The Eastside Rooms cost of living impact survey reveals that 45% of associations/not for profits are seeing increased difficulty in securing sponsorship for their conferences and events.
The Eastside Rooms, a leading, modern venue in the heart of England, conducted a survey of 125* event professionals from around the world in October 2023 to identify challenges and opportunities faced due to economic challenges.
A key finding from the report was that 83% of organisers saw an increase in event costs last year. However, alongside the wider impact on organisers, the survey also explored challenges in sponsorship acquisition.
The challenge of securing sponsorship cited by the 45% of association/not for profit respondents is compounded by the 41%, who are seeing a decrease in available funds. This means that even when sponsors are willing, they currently have less to spend.
Adding to the difficulties faced by the associations/not for profits is a reduction in available sponsorship opportunities. 29% said they are finding it harder to identify and offer sponsorship opportunities, led by challenges such as lower delegate numbers and smaller exhibitions.
The corporate respondents were also asked the same questions, though less relevant to them, with 55% responding that the questions were not applicable. 10% are seeing difficulties with securing sponsorship, 10% are seeing reduced availability of funds and 12.5% seeing less opportunities available to generate sponsorship.
“Sponsorship is often a vital part of any association event, providing much needed additional revenue streams. A decrease here directly impacts an association/not for profit’s ability to successfully deliver their event, which in turn can mean a need to cut back other areas of the event, potentially impacting the delegate experience,” comments Tim Sparrow General Manager at The Eastside Rooms.
“The more we understand the challenges faced by our clients, the more we can do to support them. This is a perfect example, as these insights are allowing our team to explore areas where we can help clients identify, source and deliver on new sponsorship opportunities within our venue and hotel, allowing them to deliver the optimum delegate experience.”
*The Eastside Rooms surveyed 125 event professionals in October 2023. During the survey they were asked what type of organisation they worked for; these were combined into two groups as follows:
· Association, charity/not for profit, government/public sector and agencies focused on these sectors. Total – 80 respondents – described as associations/not for profits above
· Corporate company 500 or more employees, corporate company less that 500 employees, agencies focused on the corporate sector. Total – 40 respondents – described as corporates above
· The remaining 5 responses were excluded as industry suppliers
69% of the respondents were from the UK, 19% from Europe and the remaining 12% from the rest of the world.
Note – all percentages have been rounded to the nearest whole percent.