Ways to Win and Retain Sponsors for Your Virtual Event

In an event, several variables affect the event. But no other variable is as essential as sponsorship. Not only does it determine the budget of the event. But also the image of the event. That is why event organisers are always looking for getting more sponsors for their virtual event. As a result, getting a good amount of sponsors is always a challenging task for them.

On the other hand, the brands that sponsor events are always eyeing the high results yielding events. The challenge is to find an event that will provide them with a higher ROI (Return on Investment).

Sponsoring an event is not a new thing for many brands. But hosting a virtual event is totally a different thing. And it can be very confusing for a brand to decide whether to sponsor a virtual event or not. However, with changing times, brands do need to adapt to take advantage of new technology. And that is why they should consider sponsoring a virtual event.

Virtual events – the Events of the Digital Age

Virtual events are not a new concept. They first appeared in the 90s in the form of video calling. Over time, virtual event technology came a long way. And today, we can host any type and scale of event virtually. Despite these developments, no one thought virtual events would take the place of physical events. Or will become mainstream.

However, things turned last year, and everything is history. And nowadays, we cannot imagine an event that hasn’t gone virtual. We have seen virtual product launches, virtual conferences, virtual exhibitions and many more. The list of virtual events is ever-growing.

Sponsorship for Virtual Events

Just like any physical events, virtual events also need sponsors. And getting a sponsor for an event that is not tangible is a gigantic task. Some bands don’t understand the value of virtual events. Hence, they don’t sponsor virtual events.

Getting sponsors for a virtual event is a painstakingly long process, but it also rewarding. Let’s see the reasons for getting sponsorship for your virtual event.

Advantages of Getting Sponsors

Raising funds for the event

Funding the event is the primary advantage of getting sponsors for the event. These funds help you to improve the production quality of your event. In some cases, the sponsorship funds made the majority of the budget for the event.

Promoting the Event

However, there are multiple benefits of getting sponsors for your event. And one of them is event promotion. You can include your sponsors in marketing your event. The sponsors can promote your event on their social media accounts. Hence giving you access to their audience.

Brand awareness

Another great way of utilising sponsorship is creating awareness of your brand. For this, you ask your sponsors to talk about your brand. In fact, some sponsors do not provide financial benefits but marketing ones. So don’t ignore these kinds of sponsors.

Enhancing the brand image

You can use your sponsors to create a unique space for your brand. But there is one condition, you need to get a higher number of sponsors. Or get highly respected brands. It will make your brand or event look premium.

Now that you know the advantages of having sponsors for your event. It’s time to address the principal concern, how to get sponsors for your virtual event. We are going to tell you the step by step process to get sponsorship for your event. So stay with us.

Getting sponsors for your virtual event and retaining them

Identify Sponsorship goals

The first step is to decide why you want to get sponsorship. There can be several reasons for getting sponsors. And it also depends upon the situation. For instance, some event organisers simply desire to raise funds. While others want to promote their event. Whereas someone else wants to improve the brand image. And many more.

It will help you to focus on getting the right sponsors for your event.

Decide what there for sponsors

As you know, the sponsor works on the concept of mutual benefit. So you need to decide what value you are going to provide your sponsors. In most cases, this value is the promotion of sponsors. And if yes, then you need to figure out how. Are you just going to put banners of your sponsors in your event? Or are you going to display the videos of your sponsors?

Also, you can have an exhibitor booth for your sponsors. And can also have online sessions to promote your sponsors. It all boils down to one’s preferences.

Finding sponsors using digital tools

Now that you know what you want from your sponsors. And what you are going to offer to your sponsors. It’s time to hunt for sponsors. There are many ways to find sponsors for your event. And one of them is using digital tools to find sponsors for your event. For this, you need to be specific about the sponsorship. Because every platform has brands that sponsor a particular type of event.

Some popular sponsor-finding platforms are SponsorPark, Sponeasy, SponsorMyEvent, OpenSponsorship, and so on.

Consider the timing of the event

Some brands are open to sponsoring the event throughout the year. While other brands sponsor events during a particular time in a year. Since their budget is formed in the previous year, they can fund events happening in that time frame only. So you should consider the timing of your event

Research about the sponsors of a similar event

One of the most practical and easiest ways to find sponsors is to research the sponsors of a similar event. This will help you to understand to whom to pitch your event for sponsorship. And you might end up getting some of those sponsors for your event.

Apart from this, you can see what techniques these events used to promote their sponsors. You can use similar tactics or improve them to get higher results.

Prepare the pitch before contacting brands

You need to have an impactful pitch before reaching out to brands for sponsorship. This pitch must include things like-

  • brief about your brand
  • Why are you hosting the event
  • What is there for sponsors
  • How your event aligns with their brand image

A pitch with relevant information will massively increase your chances of getting sponsorship.

Provide special incentives to your sponsors

To convince brands for sponsorship, you need to make your proposition highly attractive. For this, you can offer special offers or incentives. For instance, you can offer-

  • Additional services like promoting them on social media
  • A dedicated space at your event like a free exhibitor booth and online session.
  • Display their banners with brand logo
  • Include QR codes and website at the registration page of the event

And so on.

Spread awareness to promote a virtual event

Some brands may hesitate in sponsoring a virtual event. So you need to explain to them the benefits of offering a virtual event. These benefits can be exclusive to virtual events only like-

  • Affordability to sponsor a virtual event
  • Ease of setting up a virtual booth
  • Fewer sponsors to compete with
  • More time to focus on sales
  • Get follow-ups faster
  • Arrange 1:1 meetings without any hassle
  • More exposure to brand on social media
  • Interact with a broader audience

And so on. It will encourage the brands to sponsor a virtual event.

Getting post-event feedback

After getting the sponsorship for your event, don’t forget to collect feedback from the sponsors. First, it will make them feel that you value them. And secondly, it will deepen the relationship, which may lead to sponsorship for the next event.

If the sponsors are not satisfied with event results, then take constructive criticism from them. And work on it.

These are ways to get sponsors for your event. And to retain brands for sponsoring future events.

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