Tips to Increase Sponsorship Revenue as a Part of ROI
Sponsorship revenues play an important role in shortening the period of ROI in MICE sector since profitability ratio of sponsorship expenses are a lot higher than other revenues. So, what are the key parts of increasing the sponsorship revenues?
To Increase Your Revenues:
- Start with sponsorship costs,
- Prepare flexible sponsorship packages,
- Determine sponsored target audience,
- Record a high annual turnover with effective and accessible selling techniques.
- How to determine sponsorship costs?
Sponsors' demand flexibility, their price policies for the last 3 organisations, sponsorship price of competitor and similar congresses should be well analysed.
How to Detect Sponsors' Demand Flexibility?
The more sponsors are consistent, the more demands are solid. In other words, pricing can be increased by at least 25% considering the previous congresses of the organisation if the ratio of sponsorships, participating in 3 congress, are higher than 50%.
- How to create a sponsorship packages for higher turnover?
There ought to be sponsorship packages presented in former congresses since period of evaluating of sponsors may elongate according to the diversity of these packages. It is possible to bring flexibility to the standard packages by adding new and different sponsorship types. These sponsorship types both are useful for bargaining and for being the complementary element in selling them to major sponsors, even at the last minute. Today there are many options like B2B meetings, thanks to new technologies and softwares. Main sponsor or platinum sponsor type offers given to one big company may also provide high turnover. You should remember that sponsorship packages provide more participants to congresses. If you offer sponsors free or discounted entrance to exhibition area or grant a right to participate, not only it will attract potential participants but also increase the satisfaction of sponsors.
On the other hand, a sponsorship is not always money-wise. A sponsor may also cover services or products such as the cost of guest speaker, proceeding booklets, pens, block notes, bags, all of which count in the registry fee. In this way, you end up saving money.
- To whom, how and when to sell these sponsorships?
How to Set the Subject of Organisation, Scientific Titles and Active Communities?
Target audience of certain communities might be the right target audience for you, too. It is possible to obtain contact information of the target audience from data banks either free of charge or for a fee. If you want to obtain data of business organisations, you can get them from chambers of commerce or public organisations or again from paid data banks. You should remember that your sponsorship revenues are lower than the costs which will double. It is highly important to analyse the target sponsors' costs of the contact and advertisement to the participants you gathered together. Being a part of the supporters or organisers of the non-governmental organisations, created by target audience, will provide advantage in terms of contacting the audience mentioned. I also would like to highlight that sponsors of the events organised by mentioned communities may become prioritised target sponsors.
How to Develop a Sales Approach and Contact the Target Audience?
The target audience can be divided into three as follows:
- The 1st group is only informed via e-mails.
- The 2nd group will be delivered printed catalogues and contacted via phone.
- The last group will be contacted face to face.
These contacts will provide great advantages if meetings are made person to person and face to face. Plus, you should remember that social media is an important tool for contacting people, too. Moreover, if you visit commercial exhibitions and fairs, you will get the chance of meeting directly with top officials as well as marketing officials of the target sponsors, who are, in fact, difficult to reach.
- How to turn the selling efforts into actually selling?
Long agreements with technical details ought to be avoided in order to finalise the selling. A proforma invoice, which clearly defines sponsorship responsibilities, is rather advised. The methods of payment ought to be simple and accessible at all times, too. In order to succeed, this process ought to be well planned, packaging and sales techniques ought to be well analysed.
MeetingHand is an event management software which will fulfill your needs and provide you high turnover, profit and an added-value to your ROI.
You can reach tips to increase participant revenues as part of ROI by leaving your e-mail address to the newsletter page in www.meetinghand.com.