Four Questions to Ask Before Planning (or Sponsoring) an Event
1). Does the event or sponsorship align with your company’s mission?
Every event your company hosts or sponsors should align with your company’s mission and key messages. Doing so builds a solid base of your consumer’s brand knowledge of what your company does. If the event does not align with your company’s goal or mission, it isn’t worth your time or money. Strategically planning events that line up with the company’s mission is the way to go. Sometimes this means passing on great opportunities for no other reason than the event does not fit into one of your brand’s key messages.
2). Is the juice worth the squeeze?
This is one of my favorite phrases, which can make a complicated decision an easy one. It is another way of saying “Is it worth your while?” Events sometimes continue from one year to the next without someone saying, “Are we getting out what we are putting in?”
As much staff time (not to mention money) it takes to plan and execute a successful event, making sure what you’re getting out of the event is equal to, or (better yet) greater than what you’re putting in, is important.
Do a S.W.O.T. analysis of the event by vetting out the Strengths, Weaknesses, Opportunities and (potential) Threats of the event. Evaluate how much time is spent on planning the event. Do research and determine if you could pay an outside organization to help plan or implement the event. Sometimes this is more time and cost effective in the long run, if your time can be spent doing other projects.
3). Why should people come?
The “why factor” is important in event planning or sponsorship. With the over abundance of Facebook and Evite invitations people receive, what makes your event stand out? Why would your target audience care or want to come to this event? This circles back to tip number 1 and aligning events with your mission, key message and essentially your target audience.
4). Will you be a little fish in a big pond and/or swimming against the current?
If you are sponsoring an event, will you be the main sponsor or will you have to compete with another brand in your industry? If you are a tiny logo with 20 other organizations is that OK or could your company “own” the event and be the title sponsor? Sponsoring an event with multiple other sponsors can have a networking effect on your business.
Does your competitor already host or sponsor an event like this one?
“If a non-competitive brand plans to host an event, consider partnering with that company instead of trying to one-up it,” says Morgan Rae Berk in “10 Essential Tips for Planning the Perfect Industry Event“. “Even if your brand is a long-standing household name, you’ll likely tap a new community.”