6 types of event sponsorships.
What is event sponsorship?
Event sponsorship is where a business or brand partners with an event to provide support in exchange for something (And that something is more often than not, promotion and brand exposure).
Event sponsors typically provide financial support, equipment, amenities, staff, marketing support, or more. If your sponsor is well-known among your event attendees, the sponsoring brand can also add legitimacy by association, which has a flow on effect for your event of increasing the number of attendees.
6 types of event sponsorships.
We know you’re probably itching to get out there are secure sponsors for your event.
However, before you can genuinely make use of sponsors, you first have to understand that different types of sponsorships are made to address different needs. There are six common ways that businesses and organisations act as sponsors:
Financial. Sponsors that give direct financial assistance are called financial sponsors. This is one of the most straightforward arrangements from the point of view of the sponsors since they won’t have other responsibilities beyond the financial investment.
In-kind. Rather than providing money directly, in-kind sponsors offer the supply or use of other resources, such as equipment, products or services. Examples of this include: stage hire, AV/PA equipment, cleaning staff and more.
Media. As the name suggests, these types of sponsors provide media coverage for your event. This coverage could also be in different forms, such as articles, social media, live-streaming, television, radio, etc.
Promotional. Similar to media sponsors, promotional sponsorships are typically high-profile individuals such as celebrities and social media personalities. Influencer advertising is steadily gaining popularity because of its relative cost-effectiveness compared to traditional media.
Scholarships. For paid events, you may find sponsors to cover ticket costs for students or under-represented members of your target audience. Some sponsors value the goodwill they get from this, and your event gains revenue and a more diverse set of attendees.
Merchandise. These sponsors provide branded merchandise and giveaways for the event. It could range from simple things like lanyards and pens to something more valuable such as gift bags, depending on the scale of your event.
It’s also important to note that major events usually create sponsorship packages that list the type of sponsorship, along with the associated benefits and cost. Levels will typically be composed of several hierarchical tiers, with more benefits promised to sponsors that do the most for the event.
Knowing the different types of event sponsorships makes it easier to create event sponsorship proposals and provides a structured framework for establishing mutually beneficial partnerships that can greatly enhance your event.
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