As the owner of a fashion brand you will receive lot of invitations to sponsor an event. One thing do not think about is that event sponsorship should be a strategic move, one that allows you to grow. If you don’t think of event sponsorship as a business move you will find yourself disappointed at the lack of growth you expect from them but do not receive. When it comes to business there is always a question to be asked to make sure what you attach your brand to provides you with the exposure you may be seeking.
Typically what we find is that brands sponsor any event that comes their way and find themselves disappointed at how they didn’t sale much or gain the exposure that they expected. Today we will discuss 12 questions you should be asking before deciding to sponsor an event.
What am I looking for out of event sponsorship?
This is a question many brand owners don’t ask and find themselves somewhat disappointed after attending an event they sponsored. Rather you are required to be there to meet attendees, put products in gift bags or send money for placement you still want something in return. As the owner of the brand you must be honest about what you are expecting to see once the event is over. Knowing what you are expecting will help you really pay attention to what events are offering and if they can deliver the results you want.
Do I have enough in my budget or enough products?
Every brand needs to have a set quarterly budget for event sponsorship. This allows you to make sure you are focused on the events that can really bring you ROI. When it comes to products, many events require a specific amount for gift bags, you want to make sure you have enough and also that it won’t put you in a bad place after the event. If you are a small brand with limited quantity you want to be careful sponsoring brands needing large free products from you.
What is the target market?
When sponsoring an event you want to make sure that the attendees are a part of your target market. Ask the event coordinator what the attendance list is looking like, what is the attendee’s interest? There is no point in sponsoring an event that does not cater to your market. There is no awareness and money to be made!
Does this event have my price range & target audience?
Just because someone is in your age range (target market) does not mean they are in your price-range. Considering your price range is very important, not everyone wants to pay the price for your services or products. You should make sure that the event audience is your typical shopper.
How many attendees will there be?
Make sure you are covered enough to match their attendee list. You may not sell everything but it’s better to be prepared for anything.
Will you be prepared for after event demand?
If you are sponsoring a national, annual event and it draws in a big crowd would you be able to fully service them? If they go to your website the next day or following week, what will they see? I hope it’s not a “Sold out” all over the shopping page. (I’ve seen it before). You need to stop and make sure you are able to meet the demands and have your items on hand.
Does this event fit into my mission and value?
Does the event and company you are sponsoring align with your brand? When it comes to business stay away from aligning your brand with others that have nothing to do with your mission or values what you believe in. It’s ok to say no and uphold your standards and brand image.
What kind of exposure would you get?
There are so many ways for events to give you exposure, social media, radio, ads or print press. Find out what kind of exposure is being offered for your brand participation and what kind of exposure you are looking for. You want to ask how often, when and where your participation information will be shared.
Will there be audience and press access?
Is this an event where you are dropping off products or do you get to set up a table and talk to the attendees? Do you have to do it at the beginning or end? How much time do you have with the attendees? It’s important to know the expectation of your participation upfront. If press is there will it be ok for your brand representative to speak with press?
Why is this a great sponsorship opportunity?
You should be asking yourself and your team, why? Why should we sponsor this event? And also asking this to the event coordinator or whoever contacted you. How will sponsoring this event benefit your brand? Make sure the event aligns directly with your brand and allow your brand to be exposed to the right audience.
Which business goal does it allow me to meet?
By now you should have some goals down for getting the business name out; does this sponsorship get you closer to your goal?
Will your competitors be there?
What other vendors will be a part of this event and will your brand competitors be there? No one wants to be fighting for customers at the event. I’ve seen this happen so much. Make sure you have an understanding if your competitors will be there.