Corporate sponsorship management can be an incredibly important part of planning your next event in Singapore. Sponsorship management isn’t just about raising funds. Its aim is to build long-lasting relationship and partnerships, to ensure the engagement of sponsors and to help you tell your story in a convincing way.
When planning an upcoming event, you should certainly consider sponsorship management as a part of the preliminary process when working with your event management company in Singapore. Here are a few of the key essentials to keep in mind.
What is Sponsorship Management?
Sponsorship management is an extensive process that has numerous components and that plays an important role in event management services in Singapore. While the main goal may seem like getting funds to do the event, there are more important long-term goals, as well.
The aim of sponsorship management is to identify suitable sponsors and to get them involved in the planning of an upcoming event. The process will usually involve brainstorming, approaching potential sponsors, management of solicitation and sponsor fulfilment.
In the context of event planning, sponsorship management is going to play a key role. At the same time, it can be quite complex since negotiations and multiple presentations may be required.
This is where the assistance of a professional event management company really helps, they help to pinpoint good sponsorship opportunities and develop sponsorship packages that potential partners will be incapable of refusing. Event sponsorship packages allow for a lot of flexibility, which is why some experience will be required to determine what could potentially work under the circumstances.
Sponsorship Packages: The Key to Attracting the Right Partner
There is no universal formula when it comes to choosing the right sponsorship package that will attract a reliable potential partner. This is something that your event company can help with on the basis of experience and know-how.
As we become more dependent on technology today, the nature of sponsorship packages is starting to change. Many event organizers are finding out that the approaches effective in the past are no longer capable of delivering the desired outcome. Something a bit more contemporary and much more innovative will be needed to get the job done.
In the past, offering banners and branded items during the event was enough to make a sponsor happy. Today, getting creative with the package is of paramount importance. The more original and relevant, the better.
Here’s an example of an excellent sponsorship package that is innovative and unusual. Rolex has long been a partner of the famous TED Talks. In 2012, the two entities launched a joint app called Surprise Me!. The aim of the app is to recommend a specific TED talk to the viewer, based on the amount of time that they can dedicate to viewing. This app comes on top of the logo placement that’s pretty much become the standard in the field of corporate sponsorships.
Experienced event planners know that attracting a reliable sponsor is far from an easy task due to the massive demand and the limited opportunities. Thus, a well-planned sponsorship package that adds value to the proposition is more important today than it has ever been in the past. If you are in need of a sponsor for an upcoming corporate event, you should certainly consider a partnership with a management company that has enough experience in the field of attracting suitable sponsors and effectively managing the relationship with them.
A Few Tips for Effective Sponsorship Management
Apart from having to strategise and come up with great sponsorship packages, you will need to do a couple of additional things in order to ensure the success of the upcoming endeavour.
The number one thing to ask yourself is why would any brand want to sponsor your event?
If you cannot answer this question, chances are that others will also find it difficult to spend money on your project. There has to be a clear and convincing reason why a corporation should get involved.
If your event is going to reach a big number of people (and the audience is highly targeted for the respective sponsor), you will attract a partner due to the brand reach they’re going to obtain through the participation. Your ability to offer additional reach via digital channels or marketing materials is going to be an added bonus.
A chance to block the competition from the upcoming venture may be another lucrative reason for a strategic sponsor to participate.
When social events, fundraising campaigns and awareness galas are involved, you will be providing sponsors with an opportunity to establish themselves as influencers within the respective community. Social responsibility is becoming more and more important for the establishment of customer loyalty and the right image for every single brand out there.
Next, think of ways to make your offer stand out. A great sponsorship package is not enough.
How are your values and belief in line with those of the potential sponsor? What is your demographic? How much funding are you going to need and what will it be used for? The more specific you are, the easier it will be to attract a serious investor and form a long-term relationship with them.
Don’t be afraid to get creative as far as your pitch and packages are concerned. Make use of technology. Build a website dedicated to the event and offer potential sponsors a chance to reach a wider online audience. Whichever approach you choose, make sure that you follow through from beginning to end. Sponsorship management will continue even after the event takes place, helping you nurture the relationship.
Corporate event management consists of many processes that are tailored to your needs. Often, these needs will include the acquisition of the right sponsor. You can accomplish the goal in two ways – plan a stellar event and have the right incentives available. All of this should be communicated clearly with your event management company. By providing clues about your goals and your needs, you will benefit from the know-how of event planners and the networking that they’ve done through the years.