The 5 Stages of an Event Audit: Stage Three: Sponsorship
Events and conferences play a pivotal role in the membership experience. If attendance is declining, it might be a symptom of something deeper.
In this five part series, we will discuss how an event audit will help your association make improvements and enhancements of your Conference, ensure that you are maximizing opportunities with partnerships, increase member engagement overall, increase your communications and marketing effectiveness, and move your association towards delivering effective ongoing programming.
Event Audits are what your association needs if you are:
- Looking to determine the “wants” and “needs” of your community (members, prospective members, sponsors/exhibitors, and other potential stakeholders) to ensure that your delivery of a conference remains aligned with their key goals and objectives;
- Looking to seek guidance, plans and recommendations from industry experts, as a result of the feedback obtained, on the overall experience and delivery of the Conference, taking into account the other events (and, other industry events) that are planned in your sector;
- You are seeking advice on whether taking your conference to the next level in terms of technology and delivery (i.e. in-person vs. virtual vs. hybrid) is appropriate;
- How to better market your Conference to prospective participants, and;
- How to better market and deliver ROI to prospective sponsors and exhibitors.
Sponsorship is a key revenue driver to any organization’s budget. Similarly, it can be a significant investment for companies sponsoring your event. Sponsors have a finite amount of dollars they can spend to support industry and need to ensure that they are maximizing their ROI and ROE (Return on Engagement) for their dollars spent. Based on the interviews conducted, and a determination of what your competitive set is doing, you will want to do the following:
- Review the current sponsorship prospectus, identifying areas for improvement
- This can include addressing the pricing structure and the number of opportunities available, as well as the layout/format of all sponsorship opportunities offered
- Identify areas that can be added to your prospectus that will in turn increase potential revenue for your organization
- Look for what opportunities may be “missing” from your documentation, and how you can present these new opportunities to prospective sponsors
- Look at ways to augment your current deliverables for dollars spent to maximize the ROI/ROE for your sponsors in a manageable way for your organization
- This relates to value for spend – what tangible and intangible items are the sponsors receiving in return for their funds – and what improvements/changes/additions can be made
That’s it for the Sponsorship Phase – what’s next? Education & Professional Development!
Does your conference need a review? Consider an Event Audit! Reach out to us by email at firstname.lastname@example.org for a customized quote.Let's Get Social! Follow us, or get in touch: