Online events are becoming a popular way for many to reach their audience. Sports is a great example — this year, many sports went all online. Rather than having people attend in real life, they streamed the event. This provides great opportunity and incentive to nonprofit organizations trying to improve their revenue streams.
What Are Virtual Sponsorships?
When online events are streamed, they can have commercials and sponsors just like any other television event. Think NASCAR — branding is everywhere. It's visible. For a nonprofit organization virtual event, these virtual sponsorships can provide brand recognition and reach for donors. People can learn more about what the donor does, what products and services they provide, and what that donor is doing to make a difference. Aligning yourself with the right virtual sponsorships can yield a significant amount of revenue.
As companies increasingly interact with people online, they're also looking for these opportunities. The nonprofit organizations that can help them gain these opportunities will also be able to gain lifelong partnerships.
How Do You Establish Virtual Sponsorships?
Nonprofit organizations should look to hold events that have widescale interest and to reach out to the companies whose audience is most likely to be interested in it.
An example is a nonprofit organization that runs a dog shelter. They might run a "PuppyBowl" in which puppies compete in a "flag football" type event. During that event, they might have sponsorships from major pet food brands, treat brands, and toy brands. At the same time, those sponsors might want to provide some of the treats and toys that are used at the event. This synergy is great because the organization gets what it needs.
Similarly, a nonprofit organization that helps college students might want to hold some sort of job coaching seminar. At the same time, they might want sponsors from companies that recruit in those arenas. Those companies gain access to better talent. And the nonprofit organization gains tools that it can provide the people that it is serving. Virtual sponsorships are mutually beneficial and, ideally, will ultimately help the very same audience that the nonprofit organization is hoping to serve.
Of course, that also introduces some complexity to the fundraising process. Some organizations are going to need a complete sponsorship or online outreach program — and that includes having to collect information about compliance and processes.