Sponsoring an event can be a very rewarding way to get your
company/brand known to the public, yet it does not come cheap. Like
anything else, you only get more out of it if you pay more for it. In
that sense, if money is tight it will be difficult for you to afford
sponsoring a certain event without compromising the finances of your
company. In an attempt to solve this conflict, there are a few points to
think about that can help you make the right decision.
Study the event very well: Know whether your target consumers will be at the event and how many of them are expected to be there. It is also useful to know if the event is repeated (annual, bi-annual... etc.). This will help you decide whether there will be another chance for you to sponsor when your financial state gets better. Moreover, look for other events to decide whether your money is going in the right place.
Consider a payment plan: A payment plan is a great way to get the best of both worlds. You can give a part of your money to an event and part to your company to keep things running. You can also consider a payment plan on one side (e.g.: an order of supplies) that allows you to have more cash flow to host the event and pay for all its items.
Minimize your sponsorship package: You may be tempted to appear as a major contributor/partner to a certain association or event that you follow an all-or-none approach when it comes to publicity. For example, you may not be ready to settle for a few banners and want the name of your company/brand to be associated with big exposure. However, in case of financial stress, this may not be possible. Brainstorm for all the possible options in a certain event and find a middle ground in which you get satisfactory exposure without hurting your name or your money. Another solution is to negotiate a customized sponsorship rather than get tied by a package. For example, you can reach a deal in which you offer more goods/services in exchange for minimizing the money you have to pay. To achieve this, you need to know your inventory and decide whether you have enough goods to cover the event without disrupting your business.
Withdraw while maintaining connections: If you decide to pass on a certain event, always maintain good terms with the contact persons. If the event is to be repeated a year later, you will have a chance to offer sponsorship when your company is ready. Keep in mind that being honest about your inability to host an event at a certain point will increase your credibility, which is a necessary issue. This way, people will believe you when you say you are ready and will be willing to work with you when you contact them again.
Study the event very well: Know whether your target consumers will be at the event and how many of them are expected to be there. It is also useful to know if the event is repeated (annual, bi-annual... etc.). This will help you decide whether there will be another chance for you to sponsor when your financial state gets better. Moreover, look for other events to decide whether your money is going in the right place.
Consider a payment plan: A payment plan is a great way to get the best of both worlds. You can give a part of your money to an event and part to your company to keep things running. You can also consider a payment plan on one side (e.g.: an order of supplies) that allows you to have more cash flow to host the event and pay for all its items.
Minimize your sponsorship package: You may be tempted to appear as a major contributor/partner to a certain association or event that you follow an all-or-none approach when it comes to publicity. For example, you may not be ready to settle for a few banners and want the name of your company/brand to be associated with big exposure. However, in case of financial stress, this may not be possible. Brainstorm for all the possible options in a certain event and find a middle ground in which you get satisfactory exposure without hurting your name or your money. Another solution is to negotiate a customized sponsorship rather than get tied by a package. For example, you can reach a deal in which you offer more goods/services in exchange for minimizing the money you have to pay. To achieve this, you need to know your inventory and decide whether you have enough goods to cover the event without disrupting your business.
Withdraw while maintaining connections: If you decide to pass on a certain event, always maintain good terms with the contact persons. If the event is to be repeated a year later, you will have a chance to offer sponsorship when your company is ready. Keep in mind that being honest about your inability to host an event at a certain point will increase your credibility, which is a necessary issue. This way, people will believe you when you say you are ready and will be willing to work with you when you contact them again.
