Virtual events have changed the way businesses engage with audiences. The sponsorship industry as a whole has experienced a significant transformation, offering brands better ways to connect with consumers in digital environments.
These days, companies are pouring billions of dollars into virtual events sponsorship. This move has occurred for a number of reasons, as virtual events have some distinct advantages over their face-to-face counterparts. They have global reach, come with expansive data and are often less expensive than in-person events.
This guide will delve into how virtual event sponsorship operates, the reasons it provides high ROI, and real tactics to increase audience engagement. You will discover tactics that successful brands use to become the best in a crowded digital event landscape.
What is Virtual Events Sponsorship?
Sponsorship for virtual events refers to brands paying to have their products or services promoted during online events. These occasions consist of webinars, virtual events, virtual trade fairs, digital conferences and online workshops.
Sponsors get a number of benefits in return for their investment. Typical sponsorship levels include logo placement, public speaking opportunities, ad hoc pre-event virtual booth space, and attendee data. The sponsorship model is a convention that can be ported over from traditional events to digital ones.
The virtual events industry exploded 400 percent from 2020 to 2023. This stunning expansion opened up new sponsorship possibilities that hadn’t been available before. Interactive features like polls, chat features and virtual network rooms can now be sponsored by brands.
Key aspects of virtual event sponsorship are:
- Brand exposure on digital banners and logos
- Registration forms and booth visits for lead generation
- Sponsored session content marketing options
- Attendee interactions and data gathering.
- Artificial intelligence (and/or) Algorithm for enabling networking in virtual meetings centers
Benefits of Virtual Event Sponsorship
Global Reach Without Geographic Limits
“What would running a virtual event look like for them?” In New York, a company can host a virtual conference and connect with attendees in Tokyo, London and Sydney, for example, all at once.
This broader reach also allows sponsors to reach broader, more diverse audiences. When made into virtual events, they experience a 200-300% rise in average attendance.
Enhanced Data and Analytics
the level of detail on metrics provided by digital platforms, even physical events cannot come close to that. Sponsors get access to live information on attendee activity, engagement and content interest.
Common metrics include:
- Session attendance duration
- Booth visit frequency and time spent visiting the booth.
- Downloaded content and resources
- Chat participation and networking activity
- Quality lead scores on engagement
Cost-Effective Marketing Investment
Sponsorship of virtual events usually runs 50-70% cheaper than their live event counterpart. Sponsors get to save cost on travel and accommodation, and on having to pay someone to construct their booth while getting to a larger audience.
The lower costs also make it possible for brands to sponsor more than one event, or to spring for a higher-level sponsorship tier. This freedom allows for better use of event marketing budgets.
Increased Engagement Opportunities
Sponsor engagement is increased through interactive elements on virtual platforms. These range from live polls and Q&A sessions to virtual product demos and one-on-one video meetings.
Attendees engage with interactive elements longer than a traditional sponsorship play. Sponsors experience better quality leads because qualified visitors show a high level of interest in their products or services.
Digital Sponsorship ROI: Measuring Success
Key Performance Indicators (KPIs)
For a virtual sponsorship program to be successful, tracking is required to monitor metrics that indicate return on investment. The most important KPIs include:
Lead Generation Metrics:
- Number of qualified leads generated
- Cost per lead against other marketing channels
- Lead-to-customer conversion rates
- Deal size from leads sourced from events average deal size from event-generated leads
Engagement Metrics:
- Brand mention frequency during events
- Social media engagement and shares
- Content download rates
- The length of time spent visiting virtual booth and return visits
Brand Awareness Metrics:
- Brand recall surveys post-event
- Web traffic surges during and after events
- Social media follower growth
- Event feedback Based on brand sentiment analysis
Calculating Digital Sponsorship ROI
The general ROI equation of virtual event sponsorship is:
ROI = (revenue generated – sponsorship cost) / sponsorship cost * 100
But virtual events offer additional value that conventional ROI metrics may overlook — things like:
- Branding for months and years with recorded sessions
- Value of content marketing from sponsored webinars and presentations
- Virtual networking as a tool for developing customer relationship
- Market intelligence based on the data and feedback from attendees
Benchmarking Performance
And here we are, trying to understand how to read the online tea leaves in a world where so much has yet to settle. Here’s my attempt to make sense of it all: Industry benchmarks can help sponsors asses their virtual events performance:
- Average CTR on virtual event sponsors: 8-12%
- Typical lead conversion rates: 15-25%
- Medium cost of a lead: $50-150 per industry
- Brand Recall: 60-80% among active sponsors
Benchmark against these metrics and see where you can improve, while perfecting your sponsor investment strategy going forward.
Online Event Engagement Strategies
Pre-Event Engagement
The success of virtual events sponsorship doesn’t start when the event does. Event promotion prior to the event prepares and generates excitement, driving better attendance.
Content Marketing Approach:
So generate content that’s makes your brand look like an industry leader. Publish blog posts, whitepapers and case studies on the topic of the events. These contents could offer certain insights (value) and have a ‘subtle’ promotion to your sponsorship.
Social Media Promotion:
Get involved in dialogue by using event tags and sharing key insights. Post a behind-the-scenes look at your team getting ready for the conference. Network with other speakers and sponsors.
Email Marketing:
Invite your customers and prospects to their own personalized meeting. Be sure to offer attendees something special to look forward to such as premium content or first looks at event material.
During-Event Engagement
Engagement at virtual events is key to ensuring the highest value for sponsors. There is seldom a payoff for so-called passive sponsorship in online worlds.
Interactive Presentations:
Run interactive sessions, that blend an educational element with an understated plug of your product. Keep your audience engaged with polls, quizzes, and interactive demonstrations.
