one-size-fits-all sponsorship packages, they segmented their audience by interest and crafted customized packages. For example, they provided breakout sessions and workshops dedicated solely to AI innovations.
Result: The AI companies that sponsored these sessions reported a 33% increase in their lead generation compared to generic event sponsorships.
2. Health and Wellness Expo and Product Sampling
Background: A health drink company wanted to introduce its new product to a wider audience.
Action: They sponsored a health and wellness expo and provided free samples at hydration stations. They also conducted live demos showcasing the benefits of their drink.
Result: Post-event surveys showed a 63% recall of the brand among attendees, and the company reported a 20% increase in sales in the regions where the event took place.
3. Educational Seminar and Digital Engagement
Background: An ed-tech company wanted to showcase its new e-learning platform to educators.
Action: They sponsored an educational seminar and offered exclusive trials of their platform to attendees. They also integrated gamified elements and leaderboards to promote engagement.
Result: More than 75% of the attendees tried the platform during the event, and the company secured contracts with 15 new schools within a month.
These examples illustrate that maximizing event sponsorship ROI isn’t just about having a presence but about creating meaningful, memorable, and interactive experiences for attendees. Whether through tailored packages, immersive experiences, or value-driven interactions, businesses can significantly enhance their returns by aligning their sponsorship efforts with the needs and interests of their target audience.
Demonstrating Event Sponsorship ROI Is More Important Than Ever — And Bizzabo Is Here To Help
With sponsorship budgets tightening, companies hesitant to commit to sponsorship opportunities ahead of time, and event managers losing power to sponsors, it’s more important than ever for events teams to be able to prove event sponsorship ROI. When you can show companies the tangible benefits they can expect to experience by sponsoring your event, getting them on board is much easier.
One of the most effective ways to demonstrate event sponsorship ROI is by investing in an event management platform that gives sponsors the tools they need to measure ROI and make the most of their sponsorship dollars. Believe it or not, 65% of event sponsors don’t measure the ROI of their investments. By investing in tools — like Bizzabo — that make it simple to see whether their sponsorship dollars are worthwhile, onboarding new sponsors is a breeze.
Bizzabo helps companies like yours increase event sponsorship revenue with a range of robust features:
- A dedicated sponsor portal that streamlines management and communication at scale, simplifying logistics for your event team and your sponsors
- A lead tracking app that organizers can resell to exhibitors for a premium, allowing exhibitors to track, take notes, and qualify and retrieve leads from scanning badges on the spot
- Meaningful sponsorship opportunities offering multiple touchpoints for branding, including the event app, sessions, and polls
- Virtual exhibitor booths that offer powerful engagement analytics
- Brand splash pages and pop-ups available on the mobile app to promote event partners more effectively
- And more!
To learn more about how Bizzabo can help you maximize your event sponsorship opportunities, check this out.