What are the best practices for creating a realistic and attractive sponsorship budget?

Planning an event without knowing your costs is like setting sail without a map; you know you're on a journey, but not how far you'll go or what you'll need. Picture your event as a pie, with slices for venue, catering, entertainment, and more. Estimating these slices—using tools, past events, or benchmarks—helps you chart a course for sponsorship, ensuring you don't drift into the stormy seas of overspending.

Consider bespoke packages Moving away from the age-old 'gold/silver/bronze' tiered options can bring more opportunities to be experience led for your sponsors and community. Listen to their goals first, understand how your opportunity can connect them to those goals, THEN curate a bespoke package built for them, rather than a potential sponsor having to try and fit in a box.

Don't be too concerned with sticking to all your prescribed benefits that you turn a sponsor off. Sponsorship should always be mutually beneficial, and finding creative ways to activate a brand within your event plan goes a long way in maintaining and increasing sponsor involvement. Maybe your bank sponsors a non-profit animal shelter. One benefit might be finding a way to incorporate that animal shelter in conjunction with the bank on site through a puppy petting zoo. Always be looking for ways to give your sponsor even more exposure for the message that matters to them, and as you build that value you have a better chance of increasing revenue.

Understand which type of sponsors would be beneficial for your event and vice versa. You can offer various levels of sponsorship, but identify previous events they have sponsored if any, do your audience fit their branding needs, be creative and adaptive.

Once you have 1 sponsor know their brand, needs, audience to communicate with others and attract new ones. Similar branding, needs and history of previous events they have been attached to will help determine these factors and understand budget and how they would potentially participate.

When looking for sponsors for your special event, it's all about showcasing your value proposition in a crystal-clear, compelling way. Highlight the tangible benefits they'll gain, like increased brand visibility and customer engagement, and back it up with solid data and success stories. This approach transforms your event from just another sponsorship opportunity into a can't-miss investment.

Are you crafting a sponsorship budget? Be transparent and flexible! Share a detailed breakdown of expenses and how you'll use the funds, including measuring outcomes. Openness to negotiation builds trust, paving the way for a mutually beneficial partnership.