Virtual Booth Strategy:
Create interactive, explorable virtual booths. Add video demos, downloadable resources, and clear contact options. Person your booth with experienced people who can immediately respond to questions.
Chat Participation:
Join chats and stay active within the event. Answer questions, provide insight, and engage with the audience. This real-time interaction fosters relationships and showcases expertise.
Networking Facilitation:
Leverage virtual networking capabilities to meet attendees in one-on-ones. Put meetings on the books and keep the dialogue going post event.
Post-Event Follow-up
The most successful sponsors continue to engage after virtual events are over. Now to do a follow up post while you still have their interest…
Lead Nurturing:
Follow up with hot prospects 24-48 hours after the show. Use the information that you gained at event to reference specific conversations that you had or interests the person is known to have mentioned.
Content Sharing:
Provide event video recordings, slide decks, and other resources for people who would like to view these things. It does provide continued value and works to keep your brand top of mind.
Feedback Collection:
Obtain a post-event experience and feedback from visitors about your sponsorship. Leverage this insight to enhance future virtual event strategies.
So What is Virtual Event Sponsorship Best Practices for Success
Choose the Right Events
Not every virtual event delivers the same value for sponsors. Research not only the type of crowd that usually attends the event, but the organizer’s reputation and anticipated attendance, before signing on as a sponsor.
Here’s what to ask yourself as you’re thinking through virtual events:
- Your audience is in line with your ideal customers
- Suitability of the event format for your marketing objectives
- The virtual event production experience of the organizer
- Sponsor integration by technology platform capabilities
- Pricing plan that suits your pocket and return of investment expectations
Develop Compelling Sponsor Content
Virtual audiences don’t have the same attention spans as in-person attendees. Make the type of content that demands attention and provides value, fast.
Content Guidelines:
- Try to make presentations shorter than 20 minutes
- Utilize graphics to keep them engaged
- Add in some interactive pieces every 3-5 minutes
- Provide clear calls-to-action throughout content
- Provide actionable insights that attendees can apply straight away
Leverage Technology Effectively
There are many features sponsors can use on virtual event platforms. Knowing about these features is critical to maximizing sponsorship return.
Platform Features to Explore:
- Product demonstrations with live streaming features
- Ability to use breakout rooms for smaller conversations
- Gamification elements to increase engagement
- CRM system integration to capture leads directly and effortlessly
- Real-time performance tracking and analytics dashboards
Build Authentic Relationships
The “in” thing may feel monotonous and disengaging, which only serves to make genuine relationship building that much more critical. Work towards real connections, rather than aggressive sales tactics.
Relationship Building Strategies:
- Share personal stories in a speech or presentation
- Answer questions and comments with care
- Follow up with decks and customized messages after the event.
- Deliver value without thinking of your rewards upfront
- Long-Term Relationship with Prospects
Virtual Event Sponsorship Mistakes to Avoid
Pretending Virtual Events Are Physical Events
Virtual events need a new way of thinking than their in-person counterparts. Sponsors that just port over physical event techniques to virtual don’t do nearly as well.
Key Differences to Consider:
- Smaller attention spans call for increased frequency of engagement
- Technological snafus may hijack sponsor presentations.
- You network in various ways and in various places
- Follow-up needs to be more targeted and in-the-moment
Neglecting Technical Preparation
Sponsors can have their virtual event experiences ruined if technology fails. Also test individual technology before the presentation starts.
Technical Checklist:
- Test and/or measure their internet connection speed and quality
- Verify audio and video quality
- Practice using platform features
- Have a plan for technical problems
- Educate staff on how to use your platform
Focusing Only on Lead Generation
By all means, lead-generating is crucial, but when sponsors are only targeting those that will buy today, they can miss out on more generalized branding opportunities.
Balanced Approach:
- Integrate lead generation and brand awareness goals
- Share educational resources in addition to promotional content
- Develop ‘business builds’ rather than chasing sales
- Track multiple metrics in addition to lead volume to determine success
The Future of Sponsorship for Virtual Events
Hybrid Event Integration
The future of event sponsorship is a hybrid of online and offline. Hybrid events, for sponsors, are the best of both worlds: Global access coupled with personal connection possibilities.
Sponsors need to find what works in the new digital world and the old physical one. This depends on the flexibility of content and engagement strategies to fit to various audience segments.
Advanced Analytics and AI
AI will change sponsor perceptions of and engagement with virtual event audiences. Analytics driven by AI will generate more nuanced understanding of what attendees want and what they do.
Future capabilities may include:
- Real-time sentiment analysis during presentations
- Engagement triggered predictive lead scoring
- Automated personalization of sponsor content
- Sophisticated targeting based on audience segmentation
Immersive Technologies
VR & AR: VR and AR technologies will make sponsorship experiences more immersive. They will blur the boundary between virtual events and physical ones.
Early movers in immersive tech will enjoy serious competitive advantages as these tools become both cheaper and more widely available.
Getting the Most Out of Your Virtual Event Sponsorship
Sponsorship of virtual events is a major opportunity for brands that can pivot their marketing strategies. For the success you need to understand the dynamics of virtual worlds and create audience relevant engagement.
The secret to virtual event sponsorship success is adding real value to your event attendees and forming real relationships. Education, engagement, and the long game are where the big bucks for sponsors are.
Begin by choosing the events that are a good match for your ideal audience and who you want to do business with. Create highly-engaging content that captivates virtual audiences and make the most out of the functionalities of the platforms. Count on success and keep testing (especially, measure your progress and up your game every time based on data).
Sponsor opportunities for virtual events will only improve as technology and attendee demands evolve. Brands that stay ahead of these trends and adjust their tactics will get more ROI from their digital sponsorships, and stronger connections with their target audiences.
