Virtual Event Sponsorship Program
According to Association Laboratory’s Strategic and Economic Impact of COVID-19 on Association report, 68% of the surveyed associations project a decline in meeting revenue with 76% expecting a decrease in overall gross revenue for 2020. It was obvious, from the onset of the pandemic, that the near- and long-term impacts could leave long-lasting revenue consequences for associations.
The event business model is stressed.
We created the Virtual Event Sponsorship Program to alleviate the revenue stress felt by associations as they work on pivoting to virtual events.
One thing is for certain: how association host events has changed for the foreseeable future with most, if not all, events going virtual in 2020 with a shift to hybrid events – events that are both in-person and virtual – in 2021. Across the country, association leaders are making the decision to pivot, adjust, and adapt their in-person events to take place on virtual platforms.
The implications to move events to a virtual platform are numerous, with short lead times and even shorter on-ramps for events occurring in Q3 and Q4 of 2020. Associations need to quickly source virtual event platforms, diversify their sponsorship inventory, and develop new prospectuses while simultaneously adjusting their 2021 budgets for the new normal.
Association revenue growth hangs in the balance for 2020 and associations cannot cut their way out it, they have to go all in to survive and thrive.
One of the biggest challenges of going virtual is the adjustment of sponsorship inventory and optimizing the opportunities that the virtual platforms offer. Virtual sponsorships are prime opportunity to innovate, grow non-dues revenue, and to give your sales teams an opportunity sell something new – and a new reason to reach out to current and potential partners – even though the sale is more difficult due to a brand new prospectus, sponsorship inventory, and new-to-most benefits and ROI.
Now is the time to put everything on the table and show your sponsors and members how much value you can bring through dynamic partnership opportunities.
We created the Virtual Event Sponsorship Launch Program to help associations strategically navigate the shift from existing in-person event sponsorship inventory to dynamic virtual sponsorship inventory to stop revenue bleed, fill in non-dues revenue gaps, and grow revenue.
The program addresses the following key issues:
- Urgent need to adjust sponsorships to accompany a growing number of virtual meetings
- Sponsor expectations for ROI and deliverables
- Virtual platforms and their features that offer a variety of options to accentuate existing sponsorships for the long-term
- Develop, price, and launch new sponsorship inventory
- Experienced sales team to accelerate the launch to market and sell new virtual sponsorship inventory
Virtual Event Sponsorship Program process overview:
Host a virtual review to learn about your event agenda, existing sponsor status, collect existing data, and more.
Conduct an industry analysis and present best practices, virtual sponsorship models, sponsor benefits, virtual meeting platforms, benchmarking of sponsorship levels and benefits, and more.
Present multiple scenarios based on qualitative and quantitative research for restructuring existing sponsorship with virtual meeting sponsorship inventory, pricing and bundling recommendations, sponsor deliverables, and next steps on educating and communicating the new programs to current and potential partners.
Additional services, such as developing sales infrastructure and/or the execution of a direct sales plan using The Moery Company’s experience sales team, are also available.
We understand that time is of the essence which is why we are ready to get started on the process of crafting your virtual sponsorship program immediately. Fill out the form below, or contact Mike Thomas directly, to get started!