As the summer approaches, more events will be gearing up in your communities. In previous blogs we’ve mentioned why these events are important and beneficial to business owners. We understand as a small business it may feel like you’re taking a hit if you participate in local events so today we are going to break down eventing and ROI (return on investment).
Many small businesses may be hesitant to participate or sponsor local events because they feel like they are not getting an immediate return on investment. While this may look true upfront, you’re discounting the long term effects and benefits it has for your business. Local community events are going to be the best place to start when thinking about participating in an event. The local small business communities are often very tight knit and you want to be a part of the support that everyone shows one another.
Expand Customer Reach: When you sponsor an event, your business is highlighted and presented to new eyes/leads while current/potential leads are reminded. People gravitate towards businesses that are recommended and supported by others and those that look familiar to them. Building these relationships with other business owners can form partnerships that will open doors to new customers.
For example, if you own a clothing boutique and you connect with someone that owns a cafe down the street. You can partner to bring offers to each other's customers. The cafe can offer 20%off at your clothing boutique with their purchase from the cafe and vice versa, you can offer your customers a free pastry from the cafe if they spend $75+ for example. This broadens your customer reach because again, people will gravitate towards recommended places.
Boosts Visibility: Another huge opportunity that people seem to overlook about sponsoring an event is the boost of visibility for your business before, during and after the event. Promotion of your business is not just you being at the event and networking - of course, that is a part of it but a successful event host will start promotion early on and will highlight those businesses participants months prior to the event happening. Not only will the event host promote your business, every other business that is participating will also be sharing the event flyer with their customers to gain interest leading up to the event. The exposure you get to new audiences is unmatched because these are local eyes that are attending a “small business” event so you already know they want to support small businesses. Being a part of local events allows customers to really get to know your brand values and give them something to resonate with.
So don’t forget, eventing and sponsoring is not about the immediate ROI it’s the long term relationships and connections that will keep you at top of mind that will grow your business.