Organizing events require huge budgets. Large-scale events often generate high revenues. However, the organizers need a specific budget and investment to set up the event. It saves them from the disappointment and repercussions if the event fails to generate revenue according to their expectation. Event sponsorships are a great opportunity for organizers to get investments and fulfill their budget requirements. However, knowing the types of sponsorships to make the best decision for your event is inevitable. On top of this, you must have a good reputation to attract sponsors, or you can refer to professional event organizers to secure sponsors for your event.
Keep scrolling down into the details of this article to learn and explore the common types of sponsorships you can secure for your event and boost its success.
Top 6 Types of Event Sponsorships to Opt for
Events usually require large-scale investments. The organizers may not have enough budget to cover all the costs and expenses. Seeking sponsorships is one of the best strategies to cut down event costs without compromising on quality. Learning about the types of sponsorships can help you know the better options for your event.
Here are the major types of sponsorships you can explore and opt for your upcoming event to ensure its success.
1. Financial Sponsorship
Financial sponsorship is the basic type of sponsorship for your event. As the name suggests, such a sponsorship offers financial aid and funds to the organizers to set up the event successfully. Financial sponsorship is usually for large-scale events like corporate gala, seminars, tradeshows, etc. The sponsors engage in this to support the cause and ensure perfect arrangements. Securing such a sponsor needs connection. Many organizers consult experiential event agencies in Dubai to set up the event as well as secure sponsorships to make it successful.
2. Partner Sponsorship
Partner sponsorship is the next type of sponsorship you can consider for your upcoming event. This type of sponsorship allows the sponsors to become partners of the organizer. The partnership can allow both parties to share the cost as well as the profits of the event. Generally, the organizers have a higher share of revenue generated through the events. Most organizers and their partners develop proper contracts to fix contributions and gains for expense and revenue. It helps them work collectively without mistrusting each other and ensures event success.
3. In-Kind Sponsorship
In-kind sponsorship is another common type of event sponsorship organizers can secure. The focus of such a sponsorship is to offer ease and benefit to the organizer without monetary support. In other words, instead of offering funds or aid, the sponsors can offer their services. For instance, a décor business can sponsor an event by taking charge of event décor. Moreover, the sponsors can offer a venue, refreshments, or other services to cut down the expenses of the organizers and contribute to the event.
4. Media Sponsorship
Media sponsorship is the next type of sponsorship you can secure for your upcoming event. As the name suggests, such a sponsorship focuses on getting media coverage for the event. It works both ways and offers benefits to both parties. The event organizers can ask the media portals and channels to cover their event free of cost. The coverage will boost the popularity of the event and offer higher ratings to the media channels. Usually, the organizers pay to media portals to cover the event, but the sponsorship can help them cut the cost and enjoy the same benefits.
5. Social Impact Sponsorship
Social impact sponsorship is one of the most notable types of sponsorships you can opt for your event. In such a sponsorship, the authorities only wish to make their brand known for good causes. They lend support and service to the event organizers to win positive reviews from the attendees. For instance, restaurant owners can offer refreshments at some events free of cost or at a minimal rate to gain the attention of event attendees. Offering merchandise for an event, venue, furniture, or other such things falls in the category of social impact sponsorship.
6. Influencer Sponsorship
Influencer sponsorship is the last type organizers should know about. It has significantly become popular in recent times due to the popularity of social media. Influencers have greater audience reach and the ability to influence people. Engaging them in events not only helps organizers secure higher attendance but can also increase sales, get support for specific causes, and get other benefits. Influences may or may not charge for their contribution, depending on the purpose of the event. You can hire an event planner to organize the event and get influencers on board, too to maximize event success.
Not sure which sponsorship type is good for your event?
If you expect to earn high revenue from your event, you can opt for sponsorships, which may have a share in revenue. However, if you cannot decide on your own, contact and consult professional event organizers to ensure the best decision for your event and perfect arrangements, too.
Learn more: Virtual Event Sponsorship: Thinking Outside the Box
