If you’re like most consumers, you’re becoming increasingly more skeptical of advertising. And, because of that, you’re becoming numb to it. This is especially true for Millennial consumers - the most powerful spending group in the United States with more than $200 billion in buying power.
Right! So what does this have to do with event sponsorship? Glad you asked!
See, according to Forbes, when it comes to Millennials, traditional advertising doesn't work anymore. “Changing your marketing strategy may not be easy, but it is necessary in order to better target Millennial. It is crucial to build a community around your brand.”
One of the best ways to build a community around your brand, or to help your brand tap into a community - is to support a local community group, event, or festival through sponsorship.
Here are the top reasons why it’s smart to invest your marketing dollars in event sponsorship.
Compared to a national TV or Radio campaign, the cost of event sponsorship is pocket change, and the ROI (return on investment) can be huge!
You will easily attract new leads and new customers.
According to a recent study, 72% of consumers positively view brands that provide quality event experiences and 74% of respondents admit that engaging with brands that create memorable moments makes them much more likely to buy their product.
You will attract new (local) talent/employees.
While career fairs seem like an idea from the past, sponsoring a local event is a a great way to interact with potential future employees. Many of our sponsors use the opportunity to share information about their company culture with event attendees and scout the crowd for signs of top talent.
You will improve your brand recognition and the way you’re perceived by your target audience.
Want to prove that your brand is the hip one in town? Consider sponsoring the music festival. Want to show the world that your company is inclusive and supports diversity? Consider sponsoring a local LGBT event. You get the drift… you are who you hang with, so choose wisely. We can help with that! View our upcoming events here.
You will increase your visibility and make your products more recognizable.
Most sponsorships come with visibility built in, from banners at the event to logos in the marketing collateral - but the opportunities don’t stop there. Local events are a great way to get your product in the hands of a throng of people you might not normally attract. From Bridgestone Tires to Pickers Vodka to Edley’s Bar B Que, we’ve helped our sponsors find unique and creative ways to interact with event attendees and are happy to do the same for you.
You’ll be supporting the community and niche groups.
You can do it for the karma and because Millennial consumers and Millennial employees give a damn about companies that give a damn. This AdWeek article explains that today’s younger consumers expect brands to go above and beyond when it comes to supporting different causes - and that means doing more than donating money to charity - it’s about creating a personal connection.
See above. More and more, employees care what their employer stands for. By supporting local and national events, you can rally your team of employees around causes that they care about, run inner office contests to promote event participation, and let employees volunteer to work together at the event. It’s a productive way to help your team bond around a common cause.
The media exposure works.
In 2013, worldwide sponsorship spending was $51 billion, so businesses who avidly support events such as the Olympics, The World Cup and even NASCAR know that sponsorship works better than taking out a whole page ad on a glossy magazine. You don’t have to go that big, but the bigger the event is, the bigger your exposure will be.
Remember that people attend live events is for interacting with like-minded people, making new friends, and staying up-to-date with the latest community news. Successful sponsorships go beyond writing a check. There are many ways to maximize your sponsorship dollars to ensure you connect with the audience. For a list of handy tips, peep last month’s post about how to make your sponsorship count.