With the current pandemic, all mass participation events have been canceled or postponed. This has created significant challenges for all charities, event companies, and vendors involved, especially financially. The economic impact has been significant not only to the event's balance sheet but also to the community and to the people served by charities.
The question everyone is asking right now is how can we make up for lost revenue from the event's postponed? Also, how can we minimize the impact of future pandemics, there will be more, and how can we do this quickly? Social Endurance for many years now has focused on helping charities and event companies increase event participation and revenue through corporate partnerships. We know that corporate partnerships are an excellent solution for helping diversify and increase revenue for your events and organization.
Here are 4 ways to grow revenue through corporate partnerships:
Corporate teams are a great way to increase event participation (virtual or physical events) and revenue. This is also an efficient way to increase participation. If you're a charity, you can also benefit from the fundraising and corporate matching. Corporate teams can also be very helpful in promoting your event through social media channels. Focus on the benefits the corporate teams will receive for engaging with your organization and events including increased employee engagement, employee health, and wellness, community engagement, etc.
Corporate sponsorship. During a recent call with an event company, they called this 'Free Money'. At Social Endurance, we have reviewed many client sponsorship packages. Most sponsorship packages look the same . For the most part, this revenue opportunity has been underutilized. It's time to update your sponsorship program and packages. Organize the assets (social media, emails, event attendee information, etc.) available to promote sponsors and place a value on these assets - this will create the price for your sponsorship packages. Lastly, find the companies that will benefit from a partnership or share similar values, interests, and missions. Help them reach a new audience to grow revenue and brand/product awareness.
Co-Marketing. Most charities and event companies have real value in their databases. Think about it. Your database contains some of the most engaged people in the community, are upper-middle-class, educated, and enjoy participating in outdoor events. Right now, for-profit companies are looking for ways to increase revenue quickly. They need to reach a new audience and your organization needs to grow event participation and revenue. In a recent conversation with a very large company, we discussed a partnership with a charity. The most attractive part of this conversation to the for-profit company is the opportunity to reach a new audience in a new region to develop brand awareness, develop new clients, increase revenue, and recruit employees.
Co-Branding. There are many co-branding opportunities with event companies, charities, and for-profit companies. The key here for the charity and event company is to be able to highlight the assets available for this to be successful. Charities and event companies need to be able to share with corporate prospects their email reach (size, demographics, geographic, etc.), social media channels (followers, likes, etc.), online traffic, etc. The next step is to find brands that will match well with your audience and brand. The bottom line, they are looking to increase the revenue of a certain product or products by reaching a new audience through a partnership with your organization. Don't underestimate this opportunity. We are currently working on developing a co-branding opportunity with a charity and for-profit company that will be multi-million dollars in revenue. Be creative!
Right now is an excellent time to begin developing corporate partnerships. You will want to develop the assets you can deliver to potential corporate partners, place a value on these assets then create the marketing collateral. The last step will be to begin promoting this new service for corporations through social media, email campaigns, a dedicated online page, and through personal outreach.
The team at Social Endurance is always here to help charities and endurance event companies develop effective and sustainable corporate partnership programs. We will be more than happy to assess your current corporate programs and or discuss how to start.