How Companies Choose Event Marketing and Pick Events

1. Defining Clear Objectives

Before diving into the search for potential events, companies need to establish their sponsorship objectives. Are they aiming to boost brand awareness, drive direct sales, or perhaps enhance their corporate social responsibility profile? By clearly defining these goals, companies can narrow down their event options to those that offer the best alignment with their strategic priorities.

2. Leveraging Data and Analytics

Gone are the days of making sponsorship decisions based solely on gut feelings or vague metrics. Today’s companies utilize sophisticated data and analytics to guide their choices. By analyzing past event performance, audience demographics, and engagement statistics, companies can make informed decisions about which events are likely to offer the best return on investment. Tools like social media analytics and web traffic data help sponsors understand the reach and impact of potential events.

3. Exploring Audience Alignment

Understanding the audience of a potential event is crucial. Companies seek events that attract their target demographic, ensuring that their sponsorship dollars are reaching the right people. Detailed audience profiles—such as age, interests, and purchasing behavior—help sponsors determine if an event’s attendees align with their customer base. For instance, a tech company might sponsor a high-profile tech conference to connect with industry professionals and tech enthusiasts.

4. Buy an existing event or make their own?

Really big companies can create their own events from scratch. They might even have their own events group, or they can go out and hire an event producer. Well that is an expensive way to go. They don't have to worry about competition at the same event and they control the quality of the content. Sponsoring an existing event is a much easier way to go, the main drawback is finding the event and negotiating the prices and services. Once that's done an activation strategy needs to be put into place. Many large companies have a lower level marketing person, sometimes even an intern doing an internet search for events. Therefore it's critical that they can find you. The easiest way to get an event sponsor is for them to contact you.

5. Endemic or Non- Endemic Event?

One of the first decisions a brand needs to make about event marketing is to go with endemic or non-endemic events. An endemic event for example could be Auto Racing for a tire company at the same time a non-endemic event could be Corn Flakes at auto racing. We've seen both at NASCAR lots of Automotive Brands and lots of mainstream brands. The final decision will depend upon how you present the audience to the brand. Smaller audiences usually need to be highly targeted and you should be able to prove that the prospects there over index for that product of service. The larger the event is the more General a product offering can be, but beware that scale is relative. Many people think a big event is 5000 people, but for a national sponsor it really isn't.

6. Evaluating Event Reach and Engagement

It’s not just about the number of attendees anymore; engagement is key. Sponsors look for events that offer opportunities for meaningful interactions with attendees. This could include booths where they can showcase products, speaking opportunities, or interactive sessions that encourage direct engagement. An event’s ability to offer these opportunities is often assessed through metrics such as past attendee feedback, social media buzz, and engagement rates.

6. Considering the Event’s Reputation and Brand Fit

The reputation of an event can significantly impact a sponsor’s decision. Companies prefer to align themselves with reputable events that enhance their brand image rather than those that might carry potential risks. A well-regarded event with a strong track record of successful past iterations often signals reliability and quality. Additionally, the event’s overall brand and ethos should resonate with the sponsoring company’s own brand values.

8. Evaluating Sponsorship Packages and Benefits

Each event offers a range of sponsorship packages with varying benefits. Companies must carefully review these packages to ensure they receive value for their investment. Benefits might include prominent logo placement, speaking opportunities, exclusive access to high-profile attendees, or detailed post-event reports. A thorough comparison of what’s offered versus what’s required can help sponsors make a decision that maximizes their investment.

9. Harnessing Influencer Partnerships

The rise of influencer marketing has introduced a new dimension to event sponsorship. Companies are increasingly partnering with influencers to amplify their event presence. By working with influencers who have a substantial following and align with their brand values, companies can extend their reach and drive additional engagement. Influencers can help generate buzz and attract their audience to the sponsored event, creating a symbiotic relationship that benefits both parties.

10. Assessing Long-Term Value

Finally, companies consider the long-term value of an event sponsorship. While immediate benefits are important, companies also evaluate the potential for ongoing relationships and future opportunities. Events that offer avenues for continuous engagement or that pave the way for future sponsorships are particularly attractive.