Building an Event Partnership Agreement – Steps to ConsiderNovember 26 | 9 min read
Creativity and collaboration are key to a successful event. Finding the right partner can make or break an event’s success, but how do you find them? How should they be approached? What kind of value does your collaborator bring to the table for both parties involved in this partnership deal? In this article, we will answer these questions and more.
What exactly is an ‘Event Partnership Agreement’?
An event partnership agreement is a written contract between two or more people to establish an exciting new venture. Everything should be in writing when starting off as event marketing partners.
Event partnership agreements are often used by companies who want to collaborate on big, complex projects but don’t know how they would go about bringing them together themselves. They are also a marketing tactic that generates leads. When it comes to promoting your business, the right event partnerships give you the opportunity to scale to a larger audience and gain new customers.
Why would you need an event partnership agreement?
For partnerships to be successful, all partners need to communicate mutually agreed terms & agreements in writing. Without written documentation of these details, a partnership can end with unfair results or unpleasant (and expensive) legal disputes that might arise between the parties involved.
A well-written event partnership agreement is essential for entrepreneurs who want to avoid a future headache. A clear, well-defined partner agreement will cut the risk of misunderstandings and disputes between owners in half by clearly defining their rights and obligations. It also defines how disagreements should be handled if they do come up.
What is the best way to choose event partnerships?
What do you get when two people share a similar goal? Success and new leads! Not to mention increased revenue, increased sponsorships, further partnership building, and new sign-ups of members or clients. It’s great if they both want to reach the same audience. Striking synergies is one of the best things about being an entrepreneur.
Finding a compatible partner is one of the most important searches you need to begin right away. This can be as easy as finding someone who shares the same target audience. You are looking for somebody who shares your audience’s interests, and someone with similar audiences. If they want to reach out to your followers as well, then there is a strong likelihood that this will be an excellent partnership!
Pitching partnerships for your upcoming events.
The ole’ WIFM – What’s In It For Me!
When reaching out to potential event marketing partners and decision-makers, you need to let them know what’s in it for them so they decide whether or not to get involved.
- 1. First impressions are important, so you want to have all of the details figured out before contacting your potential partners. Give them event details that they can relate to.
- 2. Be clear about who you are and what your product or service can do for them as a partner.
- 3. Make sure to include information and facts that show you have researched your potential partner’s company and why you feel they would be a good fit.
- 4. Explain the marketing plan you put together for the event.
- 5. Make sure to go over any financial details upfront.
- 6. Let them know that there will be an event partnership agreement, so your potential partner will know what to expect.
Before reaching out to your prospective partners, you should be sure you can answer these important questions. So you aren’t caught in embarrassing ignorance!
- ● Who you are and your position within the company.
- ● The reason you are organizing the event.
- ● Who the attendees will be and why they are relevant.
- ● The size you expect the event to be.
- ● Who is your target audience?
- ● Reasons you are looking for a partner.
- ● Make sure to be clear on what you expect from a partner.
- ● Be very clear on what you have to offer on your end.
- ● Include a call to action.
Having a strategic fit for a brand partnership agreement is crucial, so do your homework first! Be crystal clear about what you are offering upfront so that you can avoid problems later on. Finding the right event partnerships and event marketing partners can be easier if you have a clear plan.
The next step – reaching out
An important point to consider when partnering with others is how they will perceive you. Reach out in a way that does not come across as aggressive or pushy. It’s best to have a tone of voice that is friendly and welcoming. Some people loathe the concept of picking up a phone and cold calling, while others love it. When partnership marketing, you can use one or more ways to reach out to look for potential partners for your event. For the path of least resistance, try contacting your warm contacts first.
Send a personal email.
When sending a personal email, make sure you are quick and to the point. For example- If you’re in the events industry, explain that you will be hosting an incredible event and would like your recipient to become a partner. To show you are serious about hosting a successful virtual event, start with who will attend and why they should consider being your partner. Be specific as to how valuable your prospect is and how partnership marketing could benefit them.
Get them on the phone. (Yeah, pick up the darned phone and dial!)
You don’t need to go on an hour-long phone call just yet, but a 15-minute conversation will get you started. The process of asking your prospective event marketing partners questions to use later is called discovery interviewing. After your initial discovery interview, it will help you gain a deeper understanding of your market research.
