Poor event sponsorship can cost a lot more than you think: a major fail for pharma/biotech companies
Brands today seek new and exciting ways to stand out and event sponsorships can provide these opportunities.
The party name alone should have been cautionary enough: "the Party At BIO Not Associated With BIO" or PABNAB. If the party isn't associated with the Conference, there's a reason why. Someone else is making money off the BIO brand, and they aren't doing it with more plenaries and breakout rooms.
Brands are looking for exciting partnerships that move their brand or increase their awereness, and sometimes that means throwing a great party for people who work very hard in a serious industry.
But if you want to be regarded as a contender in a serious industry, associating your brand with the Kardashian culture won't buy you respect. It paints you as part of an archaic, old-boy, out-of-touch culture. Just ask Uber, who is currently spending millions of dollars rehabilitating their reputation and corporate culture.
Sponsoring a special event is a big decision and there are many questions you need to ask before you bring out the checkbook. Here are four questions to help you ensure the event is aligned with your brand.
1. Does it fit your organization’s values? Your brand has unique values, and a sponsoring a unique event can promote those values. But if you choose an event that isn’t well-aligned, you risk watering down or possibly damaging the trust that your constituents have put in you.
2. Does it speak to your target audience? Who is your target audience? Is it customers, partners, your employees or the public? You need to define WHO you are targeting through sponsorship dollars and ensure that the event is also aligned with their values and beliefs. In other words, don't bring a metal rock band to a country BBQ.
3. How does it meet your expectations? You can’t expect a sponsor to meet your expectations if you don’t outline them first. Ask how the event will help you generate a positive outcome and don’t be afraid to dive into details. The more you understand about possible ROI, the better informed you will be about making the investment in the first place.
4. Does it help people feel good? Special events have a unique way of moving/motivating your constituents and delivering a one-of-a-kind special brand experience. But you have to ensure that everything down to the details has been thought through. I went to a biotech conference that hosted a number of patient advocates. Yet for the special VIP banquet, the food servers were not prepped for questions about the menu and even flubbed one attendee’s “gluten-free” meal. She spent all night in her hotel room, sick as can be.
Ultimately, it's clear that the companies who sponsored BIO's PABNAB party didn’t ask enough questions or do enough diligence before writing a check. They have learned the hard way that if you don't carefully evaluate sponsorship opportunities before you invest -- it may be more costly than you could have imagined.
