When it comes to initiating and reinforcing long-term, one-on-one business relationships, no other marketing tool is as powerful as event sponsorship. However, few firms maximize this business development potential, which requires more than bringing a table of associates to an event, handing out tchotchkes and putting your logo on banners. It requires embracing a systematic approach to sponsorship planning and execution, with a series of steps to accomplish before, during and after the event.
During the St. Louis city group’s January 17th program, Bob Silvy, vice-president of corporate marketing at American City Business Journals, presented his method for how to get the most out of event sponsorships with deliberate steps that marketers and lawyers should take together.
Before an event begins, the firm needs to:
- Define what success looks like.
- Decide which prospects to target and research them and their companies.
- Train lawyers to network and make contact with prospects.
- Motivate lawyers to attend the event.
Defining success is important for providing a measure for evaluating the sponsorship’s effectiveness. It is also important to find out more information on your prospects in order for your lawyers to speak easily with them, while showing that “they did their homework.” Silvy noted that in addition to event attendees, sometimes the most valuable prospects are other sponsors. Finally, he pointed out that actually getting lawyers to attend these events can be a feat in and of itself. Firms need to encourage attendance by providing some sort of additional motivation or by demonstrating that a lawyer’s attendance is crucial to the firm’s success.
Once the lawyers are prepared, they should be ready to initiate their targeting at the program by:
- Working the room.
- Wowing prospects.
Silvy advised against “corporate tables” at events. Instead of having everyone at your firm sit at one table, fill half of your table with clients and prospects. If that isn’t possible, have your lawyers sit at different tables in order to meet as many new people as possible. While at the event, lawyers should avoid sitting at the table so they can spend their time networking with other attendees. If they are having trouble finding their prospects (who they have diligently studied up on), Silvy suggested having the conference organizer find the individual and make the introduction for the lawyer. Once contact is made, your lawyer should speak to his or her target from an educational rather than promotional mindset. Ask questions that show he or she understands the prospect’s business and discuss unique services that the firm provides. In order to determine interest, have the lawyers pose this simple question, “Will you accept my follow-up call?” The answer will let you know whether or not to keep pursuing this prospect.
Finally, after the program, lawyers and the firm should:
- Activate and build the relationship.
- Publicize the firm’s involvement with the event.
- Track and measure results in order to evaluate the sponsorship.
Activation is “a series of coordinated sales and marketing tactics executed by the sponsorship buyer to leverage the sponsorship and create a sustained linkage to that event long after it has been completed.” Silvy gave a number of real-world examples of companies carrying out forms of activation resulting in multiple “touches.” These include sending a letter to prospects post-event, inviting them to another event after the sponsored event, and using a sponsorship to promote another event. While this method may seem like common-sense to many legal marketers, Silvy demonstrated specific techniques to bolster the value of these steps. After publicizing the firm’s involvement with the event, marketers should track and measure results based upon the stated standard of success, which will illustrate whether or not your firm’s sponsorship was a successful venture.
PRESENTER:
Bob Silvy
Vice President—Marketing
American City Business Journals
bsilvy@bizjournals.com
Stephanie Richter is the marketing coordinator at the trial law firm of Williams Venker & Sanders LLC in St. Louis, Missouri and the co-chair of LMA's St. Louis City Group She may be reached at srichter@wvslaw.com or (314) 345-5091.