The title is a bold statement, I know. And to be clear, this is not an "outbound is dead" post.
You may struggle to generate maximum value while sponsoring a virtual event. But believe me when I tell you they offer immense business potential for you, perhaps even more than physical event sponsorships.
And to prove it, I have gathered a few numbers for you that I’m sure will convince you to take a second look at any virtual sponsorship opportunity coming your way.
And if they also convince you that virtual event sponsorships can be one of the strongest sales decisions you can make to supplement your existing processes.
First, let’s compare some common lead generation methods, starting with outbound. Are you tired of bad results on your outbound campaigns? That makes two of us.
Based on this Mailchimp study, the average email open rate is 21.33% and CTR 2.62%.
So if you send 10,000 emails (with good content), you can expect around 56 clicks. With those numbers, you end up with a 0.56% success rate on getting people to click your CTA.
You got the clicks - great! Now for the next step.
Let’s say your CTA was to get people on your website to book a meeting with sales. Now, let’s be optimistic and say that 10% of those people are willing to book a meeting with your sales team. So you end up with 5.6 meetings per 10,000 emails and a success rate of 0.056%.
You got the meetings - congrats! Good luck closing them.
Now let’s examine the other side: event sponsorships. Back when we could visit venues, your company would put a ton of money into the event sponsorship package and in return, you and your colleagues would attend the event and manage the company booth.
Then it was a flip of a coin whether or not you meet relevant people there. To be fair, you always meet interesting and memorable people at events. But for this purpose, I’m talking about those who need your services or solutions.
Let’s say that there are 6,000 people attending and 100 of those are potential prospects for you. So your chance to meet those people is around 1.7%. In one event day (7h) you can have around 80 five-minute intro meetings in your booth.
So if we do the math, 80 x 1.7% = you probably end up meeting around one possible prospect in one day.
These options sound bad, don’t they? Well, I have a secret to tell you: it doesn’t have to be this way.
Events are actually one of the most potent places to find new prospects and meet relevant people.
According to our data...
86% of attendees go to events to network.
This right here ☝ is your moment.
Attendees want to network. So if you can be present where attendees are networking, it's so easy to find the right people.
And with a virtual event platform, you can find the right people in minutes and have your calendar full of relevant meetings even before the event starts.
Now we come to the best part. In 2020, we hosted thousands of virtual events from all types of industries, and we found one key metric:
The average sponsor's outbound meeting request had a 35% acceptance rate.
So what does this mean?
Let’s analyze the same event as before: there are 6,000 people, and because of AI-powered matchmaking, the 100 prospects are all but handed to you on a silver platter.
Instead of looking for the prospects, the hardest part is simply sending personalized meeting requests to all 100 people so you ensure your schedule is filled with relevant meetings.
That means, in one event day, you can meet around 35 people, compared to just 1 in the previous example. So with a 35% average acceptance rate, you can meet relevant people the whole day.
(And these are just outbound requests. This doesn’t count the inbound requests you’re sure to receive with a solid offering and messaging.)
After the event, you can hold your head high, prepared for the post-mortem call with your boss. How?
Well, with the transition to virtual events, everything has become more measurable, including (and especially) your return on investment.
Now you don’t have to speculate if the event was successful for you as you gather business cards to prove you met people - you can have the data that shows exactly:
- how many meetings you and your team had
- ratio of inbound to outbound meeting requests
- who visited your virtual booth space (and for how long)
And many, many more relevant metrics.
In short: with virtual event sponsorships, you can increase your success rate in events by 3,500%. Not to mention the outbound success rate, where the increase is 62,500% compared to more common or traditional lead generation methods.
Of course, you can’t compare outbound email sequences to event sponsorship directly.
However, the general idea behind both is the same - you are reaching out to people ‘cold’ and hoping to get a meeting. But hopefully this shows how too many sales and marketing people are focusing on old tactics that are not so effective anymore.
In the end, it’s finding the way that works the best for you. Naturally, your business and clients will dictate the best approach.
I simply want to show you the potential for virtual sponsorships, which will only grow as we enter the hybrid age.
So if you’re looking for the best direction for your sales efforts, I strongly encourage you to look into sponsoring virtual events.
With the right virtual event platform, you can truly make a big impact on your bottom line by getting in front of the right people - and meeting them hassle-free.