6 Tips to Attract and Close Sponsorships for Hybrid Events
January 17, 2022
Hybrid events are relatively new to the industry, and most organizations are still testing its possibilities. Determining what and how to sell sponsorships for hybrid events is also open for discussion.
Looking to kickstart your sponsorship efforts for hybrid events? Here are some tips on how you can find and secure hybrid event sponsorships like a pro.
Understand sponsor requirements
Engage in a conversation with sponsors about their objectives and capabilities for the event. Many sponsors don’t have the human resources or time for elaborate sponsorship activations. While others want to push the envelope on surprising and delighting potential customers.
Keep your sales team well-informed
Make sure your sponsorship sales staff is fully aware of all the sponsorship opportunities available for the in-person and virtual components of the event. This knowledge base must include a thorough understanding of the features and capabilities of the hybrid event platform.
Bundle sponsorship opportunities
Think about bundling sponsorship opportunities. For example, packages may include both in-person and virtual activations, as well as long-term engagements and content assets apart from the event.
Price sponsorships below market value
Consider pricing sponsorships below market value the first year of your hybrid event. This is to compensate for any risks like change in conditions (the in-person component is canceled, for example) or the more innovative elements of the package fall below expectations.
Provide sponsors with detailed metrics
Prepare to provide sponsors with detailed metrics encompassing both the in-person and digital components of their sponsorships. With digital events yielding more and better data than in-person events, the expectations of the latter to be at par with the former will grow.
Plan to be flexible
As the complexity of an event can shift quickly, plan to be flexible. Develop a wide range of offerings (including those with high value but low hard costs), so you can reconfigure sponsorship packages quickly.
Looking to accelerate your event strategy in 2022? Download your hybrid events playbook now!
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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