Chamber event sponsorships (and general chamber sponsorships) are a popular topic among chamber professionals. After all, chamber sponsorships allow chambers to do a lot more than what their basic budgets allow.
Are there rules or best practices you should be using for chamber event sponsorships?
How many of these are you doing?
Important Rules for Chamber Event Sponsorships
- Don’t just pay for the tablecloth. Chambers often pick out objects at events and ask for companies to pay for them, things like tablecloths and napkins. If someone wants to put their logo on your event item, you need to charge them for the cost of covering the item and also the privilege of doing so. For instance, if your napkins cost $250, the sponsorship is not a $250 one. It’s a $400 or $500 position. This allows you to cover cost and a little extra.
- Find out what they like or what’s important to them. Offering the same branding opportunities that everyone else does won’t help you stand out (unless you are incredibly fortunate and your event is the talk of the town). You need to find out what’s important to your sponsor. One company laid off a lot of people right before selling their operation. They were looking for a way to make the town like them again. The event planner offered them naming rights to a popular event and they jumped on it. The event had never carried someone else’s name but that company really needed something to get in good with the community again. They paid well for that right.
- Make them question. If you have a unique event, you want several sponsorships priced at a level that will make your sponsors question what you’re asking. You should have sponsorships for all budgets, but don’t forget the really large opportunities for those who believe they get what they pay for. Sponsorships have increased in value, particularly the ones that become creative photo ops for businesses and are easily spread on social media. Don’t undervalue your opportunities.
A must read for all Chamber Professionals...