The Marketing Mix | October Newsletter
Digitised events are here to stay. For all the challenges this year has brought event organisers, virtual events do provide some unique opportunities in terms of sponsorship revenue generation in the coming months. Sponsorships that are overall lower in cost for sponsors, coupled with global audiences, have expanded many events’ potential sponsor pools significantly. The challenge now is working out how best to capitalise on this opportunity to achieve strong event sponsorship revenues going forward.
In our recent webinar, Marketing to Grow Revenue from Sponsors and Clients: MPG’s Top 10 Tips, I outlined the 10 simple marketing moves event organisers should make to maximise the generation, nurturing and conversion of sponsorship leads.
Here is a summary of the top 10 tips shared, to hear and read more – including attendee poll responses and our Q&A answers – access the full content package.
Tip 1 – Know your market of potential sponsors
Analyse your target market of potential sponsors. As we enter a season of digital events, re-consider who that market is. The potential pool of sponsors may now be more global and may contain a larger pool of smaller companies.
Tip 2 – Set KPIs for lead generation, conversion rate and value of conversions
You need to know what you’re aiming to achieve. Create specific and measurable indicators of success, such as a number of sponsor leads generated or the average yield from converted leads.
Tip 3 – Measure and analyse results regularly to improve
Put in place a marketing measurement dashboard before any activity starts – to measure the performance of different marketing channels and tactics used. Review the full dashboard on a weekly basis to understand where improvements can be made.
Tip 4 – Grow your database so you can reach more potential sponsors
If you want to reach more potential sponsors, you need more potential sponsors in your database. Conduct data research either in-house or via a 3rd party to grow your database quickly in a short space of time (ensuring you comply with data protection and direct marketing regulations, depending on country). You can also grow your database daily and compliantly by having lead generation forms on your website and doing inbound marketing to push potential sponsors to these forms.
Tip 5 – Manage and nurture leads well to achieve a strong conversion rate
Your job doesn’t end when someone fills in a form on your website to become a lead. Properly managing your leads means continuing to engage with them and move them down the funnel, warming them up via targeting comms and making sure they don’t get forgotten!
Tip 6 – Define the USP & benefits of your sponsorship value proposition
Articulate your event’s unique selling point and key benefits for potential sponsors. Why should a company choose to sponsor your event rather than a competitor’s event, or choose a different channel for investing their marketing budget? What justifies the investment they will make?
Tip 7 – Make sure you have a ‘become a sponsor’ page on your event website
Your website is your most important marketing channel – both to attract your core audience and potential sponsors. You need a ‘become a sponsor’ page on your website and dedicated ‘enquire about sponsorship’ lead generation forms, plus ideally also a downloadable piece of collateral like a sponsorship brochure (behind a lead generation form).
Tip 8 – Run dedicated email campaigns to attract new sponsors
Still the champion of outbound B2B; email can be used in several ways to effectively engage, nurture and convert potential sponsors. Create autoresponders that are triggered by web form completions to provide an instant opportunity for interested potential sponsors to further engage.
Schedule in dedicated sponsorship campaigns that outline your USP and key benefits for sponsors and encourage them to visit your website complete forms.
You can also feed in sponsorship messaging to your delegate emails – perhaps by including a dedicated sponsorship banner ad. Many B2B communities have a degree of cross-over between the buy and sell side, so there’s no harm in pitching your sponsorship opportunities to your potential delegates.
Tip 9 – Use social media to attract sponsors
As with your website, weaving in sponsorship messaging to your social media will provide extra opportunities to reach interested parties. These posts should be focused on pushing potential sponsors to relevant information on the website (ideally on a dedicated ‘become a sponsor’ page).
Your salespeople should also be constantly connecting with potential sponsors on LinkedIn, so make sure they share the relevant, sponsorship specific posts with their network.
Tip 10 – Make interested potential sponsors get in touch to find out more
While marketing can play an influential role in generating more sponsorship interest (leads) – as well as keeping them ‘warm’ (nurtured) – it’s your sales teams who are ultimately responsible for selling the opportunity and closing the deal. Marketing must not steal sales’ thunder by giving too much away, or having potential sponsors make up their mind before a salesperson has even had a chance to speak to them.
Key examples of this are package pricing details. A ‘value based’ sales process, rather than price-based, should result in higher average order values.
Want to know more?
Sponsor Acquisition Masterclass – get practical training on using marketing to acquire new sponsors
Join us for a masterclass in sponsor acquisition, nurturing and conversion, delivered by MPG’s team of expert marketing practitioners. In this interactive session you will learn how to:
- Identify all possible sponsors
- Create a strong outreach strategy
- Communicate the sponsorship value proposition effectively
- Get more leads and nurture them for strong conversions
- Measure ROI & improve your lead generation performance – to drive a stronger sales performance and grow sponsorship revenue
Get a team of B2B sponsor marketing experts on your side
From comprehensive marketing strategies to campaign management and delivery, MPG is a full-service consultancy and agency with a strong track record in helping B2B event organisers grow their sponsorship revenue.
To find out more about our work and how we can support you, get in touch:
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