What if you could ensure the success of your event with just two simple steps?
Yes, it sounds a bit blasé on the surface but when those two steps are event insurance and sponsorships, you will be hard pressed to find an event manager who disagrees.
To begin with, event sponsorship is an obvious one - we are all prioritising that. But, event insurance which is a relatively new concept for the industry is set to become the game changer in terms for providing greater financial security for both event organisers and sponsors. Financial considerations do play a significant role in event sponsorship. Therefore ensuring the safety for the investment and potential ROI to the sponsors could make a huge difference to your bargaining power and the extent of commitments that you can demand from the sponsors.
So, before you begin organising your next event, have a look at the details of event insurance and event sponsorship -
1. Event Insurance
Whatever can go wrong will go wrong - Ask any event professional, and they will confirm to have been at the receiving end of this Murphy’s law at one point or the other of each and every event they have organised.
Events demand a high degree of synergy among multiple dynamic elements involving men and materials over a longish period of time. Moreover, many of the events are subject to the mercy of nature - which is notoriously unpredictable. Apart from acts of nature and destruction of property, you also run the risk of celebrity cancellations, rain, security etc. In fact, Onspon.com research says that more than 12% of all events get cancelled.
In such a scenario, you face the possibility of a huge financial loss combined with damage to reputation and loss of trust with the vendors and sponsors.
Considering these dire consequences, we all can agree that insurance is a priority for every event. Moreover, event insurance is not only about mitigating potential losses but also about creating a sense of security and dependability on the delivery of your event outcomes. This single step will help you assure the clients and sponsors that their interests will be protected adequately irrespective of the vulnerabilities involved. Additionally, for event managers also, event insurance provides a buffer zone wherein they can take bolder decisions and innovate in their service delivery with minimized constraints.
A typical Event insurance policy will protect you against a combination of risks such as acts of nature (earthquake, floods, fire), cancellations, postponements, property damage, legal liabilities, adverse weather, non-appearance of key persons, burglary/theft at the venue etc. Many insurers are offering custom policies considering the high degree of diversity and unique needs of the event industry.
Premiums are a key consideration for event managers when it comes to event insurance. So, you will be happy to know that your event can be insured for as little as Rs. 5000!
Irrespective of the size of your budget and the risks involved, today you can find an affordable policy that provides adequate coverage. In fact, you can get an estimate of the premium for your event right now by speaking to Onspon representative at 7666003344.
Sponsorships are increasingly becoming a non-negotiable part of event apparatus irrespective of the budget, audience profile, and event reach.
Today sponsorships have moved beyond pure commercial branding on part of the companies and financial support for the event organisers. Now the sponsorships are centred around audience needs and prioritize building organic and direct connections over advertising or marketing. Event managers are also prioritizing the fit of the brands to their audience preference and value delivery over financial commitments.
Traditionally, only the big-ticket events used to be successful in drawing the eye of megabrands. But today, sponsors are able to justify their investment even in niche events by ensuring greater market penetration, extended exposure, and higher conversions thanks to tech innovations like social media, event apps etc. As the sponsorship approach has changed, so has the way events and sponsors find and connect with each other. The online sponsorship platforms like Onspon are playing a major role in creating a space for such interactions among sponsors and event organisers.
Onspon is the leading online marketplace for event sponsorships. As an event organiser, you can register your event on the platform and add details like audience profile, past performance, sponsor pricings, sponsor deliverables etc. Once you have thus registered, a dedicated web page is created for your event and your event becomes visible to the companies and brands on the platform whose marketing goals match your event profile. Additionally, you also have the option of checking out the sponsor database and connect directly with their decision makers right from Onspon.com. You will also get assistance from the professionals of the platform in negotiating and finalizing your sponsorship deals.
Event insurance and sponsorships are not only an important part of a foolproof event delivery strategy but also have a subtle connection. Event insurance is your commitment to reassure the sponsors that their investment is protected any and all eventuality. It strengthens your power of persuasion.
Now that you know the two simple steps that would ensure the success of your event both financially and in terms of value to your audience, think about how convenient it would be if you could get these done sitting right at your desk?
Head to Onspon.com today and find comprehensive and cohesive solutions to your event insurance and sponsorship challenges in one place.
Kritika Ware is a content writer and holds a Masters degree in Ancient Indian History, Culture and Archaeology. With an avid interest in all things related to art and culture, she earlier worked as an art conservation professional with a premier museum in the city of Mumbai. Currently working as a Content Manager with Onspon, she is involved with understanding the nuances of the event and sponsorship world and putting it into words. Her other interests include reading fiction novels and graphic novels and sketching.
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