Are you a marketer committed to crushing it with your existing youth marketing sponsorship activations?
Are you an agency partner looking for out-of-the-box, wow-worthy sponsorship opportunities for your brand client whose target demo is teens and 20-somethings?
Or, are you about to take the event activation plunge but need some guidance on how best to dive in?
If you answered yes to any of these questions, hi! Welcome! You’ve come to the right place!
In our latest blog we identified some key strategies to help you negotiate the best music event sponsorship package for your brand. Here we will expand on that topic with some more specific examples of sponsorship assets to include and pricing.
With your goals set, it’s time to customize. The most effective sponsorships are tailored to your brand and your specific needs. Here are important elements to consider to make your sponsorship fit just right.
Maximize brand exposure
If your goal is raising brand awareness, then lots of visible signage is needed: on-site, online, across social media, and on TV (if applicable). Make sure there’s adequate on-site display space to showcase your product or service. If space is too small, you run the risk of being ignored by festivalgoers. Worse yet, you’ll look like you phoned it in and care little for the audience or supporting the music they love.
Always negotiate media rights and assets into your agreement up front. (Note: media-specific best practices will be discussed in detail in chapter four.) Make sure to inquire about digital, social, and email marketing opportunities, as well as traditional TV, radio, and signage opportunities. Is there a weekly newsletter that you can sponsor? Are there radio package giveaways you can contribute to? The more questions you ask – and the more you push the sponsorship sales rep to think outside of the box! – the more answers you’ll get. And the greater you will be rewarded with a unique and valuable partnership.
Deepen fan engagement
As important as signage is – it isn’t everything. Gone are the days of slapping a banner up at a show and calling it a day. Cultivating a meaningful relationship with Millennial and Gen Z audiences at music festivals depends heavily on the experiences you design for them. This means first understanding the event inside and out; this makes it easier to find surprising ways to engage with fans before, during, and after the show. Build empathy with fans and their festival experience: what needs do they have that aren’t being met while there, and how can your brand help deliver – or, better yet, over-deliver — on those unmet needs?
Plan how to capture fans’ data on-site to start cultivating that meaningful relationship with them over time. Ask if the sponsoring entity can help you collect consumer data, and, if so, if they can easily and securely transfer it to you.
Boost sales opportunities
If you have the ability to sell on-site or drive direct sales through couponing, your sponsorship package must include: predominant display space, on-site signage directing people to your space, rights to sample and/or sell on-site, and rights to use the sponsoring entity’s logo in association with your retail promotions.
Secure rights to run co-branded retail promotions. Doing so allows you to leverage the music event’s brand in your promotions and point-of-sale materials. This creates a strong bond between your brand and the sponsoring property, giving your brand serious “street cred” in fans’ minds.
How much $hould you pay?
Sponsorship pricing is more of an art than a science. Pricing depends on many different variables, including your brand name, demand for the sponsorship, and inventory. That said, sponsoring entities like to guarantee revenue, so try to lock in a 2- to 3-year deal. Your pricing will improve.
Compare against other current sponsorships to benchmark costs. For example, if you sponsor a sporting event, a music tour, and a professional conference, expect signage at the conference to cost less than it does at the sporting event. Use that as leverage to lower the price for signage at the music tour.
Generally speaking, you are paying for the space and rights to the signage space, developing creative, and sometimes even producing it. Securing space in TV, radio, or online media buys will be one of the more expensive sponsor elements to secure. Again, benchmark these costs across properties and competitors to make your sponsorship dollars work hardest.
Download our new free EBook for more in-depth discussion on this topic and other music event activation topics such as:
- Activating to Reach a Youth Audience
- Developing Creative That Merges Brand and Event in Design
- Promoting the Sponsorship Relationship
- Leveraging and Analytics to Show ROI