To understand how sponsorships work and why they exist, you must first understand the three main different types of sponsorships; Philanthropic sponsorship which is mostly community based, taxable donations, Corporate sponsorship is where a business may invest money into an organisation not normally related to their company e.g. KFC sponsoring kids marathon day. And lastly Marketing sponsorship which tends to be the more popular form of sponsorship, this is where results are shown through revenue, e.g. a famous Hollywood actress promotes a certain hair dye brand, in turn making other women want that brand.
When preparing a sponsorship proposal a key point to remember from this weeks reading is; what will the other company get out of it? Whether it be community interest, revenue, brand awareness, etc. No one will give money without getting something in return (there is no such thing as a free ride)!
Media coverage was another key point taken from this weeks reading which I hadn't really given much thought to before that while it is important to send a press release to the media about your event, you should also continue you to update them with e.g. a handbook of the events, free tickets and even a media function within the event (04:357)..
I feel this weeks reading will have opened the eyes to many people interested in PR more toward the events management side, it certainly isn't just about the celebrities and red carpet.
When planning an event it is important to take into consideration the budget firstly, the plan of the event and the goals you wish to achieve. What type of sponsorship and who you will ask will be included in this plan, along with the media coverage that will be organised. An execution and evaluation plan should be added including a risk mamnagement plan which is an aspect that should be explored by a public relaitons person to prevent, of cause- any possible stuff ups!
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3 comments:
Hey Felicity,
I thought your blog summed up this week's readings very well. I thought your examples of philanthropic, corporate and marketing sponsorship were very helpful in trying to understand the differences between the three.
I thought another good point you made was that it is crucial to understand that when looking for events/people to sponsor organisations look at it from the point of-what will we get out of it?
A risk management plan would be crucial to the execution of a successful event.
Alex
Woops, I realise I called you Felicity, sorry Michelle:)
hi there,
i totally agree with you about not realizing everything that is involved with sponsorship. it certainly ins't all celerities and red carpet. the key point to sponsorship is what both what the sponsor and the agency will get out of it.
abby
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