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Event Sponsorship

When planning an event, there is a cost typically a large cost associated. In order to offset that cost, an event sponsorship could be one of the most valuable opportunities for an event planner. A sponsorship can be cash sponsorship that provide a revenue stream for the event or in-kind sponsorship that offer a trade of services needed for the event that will help offset the event budget. It is important for the event manager to understand the value the sponsor brings and what is motivating the company to become a sponsor. Communication is key to understand what the company’s goals and objectives are and to be able to craft a mutually beneficial package. Keep the sponsor up-to-date on the program format and provide an overall outline of what the sponsor will receive in their package with timelines for the items. It is important to remember that that sponsors are busy with their own business and they are expecting you to stay on top of deliverables and keep them informed.

Be careful of controversy! What could be a great draw to your event could also be a reason for a potential sponsor to back away. The event program and sponsorship opportunity need to be a win for both sides and not be a source of conflict. Having several sponsors involved could ease the need to rely on just one company, however this often results in competing sponsors. Be transparent in your quest for sponsors and let other companies know who you are currently working with. There is a way to achieve a win for all companies!

Stay in touch with your sponsorship partner from the beginning to the end and after the event, build a relationship with the partner to ensure that they are interested in renewing for the next year. Constant communication gives time to offset any problems or feelings of concern from the partner before it explodes into something unmanageable.

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