Sponsoring a charity event is a fantastic way to increase your brand awareness and promote your corporate social responsibility initiatives; however, many do not understand the impact it can have on your brand.
When companies decide to sponsor a specific event, it is important they assess how this event will impact (or potentially impact) their brand and company position.
Considering events can provide numerous marketing opportunities, it is often easy to justify sponsorship. You may even be able to see the return on investment, but if the event doesn’t align with your corporate objectives, it may not be the best idea. It is essential that as a company you are strategic when selecting the event sponsorship(s) you engage in.
Mission, Goals & Marketing Targets
At Elite Events, we suggest our clients create an outline that features their company mission, goals and marketing targets for that particular year. We refer to as an “Event Sponsorship Checklist,” essentially, after reviewing the event opportunities with your checklist, you are in a better position to make an informed decision on whether or not that particular event sponsorship is aligned with your corporate goals.
Not to mention, it makes saying “no” much easier, as you can say, “Unfortunately, this event does not meet the requirements of our corporate giving for this fiscal year.” Or something to that effect!
Yahoo $3 Million Met Ball Sponsorship
Recently, Yahoo received some media scrutiny for their $3 Million Met Ball Sponsorship. There were claims that it wasn’t an effective way to spend shareholders money considering Yahoo is being accused of “losing its way” compared to other tech firms. Interestingly, as a direct result of this event sponsorship, Yahoo saw an increase to their digital fashion magazine, Yahoo Style, they experienced an increase in total page views and traffic not to media coverage.
When in the public eye, there will always be differing opinions, but if you are making strategic decisions it isn’t personal, it is business. Taking this position will allow you to measure your potential return on investment and objectives before committing to anything.
Don’t forget, that event sponsorship can impact your brand either negatively or positively – and a strategic assessment is the best way to ensure it is positive.
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