It’s an age-old cliché that very few people are capable of actually keeping a new year’s resolution. From quitting smoking to hitting the gym, self-improvement is in vogue on January 1st but is all but forgotten about by the time March rolls around. In fact, 42% of Americans admitted to consistently failing in their resolutions year on year.
Businesses can’t afford to be so fickle. Mistakes made in 2016 should drive companies to a better 2017, and failure to learn from them and improve gives your competition the immediate upper hand. At Innovation Enterprise we deal with hundreds of corporate sponsors every year, and we have seen our fair share of mistakes. So, as we head into what is set to be a big year for event sponsorship, here are the new year’s resolutions your company should be making to ensure their money isn’t wasted in 2017.
Throw money at the problem
The single biggest mistake companies make when sponsoring corporate events is to think that simply throwing money at the problem will see results. Too many sponsors - even from industry leading companies - assume that simply having a presence at the event is enough to generate leads.
Yes, having a presence at an event is always positive - it aligns your brand with the values of the event and will generate exposure simply by virtue of being present. To truly get the most out of event sponsorship, though, brands need to engage with the event’s attendees and the event itself. Mention your involvement in the event in your marketing messages and develop a strategy to engage the event’s attendees - it benefits both event and sponsor to generate a buzz.
Assume all audiences are the same
Another consideration we make sure our sponsors have taken is the demographic of the event itself. The event could be the biggest in its area, with hundreds of attendees, but without a demographic that will engage with your brand, paying to sponsor it is wasted money. Before committing any of your budget to event sponsorship, liaise with the event organisers to ensure that the demographic reflects your target consumer.
Every audience is different. For the best results, work with events filled with not only your target customers, but the decision makers among them. The best events will offer face-to-face time with attendees of your choice, an invaluable opportunity to personally create leads and drive up the ROI with an engaging pitch.
Event sponsorship has been such a mainstay of marketing for so long that it can be tempting to look to newer, ostensibly more exciting mediums. As global sponsorship spend continues to grow, though, event sponsorship grows with it, and brands should still be considering what is an incredibly effective form of marketing. In fact, 67% of B2B marketers consider event marketing to be their most effective strategy, and most companies will spend 5-8 weeks planning an event.
This year, rather than chasing the next new marketing gimmick, properly evaluate which areas of investment will see the best ROI, and include even sponsorship in your list of considerations. A tried and tested method - particularly for B2B companies - consider event sponsorship to increase exposure and get face-to-face time with key prospective clients.
According to Statista, 44% of marketers experience a 3:1 ROI from event marketing. To ensure that your company sees similarly positive results, drop these key mistakes in 2017.