Appraisal of Provision, Case Study Example

The principal sponsor for the Northern Star Business Awards is Aberdeen Harbor, which is one of the country’s most prosperous ports. Category sponsors include the Aberdeen city council, Aberdeen shire council, Aberdeen International airport, Robert Gordon University, and Suse among others. In addition, other associate sponsors take on the sponsorship of the event (The Northern star business awards 2014). The bulk of the sponsors for the event are for profit organizations that provide financial location as well as signature sponsorships. It is the desire of the event organizers to find suitable sponsors for the event as the event can only be made successful through good sponsorships. The event also incorporates the use of in kind sponsors especially through the use of entertainment sponsors, drinks sponsors and table gift sponsors. In kind sponsors are sponsors who contribute non money goods and services to an event. It is also noteworthy that the event also offers a bespoke sponsorship program where the sponsorship is tailored to fit the contributions of the sponsors as well as their sponsorship objectives. The event provides months of branding for its sponsors prior to the event, at the event and well after the event. The event does not get all its funds from sponsors but also undertakes to provide dinner, which is also a source of its funds. The dinner is targeted at both members and nonmembers and provides a significant portion in the events funding sources especially because the dinner coincides with the events award ceremony and the event attendance is high. The dinner event fits in properly with the event organization as it integrates properly with the events main goal, which is the award ceremony. The dinner attracts more than 800 attendees for the event.  The event sponsors fit with the events brand since the event is organized by an organization that represents local businesses which makes up the bulk of the sponsors. The Northern star business awards event is an initiative of the Aberdeen & Grampian Chamber of Commerce, which is a private sector business organization. It represents more than 1200 business undertakings from all sectors of the industry. The chamber provides a portfolio of business services as well as providing support and advocacy for the businesses (The Northern star business awards 2014).

The strategy provides a branding appeal for qualified leads as it offers the potential sponsors access to the potential audience in the event. The strategy takes into consideration the fact that the sponsors wants to expose themselves to qualified leads and that they can sell their products during the event. The aim is to match the audience to the sponsors of the event and sponsors are satisfied. The event also aims at cultivating a lasting relationship with the event sponsors and building as a networking environment for the business community (Botting & Norton 2012). The Northern Star Business Awards provide this networking environment during its annual award dinner where businesses get to interact and share ideas as well as build business relationships with clients. The event also celebrates outstanding members through its awards. The awards are made to motivate the winners to perform even better. It is also noteworthy that the event is inclusive as it is open to both members and nonmembers. This inclusion ensures that the event is not only restricted top the members but also other businesses and individuals which are nonmembers (Anton & Bryn 2004).

The event also supports both members and nonmembers and the award nominees comprise both these groups. The diner evening includes events such as table gift raffles and various awards for various groups ranging from the student awards to business awards. The events positioning benefits the sponsors as they are brought in contact with audiences who are already their clients or potential clients (Cornwell & Coote 2005). The audience to the event are primarily from Aberdeen city, and this is the reason most of the sponsors for the event are from Aberdeen city. In order for the event to raise the required money, it is critical that the event will benefit the event sponsor. By doing this, event is ensured of long-term sponsors for the event such as the Aberdeen Harbour. Moreover, clarity on the amount intended to be raised by the event allows communicating the right message to the event sponsors. The financial goals of the event should be scalable to ensure that the event is successful. This process ensures that the goals of the event remain clear in the minds of sponsors (Dean 2002). The Northern Star Business Awards provide a clear financial goal for its event, which includes details on how the goal is to be attained. For instance, the plan of the event is to raise £107,798.33 from sponsors in 2013 in order to meet its budget. The net profit from the event dinner is set at £28,722 after excluding all expenses. This clarity boosts the confidence of the event sponsors as the objectives of the event are clear (Carrillat & d’Astous, 2013).

A successful sponsorship and fundraising strategy in any sector of the events industry must have the objectives of the prospective sponsor in mind. Sponsors view sponsorships as marketing strategies, as well as overall business strategies, and as such, the event must be in harmony with the prospective sponsor business strategies (Jago et al. 2003). The businesses seek to align their brands with a good cause and the event must aim to expose the sponsors inform of its audience. The sponsors used for the Northern Star Business Awards are suitable for the event as the sponsors have an interest in the event and more so the audience in the event as they are potential clients for these sponsors. An event must also take into consideration what it is going to offer its sponsors. Sponsors do not only seek sponsorships but events that offer the sponsorship opportunities that cannot be offered by anyone else (Preston 2012). The events aim to optimize their activities and strategies towards providing sponsors maximum benefits. Timing is also essential in a good sponsorship and fundraising strategy. Providing sufficient time for the sponsors in an event is critical as it may take considerable time for the sponsorship decision toe made. It is also vital to adequately sell the event to the prospective sponsors as it facilitates the attainment of the event’s goals. Providing limited time implies that the event may be sold short, and this will affect the event’s goals (Collet & Fenton 2011).

Alignment of the event with the sponsors takes center stage in implementing a sponsorship and fundraising strategy in any sector of the events industry. Regardless of the nature of the event, it is imperative that the event must match the industry sponsors. This alignment facilitates a win situation for both the event and the sponsor. Since the sponsor expects a benefit from the event, often in the form of access to the event’s audience, it becomes practical that the event must be relevant to the sponsor’s business sector (Brennan, Binney & Brady 2012). Knowledge of the type of business appropriate for an event, therefore, becomes the focus of implementing any sponsorship strategy. It also follows that the implementation of this strategy creates the right offer for the sponsor as well as setting specific goals. Measurable goals and objectives re more desirable; to the sponsors and as such events in the industry try to provide clear benchmarks, which are specific and relevant to the sponsors (Skinner & Rukavina 2003).

Reference list

Anton Shone & Bryn Parry 2004, Successful Event Management: A Practical Handbook, Cengage Learning EMEA.

Botting Herbst, N. & Norton, M 2012, The Complete Fundraising Handbook 6th edn, London: DSC.

Brennan, L., Binney, W., & Brady, E. 2012, ‘The raising of corporate sponsorship: A behavioral study’, Journal of Nonprofit & Public Sector Marketing, vol 24 no3, pp. 222-237.

Carrillat,FA & d’Astous, A 2013, The complementarity factor in the leveraging of sponsorship. International Journal of Sports Marketing & Sponsorship. Vol. 15, no. 1, p20-39.

Collet, P. & Fenton, W 2011, The Sponsorship Handbook: Essential Tools, Tips and Techniques for Sponsors and Sponsorship Seekers, Chichester: Jossey-Bass.

Cornwell T B, & Coote L V, 2005, ‘Corporate sponsorship of a cause: the role of identification in purchase intent’, Journal of Business Research, vol 58 no 3, pp. 268-276.

Dean D H 2002, ‘Associating the corporation with a charitable event through sponsorship: Measuring the effects on corporate community relations’, Journal of Advertising, vol 31 no 4, pp. 77-87.

Jago L, Chalip L, Brown G, Mules T, & Ali S, 2003, ‘Building events into destination branding: insights from experts’, Event management, vol 8 no 1, pp. 3-14.

Preston CA, 2012, Event Marketing: How to Successfully Promote Events, Festivals, Conventions, and Expositions, John Wiley & Sons.

Skinner, B. & Rukavina, V 2003, Event Sponsorship, Oxford: Wiley.

The Northen star business awards 2014, Sponsorship opportunities. Available from; < http://www.agcc.co.uk/nsba-2012/> [7 Jan 2014].