Getting corporate support from the industry to contribute to an event is not just about securing additional financial support. In fact, when executed properly, such sponsorships can turn into valuable partnerships and culminate in long-term business relationships with mutually beneficial results.
Here are 10 tips to help organisations secure industry funding and successfully increase the profitability of their congresses:
1. Content is key. Valuable content will drive participants to the congress and/or exhibition.
2. Leverage synergies and understand the goals and strategy of industry partners. Be clear about demographics and market.
3. The biggest companies attract participants; which will attract the smaller companies.
4. Exposure and visibility of industry partners rule. Understand their motivations and show why and how you share a common goal.
5. Consistency goes a long way. Maintain the same dates every year for easier planning and avoid competing events dates.
6. Create significant difference between major and minor support, convey the message in numbers and specific details about the deliverables; and prepare a hard-to-say-no-to proposal for all categories.
7. Ensure all-year-long communication with association package opportunities, and specific collaboration programmes, not only for the event.
8. Go in early to secure industry budgets. Companies plan their sponsorship and event budgets at least a year in advance so be ready with a proposal early.
9. Long-term industry support requires continuing account management and thorough follow-up. Give them a place at the table.
10. Measure satisfaction with surveys and interviews.
This article was written by Zarina Othman, Assistant Director, Business Development – MCI Singapore. It was originally published in FOCUS magazine, MCI’s owned publication for association news and global trends.
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