How Your Small Business Can Become a Hyperlocal Event Sponsor - Entrepreneur

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Event sponsorship brings rewards, and you can take part no matter how small your small business is.
Every day, corporations receive countless solicitations to sponsor events. Fundraisers, conventions, product shows, seminars, lectures, sports, concerts and other entertainment venues constantly reach out to big companies for sponsorship. A lot of money is needed for such an event to fulfill its purpose and turn a profit. Sponsors ease the burden of “overhead” and improve the bottom line.
As my company Hollywood Sensation Jewelry has grown through the years, it has been my pleasure to sponsor several charitable events benefiting the Elton John AIDS Foundation. Success feels best when I can give something back.
Sponsorship isn’t a one-way street, either. It’s a win-win situation, providing opportunities and a high return on investment for the sponsor corporation. Unlike advertising, sponsorship generates revenue by building relationships.
Related: The Secret to the Right Combination of Events and Sponsors
Sponsoring events on a local level is called Community Asset Sponsoring or hyperlocal sponsoring. We’re all familiar with sponsors for the local junior sports team, providing the money for uniforms and equipment. But most community events rely on sponsors for money. Things like festivals, picnics, holiday gatherings, cultural events, farmers’ markets and art fairs are just a few options.
The cost of sponsorship varies depending on:
However, when it comes to hyperlocal sponsorship, the range is generally from $500 to $2,200. There’s no set “rule” about how much you can donate to an event, but if the costs grow much higher, you’re moving out of hyperlocal sponsorship and contending with more prominent companies.
Typically, the event coordinators do the chasing when it comes to seeking sponsorships. Still, multiple sites let you search for upcoming events that need sponsorship. I don’t recommend paying for a service to hunt down opportunities for hyperlocal sponsorships. Information about your community is readily available online or by checking the bulletin board at the local library!
Related: Three Tools for Hyper-local Social Media Marketing
There are many great reasons to be a hyperlocal sponsor in your community. But what if your business is in the early stages – centered around your kitchen table, reaching out through the Internet?
Sponsorship is possible, even exciting, in the world of virtual events. The many options include sponsored posts, email marketing, banners, surveys and prizes that will be offered to participants to keep them engaged in the proceedings. Virtual events benefit a more ambiguous length – content can be shared afterward and made available on-demand.
Virtual events may allow you to post your logo on the home screen and contribute content. You could even be a guest speaker or commentator with the right know-how in the niche. This is an evolving field and an excellent opportunity to get creative while building online relationships.
Sponsorship generates goodwill, increases visibility for your brand’s logo, lets you cater to target audiences by choosing events that align with your mission and increases media exposure. It establishes your territory and solidifies relationships by associating your brand with the event. By sponsoring a charitable event, you can do a world of good for the cause of your choice.
As a small business owner, there’s no reason you can’t be a part of these opportunities.
Related: Before You Sponsor an Event, Answer These Questions
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