Want to Build Awareness? Consider Event Sponsorships

One of the biggest challenges facing smaller businesses today is raising brand awareness. It’s a tough market out there and smaller names tend to get lost in the shuffle. And while most of the buzz about branding revolves around social media, for smaller firms, especially those that serve a local, maybe regional, market, adding event sponsorships to your overall strategy could further increase your reach. But, let’s face it. Event sponsorships take money. Fees can range from the hundreds of dollars up to the thousands.  And for smaller shops, this alone makes this form of advertising a ‘no-go’.  But for the more established businesses, event sponsorships could potentially pay off and prove to be well worth the investment. So what makes event sponsorships attractive?  Well, in general, they can…

1. Boost your firm’s image and visibility in front of your targeted audience.  Carefully select an event that is a good fit for your business, one that is relevant to your product or service offerings and aligns with your core business values. This type of event will draw the people you really want to be in front of – key business decision makers, industry influencers, investors, and potential customers.
2. Differentiate you from your competitors.  Not all businesses can afford to participate in event sponsorships and not all of them want to.  If you’re able, take this opportunity to set yourself apart from everyone else.
3. Position your business as a good community partner.  People buy from people they like and participating in a highly regarded, well received event, like those benefiting area public schools or healthcare programs for underserved communities, can help establish your business as a friend to the community.  As an added bonus, potential customers who were drawn to the event may now be drawn to your business because you chose to get involved.

However, while event sponsorships have clear benefits, there are also risks, especially for smaller businesses, to consider prior to signing on.  Events that have been poorly organized and attended or controversial in the past could be damaging to your brand so choose wisely, thoroughly researching the event and the organization promoting it. Talk with current and past sponsors and note their experiences.  Be informed before you make your choice.  If cost is an issue, consider selecting a lower tier of sponsorship just to get your feet wet and work your way up as your business grows. Or, consider co-sponsoring an event with another area business. Just like social media, email marketing, and press releases, event sponsorships are just one of the many tools available to help introduce your brand to a new market or remind your current one that you’re still around.  Your support can bring much needed resources to organizations committed to helping our communities thrive and to me, that’s the best part.  But keep in mind that you are in business and while good for the community, event sponsorships should produce the desired business result if it is to be maintained.