Event partnership is a unique way to bring the best of the two brands that are taking part in an event. It brings together two companies with the aim of improving the event experience for the target audience by sharing resources and costs involved in taking part in an event. However, the choice of an event partner should never be taken lightly; you will be sharing the brand reputation, event experience and most of the visitors that come to your stand may perceive you in the same light as your partner.
Therefore, it is important to take time and choose the right event partner for an event. Here are five ways to properly vet an event partner to ensure that you can work with them.
1. Determine their brand promise
You should understand the partner’s brand and what it holds for their customers. You can partner with any brand even if what you are selling is not complimentary as long as you target the same audience. However, you should know what the partner’s brand stands for. Is it quality, effectiveness, ease of doing things, or better quality of life? Does the brand promise match with what your brand stands for? Is there any conflict in terms of what customers expect from each of the brands?
After identifying the brand promise, you need to be sure that the brand lives to its expectations. The ability for the brand to deliver its promise determines the perceptions that clients have of the brand. It is disastrous to partner with a brand that has serious image issues with its market due to non-delivery of its promise.
2. Understand your partner’s stats
Your event partnership should be mutually beneficial. Therefore, you should check the other brand’s sales figures, reach, demographics and social media presence. The size of their reach is important for you as you want to tap into some of their target audience. Therefore, do not just take the word of mouth that they have a high; look at the hard figures. If you end up with a brand that is not your match, they are likely to use you as their stepping stone to improve their brand awareness while you get nothing in return which makes it a raw deal.
However, keep in mind that stats are just part of the reasons why you would want to partner with a brand in an event. You could be getting financial support, direct access to a large customer or linkages from the deal. Therefore, weigh your options according to the needs and goals you have for the event.
3. Determine how committed the partner is
In order to pull off a successful event or exhibition at an event, you need to have all the parties committed to achieving the common goals. If one partner is less committed to these objectives, the other partner may be forced to double their efforts for the said goals to be realized. You should check if the partner is will to commit their resources and time into the deal. The following are some things to look out for.
- Their availability during event planning sessions.
- Their interest in your business. How far have they researched on your business? Have they looked at your reach, financial stats or asked for any other relevant information? If they are not bothered, the chances are they are not into the deal.
- Promptness in meeting their part of the deal such as providing financing and other resources.
4. Look at their trust and security record
You need an event partner that you can trust with your customer information and other data. If not, you risk losing your potential client’s information to other parties that are not part of the deal. You must be contented that the party has proper measures in place to ensure that customer data is protected.
You must also find out if the company has had trust issues in the past. Even if they reformed, you may scare off potential clients due to the presence of on untrustworthy brand. If sensitive information is shared at an event, especially where prototypes and other future ideas are discussed, you should be sure that the partner will not be looking to furnish the competition with such information. Remember, you must have confidence in the partner if you expect your visitors to do the same.
5. Determine whether you share the same goals?
You could be at an even to create brand awareness, get sales at the event, network with other professionals at the market or gain access to new markets among other things. You will definitely have a certain approach when trying to reach either of these objectives. For example, if your goal is to network with other industry professionals, you will not spend on product promotions and brand activations.
With shared goals, you can source your marketing materials from the same exhibition and print shop, share the event promotion budget, and source for sponsors for the event together if one of the parties hosts the event. However, if you pick a partner with goals that are way different from yours, chances are that you will use entirely different tactics to meet those goals. You will have problems coordinating your efforts and putting your resources together.
Therefore, it is essential to learn the partner’s goals at the event before signing up to an agreement to partner. You can then work together at ensuring that each of you reaches the goals they had set for the event.
Event partnership provides opportunities for different brands to enjoy the fruits of an event in a shared platform. Not only can they significantly cut down the cost of holding an event but also they can open up doors for new opportunities. However, for you to find the perfect partner, you must vet them and do due diligence as only the right partner will help you to reach your goals.