The Importance of Partnerships
One of the most common mistakes in event planning is doing it all by yourself. Finding the right partner can dramatically change your event. It can attract new attendees, decrease your costs and boost your brand. But how can you do it so that it’s the most beneficial to your event?
What are they and how do they work?
Partnership relates to the relationship between two or more entities that carry goods or services. Each partner brings expertise, a new variety in audiences, helps split costs and make your event look more legitimate. It’s also expected for all partners to share profits or losses of the event. It’s important to know that each partner adds value to your event as well as help share the workload.
Partnerships can be divided between business or brand partnerships. While the former helps with expertise, such as tech partners helping develop the event’s technological side or marketing partner can help promote your event, the latter can help improve your event social status with increased social media impressions, higher attendance and create buzz around your event. It’s important to find the right partner that shares the same goals as you. Look for companies that share similar values and complement your skills.
The importance of the pitch
The next step after finding the right partner is the pitch. That can be achieved by having a plan defined or at least an idea of what is happening. Sometimes, before pitching them with a plan, it’s best to give them a call and understand what you can bring to the table that will be beneficial for them. It’s harder for potential partners to jump on board if they are not sure what the boat looks like and what’s in it for them. Be as specific as you can. Give your event a name, a date and a time. If you have more details and logistics, add them in, even if they are still a work in progress. Your potential partner needs to fall in love with this event as much as you in order to partner up.
In an ideal partnership, everyone gets a slice of the pie. If company X is bringing its expertise to benefit you, you must bring your expertise to benefit them. The point is to make the most of it for both parties. If company X is bringing something to the table to your event, you can benefit them by showing their logo on your website, let them attend your event for free or reduced cost or sharing content. Use social media to your advantage: by mentioning them, they can mention you and by doing that you can increase your follower count but also, ultimately generate more buzz around your event.
In order to give you more security, sign a contract with your partner. This way, you’re not only locking them in, but it’s a way to officiate the partnership. Be mindful that whether your partners are adding value with their expertise or simply funded your project, they need to be treated like sponsors. This can be achieved by informing them of what your company is doing. Start a communication plan. Share newsletters periodically with information about the latest news on the event roadmap, key pieces of content and other changes. More importantly than keeping them in the know, is letting them be the first ones to know. Remember that it’s important for partners to feel included and they can also help spread important information about your event and reach a larger audience.
Partnering up, if done properly, can create a very successful event that allows you to connect with your audience in ways that otherwise wouldn’t be possible. Partner up!