Not sure who you want to contact specifically? There is nothing wrong with sending a concise and well-written email to drum up interest and have them contact you. From there, you can interview them to see if they are a fit. Throw a big net out there by sending many letters or nice large postcards, then narrow your search by interviewing those who show interest.
Reach out through social media.
There is nothing wrong with contacting your prospective partners on social media. After all, social media is all about building relationships, so when partnership marketing, you might already have many potential event marketing partners you can reach out to.
When partnership marketing, creating a presentation, pitch, or using on-demand webinars, your potential event marketing partners will learn what to expect from your company and what the event is all about. Creating professional content for your business not only shows you are serious but can answer any questions or concerns your potential event marketing partners might have.
If you are considering using software for on-demand webinars for better engagement, Everytale offers the ability to record an event that can be accessed at any time “On-demand” by your potential event marketing partners.
Drafting the partnership agreement – what you should consider
A good marketing partnership agreement will address all important issues to the event organizers, event participants, or both. The event partnership agreement is the key legal document governing your event and how you operate it. Think of it as a co-marketing agreement for events. A typical event partnership agreement should include:
1. Responsibilities – Clearly list out all responsibilities and objectives when creating a brand partnership agreement. Make it easy for both parties to understand their role in the equation, with the goal of improving the event. Event partners should support each other and avoid duplicating efforts, which are a waste of time and money. If a partner is not supportive of the other participants, they will probably not enjoy themselves and might even cause problems for the event organizers.
2. Benefits & Compensation – The benefits/compensation that you can both expect. Make the compensation percentage clear in writing. Make sure to include any benefits that were promised and will be included in the event partnership agreement.
3. Timeline – Create a timeline so you and your partners can be on the same page. You don’t want to be way ahead of your partner in preparation, or worse yet, behind. Lead the way and map out your plan with a timeline of what is expected.
4. Event rules and penalties for breaking the rules – It is a good idea to have any rules and penalties in writing to make sure there is mutual understanding. Make sure to include any clauses.
5. Use of Data – How event partners can use event results and data of customers. Results from the event should be used as event organizers dictate, but event brand standards should state what is acceptable for event partners to do with event results and data. Create a clear and concise content partnership agreement, so there is no question as to how each party can use the metrics of the event. For example, event brand standards may specify that all event results must be posted on the event organizer’s website and not elsewhere.
6. Use of Intellectual Property – How event partners may or may not use event and event organizers’ intellectual property (e.g., event name, event logos, event website, event video clips that include event brand). Brand partnership agreement for event brand standards. An event partnership agreement must include event brand standards, so that event partners know what is required of them. Event organizers may provide event marketing materials for use by partners.
7. Licensing requirements – Brand partnership agreements should include any licensing requirements for using the event brand. Licensing requirements may require that all logos and names used for the event brand are approved, and may also be on specific content materials or brand properties. Still, event brand standards should specify any licensing requirements related to brand trademarks and brand images. For example, event brand standards may require that all logo use include an ® in the media where the logo is displayed (e.g., website or banner). This requirement indicates how the brand owner wants their brand used.
8. Mutual Goodwill – Event brand standards should include a statement about how brand partners agree to promote the event to their attendees and show mutual goodwill.
9. Term of agreement – The event brand standards should provide for the engagement, including the duration of the brand partnership and when renewal can be requested by the deal parties (sponsor or participating entity.)
10. Acknowledgment of understanding – The agreement should require the sponsor and the participating entity to each acknowledge their understandings and agreements regarding all the requirements and other terms and conditions of the relationship.
11. Enforcement – The agreement should include a statement that any violation of these rules or requirements will result in immediate loss of partnership rights for future shows made to the event by the brand partner.
When looking for event partnerships, it’s important to find the right event marketing partners that match your needs and align with your goals. Please do your research, analyze the factors that attract you to the other party, and have a straightforward professional business relationship with them. Trust yourself – do a thorough pros-and-cons brainstorm before making any final decisions.
Make sure the event partnership agreement is clear and concise, and your event marketing partners have a clear understanding of what is expected of them, and what they can expect of you. It is very important that everything is clear, upfront, and on paper. Don’t make a shortcut of this step or you might miss something crucial. We hope this article helps as you work to create the most successful event partnerships!